Sotheby’s Sued by NYS Over Tax Law Violations

November 9th, 2020

Sotheby’s has been sued by the State of New York over its role in allowing a collector to escape taxes on works purchases.  The company sold $27 million tax-free to Porsal Equities, although the auction house allegedly knew the client a dealer buying tax free. “Millionaires and billionaires cannot be allowed to evade taxes while every day Americans pay their fair share,” New York Attorney General Letitia James said in a statement. “Sotheby’s violated the law and fleeced New York taxpayers out of millions just to boost its own sales.”

Read more at Bloomberg