Heightened Scrutiny of Art Transactions

Do you owe New York money?

The rising value of art and the increasing mobility of wealth haven’t gone unnoticed by New York State’s regulatory authorities. In 2016, tax settlements with several key art industry figures for alleged New York sales and use tax noncompliance surprised many in the art world.   

Those buying, selling or lending art in a transaction involving a New York connection should be aware that such activities may fall under the jurisdiction of not only the New York Depart

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