Sotheby’s Agrees to $6.25 Million Settlement Over Tax Evasion Allegations
Sotheby’s will pay $6.25 million to settle allegations from the New York Attorney General’s office that it aided art buyers in evading taxes amounting to millions from 2010 to 2020. The lawsuit claimed the auction house accepted falsified certificates for unsold artwork and even encouraged clients to use them. A Sotheby’s representative stated that the allegations pertain to activities from years ago and that the company had cooperated with prior investigations.