Sothebys

Sotheby’s Agrees to $6.25 Million Settlement in Tax Fraud Lawsuit

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New York – Sotheby’s, the prominent global auction house headquartered in New York City, has agreed to a $6.25 million settlement in a tax fraud lawsuit, marking a significant conclusion to allegations that have beset the company. The lawsuit accused Sotheby’s of aiding a prominent client in evading sales tax on art purchases, an accusation that signals deeper scrutiny on practices within the art auction industry. The settlement, announced by New York Attorney General Letitia James, concludes a probe that revealed the auction house’s involvement in facilitating tax evasion through the use of false documents. … Read more

Sotheby’s Sues NYC Art Dealer for $2 Million, Alleging Payment Default; Dealer Counters with Fraud Claims

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New York — A high-profile legal battle is unfolding as Sotheby’s, the prestigious auction house, has filed a lawsuit against prominent New York art dealer Anatole Shagalov and his company, Nature Morte, alleging failure to pay $2 million for a painting purchased at auction. The case, filed in Manhattan, raises questions about the responsibilities and ethical standards within the bustling art market of New York City. The painting in question, a vibrant piece by the talented artist Keith Haring, was won by Shagalov at a 2017 auction. According to court documents, Shagalov agreed to a … Read more

Landmark Verdict: Sotheby’s Acquitted of Art Fraud Allegations in High-Profile Lawsuit

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NEW YORK (AP) — Sotheby’s, a renowned auction house, has been cleared of art fraud claims brought by a Russian oligarch, as confirmed by a New York jury. The verdict was reached on Tuesday, ending a contentious legal battle that shed light on the intricate world of high-stake art dealings. The case centered around claims made by Russian billionaire Dmitry Rybolovlev against Sotheby’s and its former employee, Swiss art dealer Yves Bouvier. Rybolovlev accused Bouvier of overcharging him in a series of art purchases, totaling nearly $1 billion. The Russian tycoon claimed that Bouvier, who … Read more

Verdict Imminent: Jury Deliberates Sotheby’s Art Fraud Case in High-Stakes Trial

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New York, NY – The jury has begun deliberating in the high-profile art fraud case at Sotheby’s. This case has garnered significant attention due to the multimillion-dollar worth of artwork involved and the alleged fraudulent practices by the defendants. The trial has been ongoing at the Manhattan Supreme Court for several weeks. Prosecutors argued that the defendants, a group of art dealers, engaged in a scheme to deceive buyers and inflate the value of certain artworks sold at Sotheby’s auctions. They claimed that the defendants manipulated provenance documents and forged certificates of authenticity to support … Read more