Gagosian Gallery Settles $4.3 Million New York State Tax Debt
Gagosian Gallery has agreed to pay New York State approximately $4.3 million (£3.27 million) in unpaid sales taxes, interest, and penalties accumulated over the past decade. Attorney General Eric Schneiderman announced the settlement following investigations into tax evasion within the art market. Schneiderman stated that tax evasion deprives the state of significant revenue, forcing ordinary residents to cover the shortfall. The gallery will comply with the settlement agreement to resolve the outstanding debt.
Key facts
- Gagosian Gallery owes $4.3 million (£3.27 million) in unpaid sales tax
- The debt accumulated over the past decade
- New York State Attorney General Eric Schneiderman announced the settlement
- The amount includes back taxes, interest, and penalties
- Investigations revealed the gallery failed to pay required sales tax
- Schneiderman stated tax evasion deprives the state of millions
- Ordinary New Yorkers end up footing the bill for tax evasion
- The gallery has agreed to comply with the settlement agreement
Entities
Institutions
- Gagosian Gallery
- International New York Times
- ArtReview
Locations
- New York State
- New York