Guy Wildenstein acquitted of tax fraud charges in French court

French authorities accused Guy Wildenstein, president of the New York gallery Wildenstein & Company, of money laundering and tax evasion. Last week, a court cleared him of these charges, sparing his family a €250 million fine. Lead judge Olivier Géron delivered the unexpected verdict, noting the Wildensteins had shown a deliberate effort to dodge inheritance taxes and hide assets. They shifted funds into offshore trusts and moved valuable artworks to tax havens. Prosecutor Monica d'Onofrio labeled their actions as the most extensive and complex tax fraud in modern France. However, the judge ruled their conduct occurred in a legal gray zone before 2011, when France mandated disclosure of foreign trusts. The family, dubbed the 'impressionists of finance' by French media, owns a notable collection including works by Bonnard, Caravaggio, Fragonard, Poussin, and Watteau. The New York Times reported on the case.