Gagosian Gallery to pay New York State £3.27 million

Gagosian Gallery, 555 W 24th St, New York

Following a series of investigations, Gagosian Gallery has been found to owe New York State around £3.27 million ($4.3 million) in sales tax that it has failed to pay in the last decade,  International New York Times reports. The New York State attorney general Eric Schneiderman announced the state would be collecting the money owed from back taxes, interest and penalties from the business. In a statement, Schneiderman has said ‘those who evade art taxes potentially deprive the state of millions of dollars, and ordinary New Yorkers are stuck footing the bill.’ The gallery has agreed to comply with the settlement agreement.

22 July 2016