Published On: Wed, Dec 23rd, 2015

Members of Wildenstein Art Dynasty to Stand Trial for Tax Evasion

Guy Wildenstein ART

It’s been a long time coming. Members of the Wildenstein art dynasty will go to trial on charges of tax evasion and money laundering next month in Paris, according to the New York Times.

Guy Wildenstein took over the family business when his father, Daniel, died in 2001. The family has been a mainstay in the art world since 1875, when Nathan Wildenstein founded Wildenstein & Cie gallery in Paris.

The family’s current legal battle dates to the early aughts, when they began reshuffling Daniel’s financial holdings in an effort to minimize the estate taxes due upon his death.

Calculating that the family could owe as much as $600 million in unpaid taxes, fines, and interest, French authorities arrested Guy Wildenstein this past October. He will stand trial along with several financial advisers and bank contacts, and will likely have to account for, as the Times notes, “the complex and opaque processes by which some in the international art market use foreign trusts, shell companies, Swiss tax havens, even anonymous loans to museums, to shelter assets.”

Read the full story at Art Net, by Sarah Cascone

 

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