Market News

Sellers Beware! Feigen Ruling Says Dealers Must Pay Taxes on Forged Art Sales




New York dealer Richard Feigen recently lost an attempt to get back the taxes he paid on the 2004 sale of a Max Ernst painting that later turned out to be fake, the New York Law Journal reports.

Feigen returned the buyer’s money once it was realized that the work was a forgery, but unfortunately waited too long to try to get a refund for the $215,625 sales tax. Feigen says he will appeal.

Read more at the New York Law Journal. Thanks to Art Market Monitor for pointing us to this story.

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