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.