France Says Guy Wildenstein Owes $330 Million in Back Taxes

  • A Degas Drawing that was reported missing or stolen and recovered by police in the Wildenstein Institute vault.

    A Degas Drawing that was reported missing or stolen and recovered by police in the Wildenstein Institute vault.

    French National Police

The French government is demanding that prominent art dealer Guy Wildenstein pay €250 million ($330 million) in back taxes. The head of the powerful art dealing family is said to have grossly undervalued his father's estate. Overall, the heirs of Daniel Wildenstein (d. 2001) owe €600 million ($789 million), according to the French internal revenue service. The clan plans to appeal.

Tax is overdue on offshore trusts that the Wildensteins had hidden away in Jersey, the Bahamas, and the Virgin Islands, reported the French news magazine Le Point. Daniel Wildenstein's estate has been estimated at €4 billion ($5.3 billion), and the family's assets include a trove of 19th century paintings and properties worldwide---from Africa to the Caribbean.

First, it was Guy Wildenstein's late stepmother, Sylvia Roth, who sued him in 2009 for fraud in cheating her out of her fair portion of the estate, along with evading French taxes. Her lawyer is still pursuing the case.

Next, thirty "missing or stolen artworks" were found in a Wildenstein Institute vault last summer. Wildenstein was accsued of possession of stolen goods and breach of trust. He has also been accused of breach of trust by his late brother's widow, among other lawsuits.

More News Feed Headlines

'The Sacred Heart’ by Damien Hirst, was advertised for sale on the gallery’s website

British Art Dealing Couple Decamps to France Amid Claims of Fraud

  • August 03, 2015 20:59

Police are investigating claims of fraud and theft involving a gallery run by a pair of ...

Read More

Perry Cohen and Austin Stephanos

Private Search Continues for Missing Son of Art Miami's Nick Korniloff and Pamela Cohen

  • July 31, 2015 15:16

Perry Cohen and Austin Stephanos are two 14-year-old Florida boys who went missing during a ...

Read More

Ronald S Lauder - Rally against anti-Semitism - Berlin, September 2014.

Ronald Lauder Enlists Lobbyists to Help Pressure Museums to Give Up Nazi-Looted Art

  • July 28, 2015 22:58

Billionaire Ron Lauder has hired American Continental Group to aid his mission in recovering Nazi ...

Read More

Pierre Duc and Thierry Gallibour created this cyclist in a field for the 2012 Tour de France

Interview with the Tour de France's Land Art Legend

  • July 27, 2015 00:05

Renowned French artist Pierre Duc has created some exceptional "land art" with his collaborator ...

Read More

Related Press Releases

Related Events from ArtfixDaily Calendar

ArtfixDaily Artwire