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

Antonio Banderas plays Pablo Picasso in NatGeo's "Genius: Picasso" anthology series.

Antonio Banderas Portrays Picasso in 'Genius' Series

  • April 19, 2018 23:05

Actor Antonio Banderas, a native of Spain, seems to be perfectly cast as Pablo Picasso in ...

Read More

Dorothea Tanning (1910-2012), The Temptation of St.  Anthony, painted in 1945-1946.  Oil on canvas in the artist's painted frame.  47⅞ x 35⅞ in (121.4 x 91.2 cm).  Estimate: $400,000-600,000.  This work is offered in the Impressionist and Modern Art Day Sale on 16 May at Christie’s in New York

Artwork from La Salle University Collection Hits the Auction Block

  • April 18, 2018 13:00

Philadelphia's La Salle University is unloading a trove of 46 American and European artworks from ...

Read More

THOMAS WILMER DEWING, The White Dress.  Oil on canvas.

Judge Rules for Berkshire Museum Sales of Norman Rockwell, Other Artworks

  • April 06, 2018 14:33

A Massachusetts judge on Thursday gave the final approval for Berkshire Museum's controversial ...

Read More

John Constable, Dedham from Langham, 1813.

Constable Painting Returned to Heir in Notable Swiss Restitution Case

  • April 04, 2018 22:31

Switzerland has a sparse history in returning Nazi-looted art to rightful heirs. A recent case ...

Read More

Related Press Releases

Related Events from ArtfixDaily Calendar

 

ArtfixDaily Artwire