Beltracchi was caught in his massive, global art scam in 2011 and is serving six years in prison for multiple forgeries. He admitted to faking Ernst works, leading to the discovery that Feigen's "Le Foret" was not the real thing. Feigen refunded his buyer $2.5 million, and was refunded himself by the Parisian art dealer from whom he bought it.

An administrative judge in New York ruled that the statute of limitations had passed on the transaction and no tax refund would be issued, according to state law. More than three years had passed since the deal was made and the tax paid in 2004. Feigen said he is likely to appeal.