(UPDATE) Christie's Fined $16.7 Million by Manhattan DA

  • April 09, 2020 15:55

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Christie's New York
Leonard J. DeFrancisci via Wikipedia

(Updated 4/10/20 with Christie's statement below)

Manhattan District Attorney Cy Vance, Jr. announced Thursday "the resolution of an investigation into Christie's auction house for failing to register to collect and to collect New York and local sales tax between 2013 to 2017," according to a statement.

The tax violations seem to be centered on private sales, and sales done in overseas offices to New York clients, over four years until 2017.

Christie’s will pay up to $16.7 million in sales tax, penalties, and interest to the D.A.’s Office, which the D.A.’s Office will forward in full to New York State.

A Christie's spokesperson stated to ARTFIXdaily: “For the past several years Christie’s has worked in cooperation with the Manhattan District Attorney’s Office to resolve specific issues created as a result of incorrect tax advice Christie’s received regarding the application of sales tax obligations for specific non-US affiliates. The company has since reviewed its advice and internal processes to ensure compliance with relevant tax law. This settlement agreement brings the matter to full resolution.” 

In addition, Christie’s can confirm financial provisions for the initial settlement payment were accrued in previous years.

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