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The First Art Newspaper on the Net |
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Established in 1996 |
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Friday, July 5, 2024 |
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US Government Sues Lawrence Gagosian |
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NEW YORK.- The US government has sued the Contemporary Art Holding Corp (CAHC), owned in part by Lawrence Gagosian. The suit was filed in a Manhattan federal court to recover $26.5 million in alleged back taxes and penalties. According to the prosecutors, CAHC was at the heart of a complicated scheme in which art was transferred between defendants to evade millions of dollars in taxes. CAHC was established in 1990 to acquire 62 contemporary art works. The defendants in the suit are Gagosian, his gallery, CAHC, magazine publisher Peter Brant and their alleged business partners including Geoffrey Kent, an executive at the Abercrombie & Kent travel agency. Gagosian had filed a civil suit against the U.S. government where he alleged that the Internal Revenue Service wrongfully placed liens on paintings he alleges he rightfully owns as payments of deals with CAHC. Federal prosecutors allege that the defendants owe taxes on transactions involving "Blonde Waiting, 1964" by Roy Lichtenstein; "Untitled R#2, 1947" by Clyfford Still, and "Onement #6, 1953" by Barnett Newman. The suit alleges that CAHC has admitted it owes more than $6 million in taxes. Prosecutors said the amount has grown to $26.5 million due to interest and penalties.
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Today's News
July 5, 2024
The wide, wide world of Judy Chicago
Audrey Flack, creator of vibrant photorealist art, dies at 93
Kunstsammlung Nordrhein-Westfalen opens a new presentation of its collection
'Mapping the 60s. Art Histories from the mumok Collections' opens in Vienna
Salvador Dalí's iconic Mae West Lips Sofa goes on display at NGV International
San Francisco's arts institutions are slowly building back
The Beatles and the Beach Boys lead Heritage's Music Memorabilia & Concert Posters Auction
The man behind the Minions
Solo exhibition of new work by Lorna Robertson on view at Alison Jacques
Kröller-Müller Museum restores '56 Barrels' by Christo
parrasch heijnen's first solo exhibition with Nabilah Nordin to open in Los Angeles
One of comicdom's most (in)famous covers, 'Black Cat Mystery' No. 50, scares up a record $840,000 at Heritage Auctions
How a patriotic painting became the Internet's soap box
The Phillips Collection presents 'Multiplicity: Blackness in Contemporary American Collage'
On the Jersey Shore, there's a flag for everything
Ben Hunter and Offer Waterman announce co-representation of Tess Jaray
Paul Theroux on necessary solitude, risks and the joy of writing
Rob Stone, master marketer of hip-hop, is dead at 55
Niclas Larsson is ready to shoot more close-ups
Chinese coins celebrating scientific inventions lead Heritage's $8.4 million HKINF World & Ancient Coins Auction
Paul Smith's Foundation announces inaugural Director
The Dutch LAM museum adds flavour to art viewing experiences
Casino Luxembourg presents 'My Last Will', a project by M+M
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