US Prosecutors Crack Down On Art Buyers Trying To Avoid Taxes

US prosecutors are going after art buyers who have made deals with galleries to avoid sales taxes. So far, “34 Manhattan families had coughed up $6 million in back taxes on art purchases since June, when former Tyco International CEO L. Dennis Kozlowski was indicted on charges he evaded sales taxes on $13 million in art in a widely publicized case. Art dealers say they believe the government is looking for quick ways to collect revenue in a weak economy.”