Guy Wildenstein, an affluent art dealer and head of a renowned French art-dealing family, has been convicted of evading taxes. This marks the conclusion of a prolonged legal battle involving Wildenstein, who faced allegations of concealing significant artworks from authorities to bypass substantial inheritance tax liabilities.
At 78, Wildenstein, who leads the prestigious Wildenstein & Co. in New York, was sentenced to a four-year term by a court in Paris. According to reports, he will serve half of this time under house arrest, with the remainder suspended. Additionally, he has been fined 1 million euros (approximately $1.08 million).
Originally cleared of similar charges in 2017, Wildenstein's prior acquittal, linked to accusations of concealing valuable art and assets following his father's death in 2001 through various international trusts and companies, was later reversed by an appeals court in France in 2021.
The Wildenstein family, through five generations, has amassed and discreetly dealt in high-value art pieces, reportedly including significant works by Old Masters such as Caravaggio and Fragonard. Their collection is considered one of the most valuable globally.
A change in French law in 2011 necessitating the disclosure of foreign-held assets brought additional scrutiny to their operations, particularly through numerous legal challenges initiated by estranged family members over divorce and inheritance disputes.
Authorities have described the Wildensteins' activities as an extensive and complex example of tax evasion in contemporary French history. This was largely facilitated by their strategic placement of artworks in various locations worldwide, utilizing anonymous companies and storage sites, including unconventional spaces like a nuclear bunker in the Catskill Mountains and a former firehouse in New York, in addition to locations in the Bahamas and the Channel Islands.
The case against Wildenstein began in 2016, instigated by leaks from the widow of Daniel Wildenstein, Guy’s stepmother, Sylvia. In his initial response, Wildenstein claimed an inheritance of only $50 billion while failing to report additional assets worth $675 billion, which allegedly included vast wildlife reserves in Kenya, thoroughbred horses, luxury properties, numerous valuable paintings, and a private jet,
Jean Dubreil