Who knew Cy Twombly was worth $1.2bn? At least that’s what Corriere Della Sera says in this story that Artinfo summarizes:

The Milan-based paper Corriere della Sera says that Italian authorities claim that the legendary painter, who died last year, evaded taxes on a cache of 40-odd paintings sold between 2005 and 2009 for some €80 million ($106 million). Last week, officials therefore ordered the seizure of “no less than” €29.2 million ($38.8 million) that was held in Cy Twombly’s name in the Banca Popolare di Bergamo, charging his American advisors Ralph Ernest Lerner and Thomas Habib Saliba with aiding in the “fraudulent evasion” of taxes. Alessandro Twombly had, authorities say, attempted to transfer €3.8 million ($5 million) from the account to a trust controlled by the two men.

Cy Twombly’s Assets Targeted by Italian Authorities in Multimillion-Dollar Tax Evasion Case (Artinfo.com)