Art Market Monitor

Global Coverage ~ Unique Analysis

  • AMMpro
  • AMM Fantasy Collecting Game
  • Podcast
  • Contact Us

Swiss Billionaire Suspected of Avoiding Taxes on $85m in Art

December 8, 2013 by Marion Maneker

Dolder Grand Lobby with Warhol

The Dolder Grand in Zurich has a large art collection that is now the subject of a Swiss investigation:

The owner of the establishment, Urs E. Schwarzenbach, the subject of an investigation by the Federal Customs Administration. According to preliminary information gathered, the billionaire collector and would put him in his hotel 45 works of art valued at about 75 million francs. And this without paying the 8% tax on the value added due to the Swiss state.

The famous gallery Gmurzynska based on Paradeplatz in Zurich, is also under investigation: officially, the paintings were imported by the gallery, which allows, according to the Customs Act, to temporarily escape taxes. Counsel for the parties concerned have not responded to our requests. As the investigation is ongoing, customs do not speak about the case.

Oliver Brand, chief of criminal cases to the Federal Customs Administration, says that “tax fraud in the field of art has increased sharply in recent years” in Switzerland.

The owner of the Dolder is suspected VAT fraud (Le Matin)

More from Art Market Monitor

  • Met at Center of Efforts to Change Museum Media ExperienceMet at Center of Efforts to Change Museum Media Experience
  • Wag the Dog in TurkeyWag the Dog in Turkey
  • Buyer of Hopi Masks from Paris Auction Has Change of Heart and Returns Them to TribeBuyer of Hopi Masks from Paris Auction Has Change of Heart and Returns Them to Tribe
  • Art Miami SalesArt Miami Sales
  • Ansel Adams End Game EndsAnsel Adams End Game Ends
  • Kusama Takes On Pollock, Warhol and HirstKusama Takes On Pollock, Warhol and Hirst

Filed Under: Collectors

About Marion Maneker

LiveArt

Want to get Art Market Monitor‘s posts sent to you in our email? Sign up below by clicking on the Subscribe button.

  • About Us/ Contact
  • Podcast
  • AMMpro
  • Newsletter
  • FAQ

twitterfacebooksoundcloud
Privacy Policy
Terms & Conditions
California Privacy Rights
Do Not Sell My Personal Information
Advertise on Art Market Monitor
 

Loading Comments...