This article was initially published in the October 2018 issue of The Art Newspaper.
The New York-based dealer Mary Boone plead guilty to two counts of tax fraud after falsifying 2011 returns to hide her use of $1.6m in gallery profits to upgrade her Manhattan home.
She agreed to pay more than $3m in restitution to the IRS; the amount represents the additional tax due as a result of her filing of “false individual and corporate income tax returns” for 2009, 2010 and 2011.
The tax lawyer Dean R. Nicyper of Withers says such cases are often scrutinised by judges and Boone may face jail time due to the prolonged and calculated nature of her crimes: "The US government will want to make an example out of a case like this.” Sentencing is scheduled for 18 January 2019.
