NEW YORK (Legal Newsline) – Aby J. Rosen, a contemporary art collector, has agreed to pay $7 million to resolve allegations he failed to pay millions in sales and use taxes on art acquisitions, New York Attorney General Eric T. Schneiderman announced.

Rosen allegedly commissioned more than $80 million worth of contemporary art. However, he purportedly did not pay the applicable state and city sales and use taxes on any of the purchases.

“We are committed to rooting out tax abuses wherever we find them, especially in the art world, where the difference can be hundreds of thousands – if not millions – of dollars in lost tax revenue per sale,” Schneiderman said. “When art collectors don’t pay their fair share, law abiding New Yorkers should not be stuck footing the bill.”

In addition to the monetary fines, Rosen agreed to a code of conduct. He agreed to not use resale certificates when purchasing artwork and timely report and pay New York state and local government compensating use taxes on artwork purchased for resale but then diverted to a taxable use, like displaying the artwork at his real estate business.

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