The auction of a Swiss billionaire’s art collection has been cancelled at the last minute after a CHF6 million ($6.5 million) tax evasion penalty was settled.
This content was published on
1 minute
swissinfo.ch/mga
The Swiss courts had previously found Urs Schwarzenbach guilty of evading taxes by illegally importing works of art into the country.
The works, including those by Gerhard Richter, Keith Haring, Andy Warhol and the Russian gold and silversmith Fabergé, were due to be sold off on Tuesday.
But the auction was cancelled the day before the billionaire’s collection was due to go under the hammer.
Schwarzenbach has always denied wrongdoing but lost his most recent court case in March.
He is still being pursued by the Swiss authorities for further millions for the art import scam that took place between 2008 and 2013.
Popular Stories
More
Culture
Documentary portrays Swiss teenagers forced to return to parents’ homeland
This content was published on
Stargazers currently have the chance to spot shooting stars in the night sky. Until November 30, the Leonid meteor shower is lighting up the darkness.
Nationalisation suggested to save Red Cross Museum
This content was published on
The director of the International Red Cross and Red Crescent Museum in Geneva is calling for a national debate on the institution's future, following the announcement that a foreign ministry subsidy will be cut in 2027.
Climate: 224 Swiss companies announce CO2 reduction targets
This content was published on
A total of 224 companies from Switzerland have joined the Science Based Targets initiative (SBTi), committing to CO2 reduction targets that are in line with the Paris Climate Agreement.
Swiss political class divided over reform of EU asylum pact
This content was published on
As a result of the EU's Migration and Asylum Pact, Switzerland must adapt five laws linked to the Schengen/Dublin agreements.
If you want to start a conversation about a topic raised in this article or want to report factual errors, email us at english@swissinfo.ch.
Read more
More
Swiss justice: Art collector must pay CHF11.4 million arrears on VAT
This content was published on
Art collector Urs Schwarzenbach has been ordered to pay CHF11.4 million ($11.5) in value added tax (VAT) arrears by Switzerland's highest court.
Swiss billionaire given heavy fine for illegal art imports
This content was published on
A Swiss court has fined billionaire Urs Schwarzenbach CHF4 million for failing to properly declare some 200 artworks imported into Switzerland.
Customs seize Swiss billionaire’s artworks over tax row
This content was published on
Swiss customs have seized artworks belonging to billionaire Urs Schwarzenbach from his Dolder Grand Hotel in Zurich linked to a row over unpaid tax.
You can find an overview of ongoing debates with our journalists here . Please join us!
If you want to start a conversation about a topic raised in this article or want to report factual errors, email us at english@swissinfo.ch.