From the Telegraph
The head of one of the greatest art-dealing dynasties of the 20th century went on trial in Paris on Monday, accused of hiding ownership of billions of euros worth of art, real estate and race horses in offshore trusts and havens.
French tax authorities say Guy Wildenstein, 70, and his entourage owe them around €550 million (£405 million) for squirrelling away scores of masterpieces by artists such as Bonnard, Courbet and Picasso in order to avoid a massive family tax bill. Judges accuse them of siphoning back offshore funds to Guy via false loans and bills. If found guilty of tax fraud and “aggravated” money laundering, he faces up to 10 years in prison.