Leon Black Utilised Tax Loophole with Jeffrey Epstein’s Assistance in Art Transactions

Alberto Giacometti sculpture, Figure Moyenne II,

A recent investigative report by The New York Times has unveiled intricate details of art transactions involving billionaire art collector and asset management mogul Leon Black and the late controversial financier Jeffrey Epstein. According to the report, Black utilised a tax loophole in 2016, aided by Epstein, to defer capital gains taxes on a significant art deal.

Documents reviewed by The Times reveal that on November 23, 2016, Black sold an Alberto Giacometti sculpture, Figure Moyenne II, for $25 million to an Epstein-controlled trust. The funds from this sale were purportedly channelled through a company linked to Black to purchase the Paul Cézanne watercolour painting Portrait de Vallier de Profil.

The loophole exploited by Black was initially designed to incentivise new construction by real estate developers. However, private art collectors, including Black, utilized this provision to defer capital gains taxes until the tax law changed in 2017, closing this avenue for such transactions.

Interestingly, the report highlights that these deals occurred after Epstein had become a registered sex offender, raising ethical and legal questions surrounding the transactions. Black reportedly paid $158 million to Epstein for various services, including advisory work related to these art transactions, between 2013 and 2017.

Another art deal involving Black and Epstein included selling a Georges Braque oil painting, Le Guéridon, for $5 million to Epstein’s trust, utilizing the same tax loophole. The proceeds from this sale were used to acquire another Cézanne painting, the specifics of which were undisclosed in the report.

In the annals of art history, certain creations stand as profound reflections of the human condition. Alberto Giacometti’s sculpture, Figure Moyenne II, is undeniably one such masterpiece. Crafted with exquisite precision and imbued with existential depth, this sculpture encapsulates Giacometti’s genius and his ability to convey the essence of the human form in its most profound sense.

Alberto Giacometti, the Swiss sculptor and painter, was a pioneer of existentialist art. Born in 1901, Giacometti’s work was deeply influenced by the philosophical and existential questions that permeated the post-war era. His sculptures often reflected the isolation and fragility of the human condition, capturing the essence of existence in a world marked by uncertainty.

Figure Moyenne II, created in 1960, stands as a testament to Giacometti’s mastery. The sculpture portrays a slender, elongated figure, standing tall yet seemingly fragile, evoking a sense of vulnerability. The elongation of the form adds to the sculpture’s ethereal quality, creating a haunting presence that resonates with viewers on a profound level.

Giacometti’s Figure Moyenne II is emblematic of existentialist principles. The figure’s elongation and its seemingly endless reach into the void encapsulate the human struggle for meaning and connection. The deliberate choice of a solitary figure underscores themes of isolation and introspection, inviting viewers to contemplate the complexities of human existence.

Figure Moyenne II, like many of Giacometti’s works, has left an indelible mark on the art world. Its influence reverberates through generations of artists, inspiring them to explore the depths of the human psyche and the intricacies of form and space. The sculpture’s emotive power continues to captivate art enthusiasts and scholars alike, prompting profound discussions about the human experience.

When one stands before Figure Moyenne II, there is a sense of intimacy—a silent conversation between the viewer and the sculpture. Each viewer interprets its meaning uniquely, finding solace, contemplation, or perhaps a reflection of their own existential journey. Giacometti’s creation transcends the boundaries of time and culture, inviting individuals from diverse backgrounds to engage with its universal themes.

Alberto Giacometti’s Figure Moyenne II is more than a sculpture; it is a profound exploration of the human soul. Its slender form, poignant isolation, and existential depth make it a timeless beacon of artistic expression. As viewers continue to gaze upon its slender figure, they are reminded of the enduring quest for meaning and connection that unites us all, making this sculpture an enduring testament to the power of art to transcend the boundaries of time and space.
Read More

Giacometti An Artist Of Distance Not Intimacy By Edward Lucie-Smith



, ,