His name, in recent decades, was invariably associated with the “people” pages of magazines. Jocelyne Wildenstein, nicknamed the “cat woman” or the “panther” because of her multiple cosmetic surgery operations, died in Paris on December 31, at the age of 79. But the surname of this figure, as essential as it is strange, of the jet-set is also associated with one of the most scandalous French tax frauds. “The most sophisticated and longest of the Fifth Republic”, in the words of the prosecutor, during her requisitions. A multi-generational fraud intended to hide from the tax authorities the colossal fortune – more than a billion dollars – of the Wildenstein family, a dynasty of art dealers.
Jocelyne Wildenstein – née Perisset – was the first to publicly discuss the secrets of this clan, as discreet as it is powerful. We are at the end of the 1990s. This Swiss woman has been married to Alec Wildenstein since 1978. At this stage of the article, a small family tree is necessary. Alec and his brother Guy are the sons of Daniel Wildenstein. Since the end of the 19th century, this family has made a name for itself in the field of art sales, first in France, then in the United States where they emigrated just before the Second World War.
The cheated wife who loved the press
Alec Wildenstein works alongside his father, while breeding thoroughbreds. His wife is a socialite who spends millions on cosmetic surgery. His transformations fascinate as much as they stand out in New York high society. So much for appearances. In private, the couple is torn apart. One day, Jocelyne Wildenstein finds her husband in the marital bed with a very young woman. He threatens to shoot her. Divorce proceedings are initiated but turn into a settling of public scores. The deceived wife spreads in the press. On the escapades of her husband but also on the underbelly of the clan. She mentions the possession of paintings by Vermeer, Fragonard or Rembrandt, swears that the “Ws” transport works in their private jet under the noses of the customs, even assures that they would have traded with the Nazis during the Occupation.
It is impossible to verify his claims but one thing is certain: the Wildensteins' fortune is much greater than what they let on. They own thousands of works valued at at least a billion dollars, a stable of racing horses in Chantilly, a castle in Essonne, a mansion on the Upper East Side – the most exclusive district of New- York – an islet in the Virgin Islands or a gigantic ranch in Kenya surrounded by 30,000 hectares of savannah which served as the setting for the film Out of Africa. Not to mention a yacht so large that it does not fit into the majority of ports or the famous private jet mentioned by Jocelyne Wildenstein.
The cheated widow who refused to be fooled
The divorce was finally finalized in 1998. Jocelyne Wildenstein obtained a comfortable pension and the right to keep her name. The clan's reputation took a hit even though the patriarch, Daniel, tried to put out the fire by swearing that never, ever, had there been the slightest collaboration with Hitler's regime. But the Wildenstein “affair” took a legal turn a few years later, because of another woman, Sylvia, Daniel’s second wife. The latter died in 2001 from cancer. His two sons, Alec and Guy, then made their mother-in-law believe that their father was ruined due to a tax adjustment. They persuade her to give up her inheritance in exchange for an annual annuity.
Sylvia Wildenstein ends up having doubts. In 2005, she entrusted Monde that it all started when she realized that four horses had been acquired without her knowledge by her two stepsons even though their father – her husband, therefore – was in a coma. Helped by her lawyer, the widow discovers that her husband was never ruined: almost all of his assets were hidden in shell companies – trusts – domiciled in tax havens. In 2009, an investigation was opened. Alec died the previous year and Sylvia died the following year but that does not stop justice from trying to untangle the threads of this XXL fraud.
Three trials with very different outcomes
A third woman will appear in this case – Liouba Wildenstein, Alec's second wife (are you following?) – by providing decisive documents to the investigating judges. At odds with her brother-in-law, Guy, the widow notably reveals the underside of the Delta Trust which allegedly contains around a billion dollars worth of master paintings. But her revelations will turn against her and she will end up being indicted. In 2017, when the trial opened, the tax authorities demanded some 556 million euros from the clan. However, to everyone's surprise, the defendants were acquitted.
The court recognizes that “for at least three generations, members of the Wildenstein family have taken care to hide behind legal constructs unknown to French law a considerable asset which thus largely escaped tax” but the anti-trust law only dates from 2011. There was therefore no specific legislation. The decision is upheld on appeal.
But in 2021, a twist: the Court of Cassation annuls this decision and a third trial opens in the fall of 2023. Its epilogue is diametrically opposed. In March 2024, Guy Wildenstein was sentenced to four years' imprisonment, two of which were suspended, as well as a fine of one million euros and tax arrears to be paid. Alec Junior – the son of Alec and Jocelyne Wildenstein – received a two-year suspended sentence. Two of their lawyers, two wealth managers and a notary were also convicted. As for Liouba, she received a three-month suspended sentence. The court of appeal dismissed some trusts but found them guilty of having concealed considerable assets. History does not say whether Jocelyne Wildenstein followed the delays of this extraordinary affair.
