The Ups and Downs of Estate Valuations of Artwork
Last month, in Estate of Newberger v. Commissioner, 1 the U.S. Tax Court found that a collector's estate grossly underreported the value of an artwork for estate tax purposes by ignoring the fact that, in early 2010, less than seven months after the collector's death, the artwork fetched at auction more than twice the amount the estate was claiming the work was worth at the time the collector died in mid-2009.
Amelia Brankov