Tuesday, July 24, 2012

Value? $0 Taxes? $29 Million: An Art Catch-22


The owners of Robert Rauschenburg's "Canyon" are in a bit of a pickle. They own one of the most famous contemporary masterworks of all time, yet cannot sell the piece because it contains a stuffed bald eagle. All would be fine...the family had it's value appraised as 0$....except the Feds see it differently. Despite the inability to sell the piece, the feds put value of 65 million on it, and demand 29 million in taxes...So how do you put a value on what is illegal to sell?
http://www.nytimes.com/2012/07/22/arts/design/a-catch-22-of-art-and-taxes-starring-a-stuffed-eagle.html?_r=1&ref=design

No comments:

Post a Comment