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Truly Priceless Rauschenberg Valued At $29 Million

from The New York Times

Art’s Sale Value? Zero. The Tax Bill? $29 Million.

By PATRICIA COHEN

What is the fair market value of an object that cannot be sold?

Rauschenberg Estate/Licensed by VAGA, NY

The question may sound like a Zen koan, but it is one that lawyers for the heirs of the New York art dealer Ileana Sonnabend and the Internal Revenue Service are set to debate when they meet in Washington next month.

The object under discussion is “Canyon,” a masterwork of 20th-century art created by Robert Rauschenberg that Mrs. Sonnabend’s children inherited when she died in 2007.

Because the work, a sculptural combine, includes a stuffed bald eagle, a bird under federal protection, the heirs would be committing a felony if they ever tried to sell it. So their appraisers have valued the work at zero.

But the Internal Revenue Service takes a different view. It has appraised “Canyon” at $65 million and is demanding that the owners pay $29.2 million in taxes.

[ click to continue reading at NYTimes.com ]

Posted on July 23, 2012 by Editor

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