{"id":3505,"date":"2012-07-23T16:44:20","date_gmt":"2012-07-23T23:44:20","guid":{"rendered":"http:\/\/bigjimindustries.com\/wordpress\/index.php\/2012\/07\/truly-priceless-artwork-valued-at-29-million\/"},"modified":"2012-07-25T00:56:29","modified_gmt":"2012-07-25T07:56:29","slug":"truly-priceless-artwork-valued-at-29-million","status":"publish","type":"post","link":"https:\/\/bigjimindustries.com\/wordpress\/2012\/07\/23\/truly-priceless-artwork-valued-at-29-million\/","title":{"rendered":"Truly Priceless Rauschenberg Valued At $29 Million"},"content":{"rendered":"<p><em><a href=\"http:\/\/www.nytimes.com\/2012\/07\/22\/arts\/design\/a-catch-22-of-art-and-taxes-starring-a-stuffed-eagle.html\" target=\"_blank\">from The New York Times<\/a><\/em><\/p>\n<h1>Art\u2019s Sale Value? Zero. The Tax Bill? $29 Million.<\/h1>\n<p><em>By\u00a0<a href=\"http:\/\/topics.nytimes.com\/top\/reference\/timestopics\/people\/c\/patricia_cohen\/index.html\" target=\"_blank\">PATRICIA COHEN<\/a><\/em><\/p>\n<p>What is the fair market value of an object that cannot be sold?<\/p>\n<p style=\"text-align: center; margin-top: 0px; margin-right: 0px; margin-bottom: 1em; margin-left: 0px; font-size: 1.5em; line-height: 1.467em; color: #000000\" itemprop=\"articleBody\"><img loading=\"lazy\" decoding=\"async\" src=\"http:\/\/graphics8.nytimes.com\/images\/2012\/07\/21\/us\/EAGLE2\/EAGLE2-popup.jpg\" height=\"500\" width=\"405\" border=\"0\" alt=\"Rauschenberg Estate\/Licensed by VAGA, NY\" \/><\/p>\n<p>The question may sound like a Zen koan, but it is one that lawyers for the heirs of the New York art dealer\u00a0<a href=\"http:\/\/www.nytimes.com\/2007\/10\/24\/arts\/24sonnabend.html?_r=1&amp;pagewanted=all\" target=\"_blank\">Ileana Sonnabend<\/a>\u00a0and the\u00a0<a href=\"http:\/\/topics.nytimes.com\/top\/reference\/timestopics\/organizations\/i\/internal_revenue_service\/index.html?inline=nyt-org\" target=\"_blank\">Internal Revenue Service<\/a>\u00a0are set to debate when they meet in Washington next month.<\/p>\n<p>The object under discussion is\u00a0<a href=\"http:\/\/www.metmuseum.org\/en\/exhibitions\/listings\/2005\/robert-rauschenberg\" target=\"_blank\">\u201cCanyon,\u201d<\/a>\u00a0a masterwork of 20th-century art created by\u00a0<a href=\"http:\/\/www.nytimes.com\/2008\/05\/14\/arts\/design\/14rauschenberg.html?pagewanted=all\" target=\"_blank\">Robert Rauschenberg<\/a>\u00a0that Mrs. Sonnabend\u2019s children inherited when she died in 2007.<\/p>\n<p>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.<\/p>\n<p>But the Internal Revenue Service takes a different view. It has appraised \u201cCanyon\u201d at $65 million and is demanding that the owners pay $29.2 million in taxes.<\/p>\n<p>[ <a href=\"http:\/\/www.nytimes.com\/2012\/07\/22\/arts\/design\/a-catch-22-of-art-and-taxes-starring-a-stuffed-eagle.html\" target=\"_blank\">click to continue reading at NYTimes.com<\/a> ]<\/p>\n","protected":false},"excerpt":{"rendered":"<p>from The New York Times Art\u2019s Sale Value? Zero. The Tax Bill? $29 Million. By\u00a0PATRICIA COHEN What is the fair market value of an object that cannot be sold? The question may sound like a Zen koan, but it is one that lawyers for the heirs of the New York art dealer\u00a0Ileana Sonnabend\u00a0and the\u00a0Internal Revenue [&hellip;]<\/p>\n","protected":false},"author":26,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","footnotes":""},"categories":[3],"tags":[],"class_list":["post-3505","post","type-post","status-publish","format-standard","hentry","category-culture-art"],"_links":{"self":[{"href":"https:\/\/bigjimindustries.com\/wordpress\/wp-json\/wp\/v2\/posts\/3505","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/bigjimindustries.com\/wordpress\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/bigjimindustries.com\/wordpress\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/bigjimindustries.com\/wordpress\/wp-json\/wp\/v2\/users\/26"}],"replies":[{"embeddable":true,"href":"https:\/\/bigjimindustries.com\/wordpress\/wp-json\/wp\/v2\/comments?post=3505"}],"version-history":[{"count":0,"href":"https:\/\/bigjimindustries.com\/wordpress\/wp-json\/wp\/v2\/posts\/3505\/revisions"}],"wp:attachment":[{"href":"https:\/\/bigjimindustries.com\/wordpress\/wp-json\/wp\/v2\/media?parent=3505"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/bigjimindustries.com\/wordpress\/wp-json\/wp\/v2\/categories?post=3505"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/bigjimindustries.com\/wordpress\/wp-json\/wp\/v2\/tags?post=3505"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}