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

What is the fair market value of an object that cannot be sold? When art dealer Ileana Sonnabend passed away in 2007 at the age of 92, she left her children an art collection estimated to be worth $1,000,000,000. Over a forty year career, Sonnabend, along with her first husband and business partner Leo Castelli, worked with many of contemporary art world's best known artists, including Jasper Johns, Robert Rauschenberg & Andy Warhol. One of the inherited paintings, Robert Rauschenberg's Canyon has become the center of a dispute between the Sonnabend's children and the I.R.S.
posted by R. Mutt on Jul 22, 2012 - 91 comments

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