Sunday, July 22, 2012
What, after all, is art?
It may be meaningful to you,but does it have value if it can not be sold? Such is the question now being hammered out between the IRS and the heirs of an unusual piece of art.
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.If you deny it a market, how can you give it a value? I hope the NYT has a follow up when this is decided.
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.
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