Tax Court Rejects Estate's Valuation Of $2.4M Art Collection

By Chuck Stanley (February 23, 2017, 3:29 PM EST) -- The estate of a deceased New York woman dramatically undervalued $2.4 million worth of art based on biased appraisals included on an estate tax return after her death, the U.S. Tax Court ruled Wednesday.

The court rejected appraisals by the estate of Eva Franzen Kollsman after her death in 2005 of two 17th century "old master" paintings, which amounted to a fraction of the estimates provided by an art historian and the auction price obtained in 2009 for one of the pieces, resulting in a $781,488 tax deficiency by the estate.

George Wachter, vice president of Sotheby's North America, had a...

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