Wednesday, November 28, 2012

"The eagle has now landed" (UPDATED)

Patricia Cohen reports that there's been a (very sensible) settlement in the Rauschenberg bald eagle case:  "the I.R.S. dropped the [$41 million] tax assessment; in exchange, the family was required to donate [the work] to a museum where it would be publicly exhibited and claim no tax deduction."

UPDATE:  The Art Market Monitor:  "a reminder that real value in art history doesn’t come in market denominations."