Epstein Secrets

Can an estate's valuation experts ignore the post-date-of-death sale prices? Background The Picasso, Tete de Femme (Jacqueline), painting "depicts Pablo Picasso's second wife, Jacqueline, whom he portrayed in over 400 paintings." The Picasso was created in 1963 and is an oil on canvas work, 35.5 by 23 inches.

ter the Great Recession was declared to be over. As part of her estate, she had three paintings — "Tete de Femme (Jacqueline) by Pablo Picasso (the Picasso), Untitled by Robert Motherwell (the Motherwell), and Element Bleu XV by Jean Dubuffet (the Dubuffet)." One of the paintings was sold after the date

e Motherwell painting, a 66- by 50-inch oil on canvas work created in 1966, was acquired by Ms. Newberger in 1969 for $8,000. Using the 2010 sale of Motherwell's In Black and White No. S (a work similar in size, composition, and date of creation) for $1,426,500 as a comparable, the Estate's valuation expert

Can an estate's valuation experts ignore the post-date-of-death sale prices? Background The Picasso, Tete de Femme (Jacqueline), painting "depicts Pablo Picasso's second wife, Jacqueline, whom he portrayed in over 400 paintings." The Picasso was created in 1963 and is an oil on canvas work, 35.5 by 23 inches.

ter the Great Recession was declared to be over. As part of her estate, she had three paintings — "Tete de Femme (Jacqueline) by Pablo Picasso (the Picasso), Untitled by Robert Motherwell (the Motherwell), and Element Bleu XV by Jean Dubuffet (the Dubuffet)." One of the paintings was sold after the date

e Motherwell painting, a 66- by 50-inch oil on canvas work created in 1966, was acquired by Ms. Newberger in 1969 for $8,000. Using the 2010 sale of Motherwell's In Black and White No. 5 (a work similar in size, composition, and date of creation) for $1,426,500 as a comparable, the Estate's valuation expert

The artwork market rebounded in 2010, with auction revenue from that year nearly doubling the 2009 total and almost matching the 2007 high point. Picasso Painting The determination of the Picasso painting's fair market value was complex. Between December of 2009 and February of 2010, Sotheby's had of

sale of the Picasso renders their valuation wholly unreliable. ... We agree with [the IRS's] expert." Motherwell Painting In examining the sale of Motherwell's In Black and White No.5 painting some 16 months after the date of death, the Court noted that, at the date of sale, "the artwork market had largely