Skip navigation
brankov-live art auction-Tristan Fewings Getty Images.jpg

Avoid Underreporting the Value of Art

Expert’s opinion successfully challenged in court.

Recently, in Estate of Kollsman v. Commissioner,1 the U.S. Court of Appeals for the Ninth Circuit affirmed the Tax Court’s 2017 ruling that an art collector’s estate significantly underreported the value of two artworks for estate tax purposes. The appellate court found that the values reported by the estate were unpersuasive because the auction house specialist exaggerated the dirtiness of the paintings and failed to adjust his appraisals after one of the works sold at

All access premium subscription

Please Log in if you are currently a Trusts & Estates subscriber.

If you are interested in becoming a subscriber with unlimited article access, please select Subscription Options below.

Questions about your account or how to access content?

Contact: [email protected]

Hide comments


  • Allowed HTML tags: <em> <strong> <blockquote> <br> <p>

Plain text

  • No HTML tags allowed.
  • Web page addresses and e-mail addresses turn into links automatically.
  • Lines and paragraphs break automatically.