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From:
"Indigo Nights (Gayle)" <[log in to unmask]>
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Museum discussion list <[log in to unmask]>
Date:
Sun, 2 Mar 2008 10:37:07 -0800
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You may wish to follow this as the start of a brouhaha to come.

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Inflated art appraisals cost U.S. government untold millions 
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The IRS audits few artwork donations claimed on tax returns that yield $1 billion in write-offs a year. Data suggest overvaluation is rampant.

By Jason Felch and Doug Smith
Los Angeles Times Staff Writers

March 2 2008

An alleged tax-fraud scheme involving donations of overvalued art to four local museums is part of a larger, unchecked problem with inflated art appraisals that has cost the federal government untold millions, a Times analysis has found. 

The complete article can be viewed at:
http://www.latimes.com/news/la-me-irs2mar02,0,4136424.story 

Visit latimes.com at http://www.latimes.com

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