Monday, December 31, 2012
Monday, December 3, 2012
Canyon Has a New Home
Over the last few months, I've been following the news about Robert Rauschenberg's Canyon, and the tax uproar it's caused (see here and here for earlier posts).
The IRS agreed to drop the $65 million tax assessment on the work, which can never be legally sold or traded. In return, the owners of the piece, the children of New York art dealer Ileana Sonnabend, agreed to permanently donate the work for public exhibition and waive the tax deduction they would otherwise get for the donation, reports the New York Times.
A bit of a bidding war broke out between the Metropolitan Museum of Art, which has had the work in its collection for some time, and the Museum of Modern Art. The family decided on MoMA as the permanent home for their controversial piece.
The IRS agreed to drop the $65 million tax assessment on the work, which can never be legally sold or traded. In return, the owners of the piece, the children of New York art dealer Ileana Sonnabend, agreed to permanently donate the work for public exhibition and waive the tax deduction they would otherwise get for the donation, reports the New York Times.
A bit of a bidding war broke out between the Metropolitan Museum of Art, which has had the work in its collection for some time, and the Museum of Modern Art. The family decided on MoMA as the permanent home for their controversial piece.
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