OLD PAINTING A STROKE OF LUCK (worth at least one mil)

Pioneer Press ^ | Sun, Dec. 05, 2004 | MARY BAUER

[Lijahsbubbe]

Siblings expect work, in their family since 1930, to fetch at least $1 million at auction

[bitt]

we all have some sort of treasure lying around - we just found a castaway small oil in our closet that is old Philadelphia, worth about 1500.00...and since it was in the closet so long, I don't think we're gonna miss it! lol...

[Lijahsbubbe]

Really. That's cool. I know nothing about art unless it says Rockwell or Van Gogh on it! LOL

[ken5050]

I had a client with a similar sitiation about 10 years ago..and he had the same problem that these people are about to run into head on..the IRS...it has to do with estate taxes, and income taxes....When you die..you get a step up in the value of the item to the appraisal at the time of death..and it you had simple wills, back at that time ( when the parents died) they could have left $1,200,000 to their kids estate tax free. What has happened now, is that the kids inherited the painting at a cost basis of ZERO, so if they sell it for $1,000,000, they owe capital gains tax on one million...if they had inherited it at the stepped up basis of one million, then sold it for that amount, the tax due is ZERO..hey can try to spend a lot of money to reopen the estate, and amend it..but it won't work...the IRS is adaman on that..

[GSlob]

It even applies to museums: I remember reading some years ago that a small NYC museum found in its storage piles a small scribbled drawing which was later attributed to Michelangelo. Price tag, IIRC - 12 million.

[NautiNurse]

The painting:

[Textide]

Nonsense. Bob Ross painted that one, I have proof!

[NautiNurse]

ROFL--that photo looks like a bad SNL skit.

[jocon307]

But they obviously knew this was a valuable/important painting, even if they didn't know it was worth a million bucks. I mean, they had art students regularly come to their house to see it. So, this is not quite an "antiques roadshow" experience, man I love that show, it gives me hope that some (one!) of my "dust catchers" is worth $$.

[Melinda in TN]

I have a Civil War map dated 1863 that has all the campgrounds and battlefields circled in red. It's a large table top map and has what I think are a few cigarette burns on it but they didn't burn through. I like to imagine the officers bending over the map discussing their strategies. LOL I love exploring it because some of the names of towns have changed since then. It's in excellent condition. My dad put it in the heavy frame it's in now back in the 60's. It was found in a trunk in my grandpa's barn. There is a small book that goes with the map and I have both. One of his long dead relatives put it in the trunk after the war and it was there until the 60's when my grandpa inherited the old house. I've been told it's not worth anything but it is to me since it's been in the family so long. It was given to my dad by my grandpa and my dad gave it to me.

I know I'm silly!

[Feiny]

My friend does much better work:

http://www.stevecepello.com

[Feiny]

This is my favorite:

http://www.stevecepello.com/12.html

[FreedomCalls]

It's a large table top map and has what I think are a few cigarette burns on it but they didn't burn through.

Were cigarettes even around in the 1860s? They could be cigar burns though. I think the machine used to make cigarettes was invented in the 1880s or so.

[Feiny]

There have always been rolling papers...

[Osage Orange]

Bob, is an odd sort of duck...but I like to watch him paint.

I'm struck by what I just wrote..!! Ha!! Sounds like a "FarSide" caption...LOL!!!

[NautiNurse]

I think he died about ten years ago from lymphoma.

[edwinland]

Will fetch closer to $3mm.

[lowbridge]

I have a Civil War map dated 1863 that has all the campgrounds and battlefields circled in red.

I'd get rid of that thing right now. Possesion of that map could prove that you're a Yankee spy.

[Osage Orange]

There have always been rolling papers...

Dad always said...never say never, and nuttin ain't always. : )

FRegards,

[Osage Orange]

I think he died about ten years ago from lymphoma.

Didn't know that...if so, he's still in syndication then...on a public T.V. station here in OK