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An Analysis Of The Court's Decisions Relating To Fair Market Value And The Concept Of Blockage In Regards To Artist's Estates, Noel Laine Novak-Pilch
An Analysis Of The Court's Decisions Relating To Fair Market Value And The Concept Of Blockage In Regards To Artist's Estates, Noel Laine Novak-Pilch
Theses
This thesis will focus on three specific court cases and the relevant decisions as they relate to the hypothetical concept of Fair Market Value and the concept of a blockage discount.
In recent years, cases involving artists' estate holdings of unsold works have dealt with Fair Market Value and a blockage discount. The three main cases are the Estate of David Smith, the Estate of Georgia T. O'Keeffe, and the Estate of Andy Warhol. In all three cases, the court was asked to decide what amount, if any, was to be applied for a blockage discount. While each of these …