Axelrod Collection Value Determined By Attitude

Adaptistration People 125

The New Jersey Symphony Orchestra released a 66 page report from their Trustee Review Panel regarding the collection of string instruments purchased from Herbert Axelrod. The report will be examined in detail next week, in the meantime, here’s the initial paragraph from the report’s conclusion: “As emphasized earlier, the true value of the instruments for the NJSO lies in the attitude of the Orchestra’s musicians. The psychological boon to the NJSO’s …

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What Do You Do With $32 Million You Can’t Deduct?

 

The latest chapter in the “Made for T.V.” saga that is the Herbert Axelrod scandal was his pleading guilty last week to helping a former employee file a fraudulent federal tax return.

As part of that guilty plea Axelrod must file a 2003 tax form but is not allowed to claim a $32 million deduction for his collection of string instruments he sold to the New Jersey Symphony Orchestra.  The $32 million figure is the difference the $49 million Axelrod claims the instruments were worth and the $17 million he sold them for.

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Violin Turf Wars

Earlier in the week, I wrote about how the New Jersey Symphony Orchestra may very well have to submit their “Golden Age” collection purchased from Herbert Axelrod to a new appraisal and authentication process. In that article I briefly touched on the how the business of authenticating and appraising rare string instruments (violins, viola, and cellos) works in the music industry.  But today I’ll take a little closer look at that …

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