Bruce and Jeanne Korson, et al. - Page 8

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          papers, Armin's papers, and the Jane Allen papers were excluded             
          from evidence.  The remaining portion of the Austin report was              
          received into evidence as Austin’s expert testimony.  Austin is             
          of the opinion that, on the contribution date, the coin ledgers             
          and the Chicago Coin Co. papers had fair market values of                   
          $450,000 and $20,000, respectively.                                         
               To value the coin ledgers and the Chicago Coin Co. papers,             
          Austin looked for sales of comparable items to use in estimating            
          both items' fair market value.  Austin found two sales at auction           
          of items that he asserts were only “quasi-comparables”.  Austin             
          prefers not to rely on auction sales to value archival material             
          because he believes auction prices are not necessarily good                 
          indicators of value.  He prefers to rely instead on private                 
          sales, but, since records of such sales were not available to               
          him, and due to the uniqueness of the Brand Archives, he could              
          not do so.                                                                  
               Austin finds that the most useful public record in arriving            
          at a value of the Brand Archive is the price paid by petitioners            
          for Horace’s half of the coin ledgers and accompanying half of              
          the photocopy.  Petitioners purchased those items at public                 
          auction in 1983 for $22,550.  Austin believes that the amount               
          that would have been realized at that auction had the lot                   
          contained the full set of coin ledgers would have been "triple".            
          He also believes that $22,550 was an insufficient representation            
          of a fair market value for half of the coin ledgers because of              



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