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Respondent argues that the fair market value of the Los
Angeles and Chicago newspapers in the wholesale market at the
time of the donation was $14,271.12 Respondent relies on the
report and testimony of Timothy Hughes (Mr. Hughes) to establish
the fair market value of the newspapers. Mr. Hughes started in
the rare newspaper business in 1976 and currently maintains an
inventory of over one million newspapers dating from 1550 through
1993. He publishes six catalogs per year containing listings of
historic newspapers for sale, and he also maintains a website
listing newspapers for sale. Mr. Hughes has spent more than 23
years working to establish a mailing list of newspaper collectors
and as of December 1998, he had 755 active buyers on the mailing
list. Mr. Hughes regularly buys and sells newspaper collections
and also provides individual issues for sale to retail customers.
He is a member of the board of advisers of Warman’s Americana &
Collectibles price guide, a reference source for American
collectibles, and produces the annual price list for early and
rare newspapers found in the guide. Mr. Hughes has provided
consulting services, including valuations, to (1) the Newseum,13
(2) Sotheby’s and Christie’s auction firms in New York City, and
(3) leading book and autograph dealers.
12Thus, the value of petitioners’ 50-percent interest in the
newspapers at the time of the donation would have been $7,135.50.
13The Newseum is a media museum located in the Washington,
D.C., metro area, which contains newspaper exhibits.
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