Estate of Emanuel Trompeter, Deceased, Robin Carol Trompeter Gonzalez and Janet Ilene Trompeter Polachek, Co-Executors - Page 23

          market vale.  E.g., McGuire v. Commissioner, 44 T.C. 801 (1965)             
          (prices paid at auction for art, furnishings, and other personal            
          property did not reflect fair market value in that the bidders at           
          auctions were generally wholesalers or dealers who were buying              
          for resale); cf. Stollwerck Chocolate Co. v. Commissioner,                  
          4 B.T.A. 467, 471 (1926) (auction price determined to be fair               
          market value where evidence established that “There were some               
          twenty buyers present [at the auction], seven or eight of whom              
          made bids for the property.”).  We also note as to the facts at             
          hand that the auction by Christie’s involved assets seized by               
          respondent to satisfy a perceived Federal tax obligation, which,            
          in turn, suggests that the auction at hand had an element of a              
          forced sale.  A forced sale is inconsistent with the willing                
          seller requirement of fair market value and is not probative of             
          fair market value.  See, e.g., sec. 20.2031-1(b), Estate Tax                
               We also are mindful of Rev. Proc. 65-19, 1965-2 C.B. 1002.             
          As relevant herein, that revenue procedure applies to “certain              
          items of tangible personal property which, while generally                  
          available to a member of the general public at retail                       
          establishments, frequently are obtained by members of the general           
          public at a public auction”.  Under this revenue procedure, the             
          Commissioner presumes for purposes of section 20.2031-1(b),                 
          Estate Tax Regs., that the auction price of an item of tangible             

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