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total upper estimated values as ascertained by Christie’s, we
find that the fair market value of each of the six bracelets was
$31,190 as of the applicable valuation date; i.e., 24.76 percent
greater than the higher estimated value of $25,000 for item
number 293 ($25,000 + ($25,000 x .2519) = $31,190). We find
accordingly that the fair market values of these six diamond
tennis bracelets totaled $187,140 as of the applicable valuation
date ($31,190 x 6 = $187,140).
ii. Ruby/Sapphire
The decedent owned a sapphire bracelet that was part of the
set that included the seized sapphire necklace and the seized
sapphire ring. The decedent owned a ruby bracelet that was part
of the set that included the seized ruby necklace and the seized
ruby ring. We find that the decedent retained ownership of these
bracelets at his death.
We decide that the fair market value of each of these
bracelets was the same as the fair market value of the matching
necklace.41 Thus, we find that the fair market value of the
sapphire bracelet was $4,400 as of the applicable valuation date;
i.e., the same fair market value that we find for the sapphire
necklace listed as item 2d in the appendices. We find that the
fair market value of the ruby bracelet was $5,800 as of the
41 We decide that a bracelet is more similar in size to a
necklace than to a ring.
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