ANOTHER BUM DEAL FOR THE TAXPAYER

Modigliani - Nu cote

Nu couché (Sur le côté gauche) by Amedeo Modigliani, which is to be auctioned this month in New York for an estimated $150m, having previously been loaned to the National Gallery of Ireland for six years. This means under tax legislation that no capital gains tax is payable on any profit (see The Phoenix 13/2/06).