Russell v. The Queen, 2009 TCC 548, 2009 DTC 1371 (Informal Procedure) -- summary under Total Charitable Gifts

C. Miller, J. followed the Nash decision in finding that quantities of art purchased by the taxpayers and immediately donated to charities had a fair market value equal to their purchase price. In rejecting the taxpayers' submission that the fair market value determination should be based on the retail market (i.e. what the art might be sold for to the public by galleries), he stated (at para. 25) that this argument "ignores the reality that the buyers/donors have no access to that retail market, other than through a gallery" and that he could speculate "that the buyers/donors might go knocking on the galleries' doors to sell in bulk, but this would not yield the retail price the gallery would sell the art for, only the wholesale price the gallery would buy the art for".