Klotz v. The Queen, 2004 DTC 2236, 2004 TCC 147, aff'd 2005 DTC 5279, 2005 FCA 158 -- summary under Total Charitable Gifts

The taxpayer purchased prints from a promoter at approximately $300 per print (which the promoter contemporaneously had purchased for approximately U.S.$10 to U.S.$50 per print) and immediately donated the prints to Florida State University for an appraised value of approximately $1,000 per print. After noting that the best evidence of the fair market value of the prints was the value in a contemporaneous arm's-length purchase transaction, i.e., the purchase at $300 per print, rather than what it might be possible with "world enough and time" to sell the occasional print for in a New York gallery, Bowman A.C.J. found that the fair market value of the prints was $300 each.