This is why we have estate taxes

The New York Times reports that a portion of the $1 billion art collection of Ileana Sonnabend has been sold to pay estate taxes, which come to about half the value of the estate.

I have never understood why wealthy people pay so much for art, especially art that is not particularly attractive or interesting to my undereducated eye. But if they are going to bid up the values to stratosphere, and given that there is a market for these things, I have no problem with the government imposing a toll on the transfer of these assets at death.

A case like this is powerful evidence that the estate tax should be retained.