Art: How to Save Taxes

Britain's National Gallery last week announced the purchase of a huge and handsome Rembrandt for upwards of $400,000. An equestrian portrait, 8 by 10 ft., the canvas had already been whisked off to the gallery laboratories for the tricky and controversial business of cleaning and re-lining, would not be shown to the public for some months. Gallery Director Sir Philip Hendy was exuberantly frank about his purchase: "Much the grandest Rembrandt we have."

Dealers speculated that if the picture's former owner, Lady Salmond (wife of R.A.F. Marshal Sir John Salmond), had offered it on...

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