The US doesn't have inheritance tax at the federal level. That's a tax on the heirs. We have estate tax instead. That's a tax on the property and payable out of the estate of the decedent. Some states do have inheritance tax, I believe that New York is one of them. Whether this watch would constitute part of a taxable US estate by itself, I really don't know. I would suspect not, since it was here for the sole purpose of being sold at auction. But I suspect the Sheik had many other interests in the US. gatorcpa
I'm not a class envy type of guy, and feel very fortunate with my own disposition in life, but lets face it, when the uber rich continue to get richer, prices for these ultra exclusive luxury goods will continue to go up at nosebleed levels. What else are they going to spend their money on? Next time this piece comes up for sale, it will go for $35m, its just the nature of things, IMHO.
The watch was sold to cover a debt to the auction house anyway, so it already wasn't his to take with him.
It reminds me of an old "No Fear" tea shirt I used to have that simply said, "He who dies with the most toys.... still dies"