Orchestra misled public, panel finds

The New Jersey Symphony Orchestra misled the public about the value and authenticity of rare stringed instruments it bought from a now-discredited philanthropist last year for $17 million, according to an internal investigation report released Friday.

The three-member review panel concluded that the “Golden Age Collection” is a unique asset to the orchestra but found fault with the way the orchestra carried out and publicized the deal.

The report found that NJSO officials continued to insist publicly that the 30 instruments by Stradivari, Guarneri and others were worth nearly $50 million long after three independent experts retained by the orchestra found that they might be worth as little as $15.3 million. The panel concluded that the orchestra likely paid market value for the collection because five of the instruments were not made by the master craftsmen to whom they were attributed.

The instruments were sold to the orchestra by Herbert Axelrod, a New Jersey millionaire and NJSO financial supporter. Axelrod, 77, has since pleaded guilty in an unrelated federal tax fraud case.