Ken donated a painting to the Hamilton City Art Museum. He acquired the painting 20 years ago at a cost of $10,000. Ken had the painting appraised by the owner of a Hamilton art store, a qualified art appraiser, who estimated its value at $50,000. Ken believed the painting was worth more than $50,000, so he had it appraised by an art dealer from Chicago. The Chicago art dealer, also a qualified art appraiser, appraised the painting at a value of $120,000. Ken itemized deductions and took a charitable contribution deduction of $120,000. Was Ken justified in taking a deduction based on the higher appraisal?