In February 2003, the NJSO bought 30 rare violins, violas, and cellos for $17 million from Axelrod, who claimed they were worth $50 million. At the time, the deal was hailed as a coup for the orchestra, giving it what was said to be the world's best-equipped string section.

After Axelrod's indictment, however, questions were raised about the authenticity or quality of several of the instruments. According to experts hired by the Star-Ledger the collection was worth no more than the $17 million the NJSO paid for it, and possibly less.

Several federal investigations are looking into the sale, as well as a donation of other instruments by Axelrod to the Smithsonian Institution, to determine whether the philanthropist inflated the value of the instruments as part of a tax-fraud scheme.