Sunday, March 4, 2012

British Auction Valuation Case

The article linked below is about a British case on the valuation at auction of a golden chain of office allegedly from the Tudor period.   The valuations referenced are in British Pounds.  The original seller, Lord Coleridge, sold it for 35k only to find out that the buyer later sold it for 260k. Coleridge sued, but lost at trial other than getting 20k because the auction house didn't tell him the value of the piece could double in a private sale. Coleridge as the overall losing party has to pay 90% of roughly 1 million in costs under Britain's loser pays system.

s/ Kurt Koehler
308 1/2 S. State Street Suite 36
Ann Arbor, Michigan 48198
(Washtenaw County)

No comments:

Post a Comment