Yesterday was going through a case on the art auction valuation under matters of pinion an article in Economist,where the UK
High court has passed the judgement against Sotheby’s the leading art auction house where Lord Coleridge claimed that the auction-house expert, Elizabeth Mitchell, was negligent when she gave an auction valuation of a treasured family heirloom. The historic gold chain of office had been in his family for generations, and the Coleridge’s (distant relatives of the poet Samuel Taylor Coleridge) believed it dated from the mid-16th century. Lord Coleridge had expected that the estimate for his rare Tudor jewel would be £500,000 or more. Ms Mitchell, however, proposed that it was from the late 17th century, and gave it an estimate of £25,000 to £35,000. This, Lord Coleridge claimed, had cost him a good deal of money. He sued for £415,000, the case is interesting and bit difficult to understand Caveat Vendor
Here are some thoughts on the why Art as an alternative Investment has become so popular and its bit complicate to understand the market, the auction houses and the pricing, View full article »
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The jeopardy conditions calls for the lenders withdrawing $898 million from greek banks. What will happen if Greek exits Euro ? Who will pay their debt in-case if they exit Euro and the future of Euro lot of dilemma needs to be addressed.
