What if someone sells their Home / Herzog for $2000 because of Roadshow info, then finds out the 'real' value could be $7000?
I'm sure we all dream of finding an edison tinfoil on a flea market for $50. (Remember the berliner last year on ebay for $75 'buy it now'). I'm sure if the seller on their own cogniscance thinks that the item they bought for $10 and now sold for 5x was a good business. However, if an expert gives a seller advice "your collection is only worth $50'000 but I collect civil war stuff and would pay you a premium price of $80'000 because I'm really fanatic about civil war items" and it turns out that the real value was $800'000, thats clearly a fraud. What happens if an expert at an auction house tells you your object is worthless, and at the sale you get a few $ for it, and then some time later the object you sold turns up elsewhere for a record price? (I'm not sure, but at a renomated auction house, expert should = EXPERT!!) Here 2 stories to make the eyes water!! On consignment of the late Gavin Todhunter's unique collection of ancient and antique gems and rings in 2003, Christie's London expert Sarah Hornsby demonstrated her expertise by dismissing six rings as modern copies and consigning them to a modern jewellery sale. They were considered so insignificant that they did not even illustrate the most important of them. Sale Tuesday 1 July, 2003 lot number 206 The alert buyer hit the jackpot six times by acquiring lot number 206, consisting of six fabulous Egyptian rings for £800. Not even letting the ink on the invoice get dry, the buyer consigned one of the rings to Christie's New York. New York ancient jewellery expert Max Bernheimer showed it to the Egyptian Expert Dr. Jack Ogden who authenticated it, after which Max Bernheimer catalogued it as a highly important stirrup ring of the era of Akhenaton. It fetched a staggering world record price of $354 700.- ---------------------------------------------------------------------------------------------------------------------- and just to balance, one from Sotherbys The paper opener looking dagger was bought in a house clearance sale early 2004 by Nottingham-based numismatist Richard Gladdle for £270. Richard sold it for £300 to an Islamic dealer in Grays Antiques market who then sells it for £2000 to a another Grays dealer. A dealer in Islamic art snaps it up for £2300. This dealer takes it to Islamic expert Nicky Shaw at Sotheby's, who boosts the dagger in the catalogue to unique heights. The estimate of £50 000 to £70 000 set by Sotheby's expert Nicky Shaw. ARTS OF THE ISLAMIC WORLD SALE L04220 AUCTION DATE SESSION 1 | 28 Apr 04 10:30 AM. London, New Bond Street LOT 146 Sold for £920 000.- (There does appear to be some collusion between the buyer for a prominent Sheik, and the seller of the item to inflate the price with stooge telephone bidders) _________________________________________________________________ Express yourself instantly with MSN Messenger! Download today it's FREE! http://messenger.msn.click-url.com/go/onm00200471ave/direct/01/
