On 18 October 2017 the Court in Amsterdam ordered the seller of a collection of paintings to pay substantial damages to the buyer. The court ruled that the seller must pay the buyer the difference between the amount paid for the collection and the value appraised by the court expert. A claim for lost profits was rejected.
Buying art: which law determines the regime; what are the obligations of buyer and seller; when can a sale be undone; what is the role of the art advisor and the auction houses. All those involved have their own interests. Buying art is no sinecure. Independent advice is important for larger purchases and sales.
The blogs about buying art
In 2009, someone brought a Persian rug to an auction house in Augsburg, Bavaria. He wanted to sell it. An estimate of € 900,= was made.
Owners of artworks who are interested to sell these will typically sell at auction or through a dealer. One option is to "consign" a work for sale to a dealer, who provides his services against charging the seller/consignor a commission.
On 14 November 2007, a buyer at the Christie's Amsterdam B.V. auction that day acquired a painting titled "A watchtower at the mouth of an estuary" for an amount of approximately € 37.000 (inclusive of buyer's premium).
On 28 September 2012, the Cologne regional court in Germany held that the Cologne auction house Lempertz breached its duty of care.
The High Court of Justice in the UK on 1 March 2012 ruled that Sotheby's were not negligent in appraising and valuing a judicial collar as late as 17th century rather than a Tudor jewel. The case sheds light on the extent of an appraiser's duty of care.