Monday, March 12, 2012
The Economist runs an eye-catching story on the art of valuing property in high end auction houses. The piece traces a controversy over a six-foot long gold chain that allegedly belonged to Henry VIII:
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 Coleridges (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.