Friday, January 27, 2012

An expensive mistake!

Proof that it pays to use an expert when selling family heirlooms has been provided by a court case in Germany.

A Bavarian auctioneer who priced the world’s most expensive rug at €900 [about US $1,190] has escaped paying damages to its former owner. The woman sued the Augsburg auction house after her rug reached €7.2 million [more than US $9.5 million] at a Christie’s auction in 2011.

The woman received €19,700 [just over US $26,000] for the 17th century Persian carpet when it was auctioned by the Augsburg house.

She told the court that if he had spent more than “a few seconds” examining it and had done some background research, he would have identified the carpet as an exceptional piece of art.

But the auction house was let off from compensating the woman, as the court ruled that the antiques dealer neither intentionally violated his professional duty nor had he been negligent while inspecting the piece.

The auctioneer claimed as a general dealer he was no expert in carpets and put it in his catalogue without a picture, with an estimate price of €900.

“Had I known what it was, I would have rejected it,” he told the court. His lawyer said he generally dealt with household items and had never heard of the “Survey of Persian Art” by Arthur Upham Pope, a standard reference book for collectors in which the carpet was pictured.

Shortly after the verdict, the woman’s lawyer Hannes Hartung said she is likely to appeal to the Bavarian state court in Munich. “We will carefully analyze the written verdict and very probably appeal,” he told reporters.

Hartung said that the court had missed a vital point in its verbal ruling. “The auctioneer should have informed his client that he didn’t know anything about this carpet,” he said. He said if the written verdict did not address this point, an appeal would be inevitable.

Dating from the 17th century, the rug may look unremarkable to an untrained eye. It measures 3.39 by 1.53 metres [roughly 11 x 5 feet] and is adorned with a motif of leaves and flowers.

Made by weavers in the Kirman region of Persia, the carpet once belonged to 19th century society host the Countess Martine Marie-Pol of Béhague, who boasted a large collection of Iranian art.

There's more at the link.

So the original auctioneer's estimate was almost eight thousand times less than the price ultimately obtained by a subsequent owner! Yeah, I can understand how the original seller might have been just a little bit miffed by that discrepancy . . .


1 comment:

DaddyBear said...

In his defense, when I lived in Augsburg, there were hundreds of road-side 'markets' selling Persian rugs. As far as he knew, this was just another one of thousands that must grace apartments in the area.