Sotheby s By Mark Weiss Ltd
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This case involved the sale by Sotheby's by private treaty of a painting alleged to be by the Dutch Golden Age painter Frans Hals. Weiss settled with Sotheby's shortly before trial, but proceedings continued against Fairlight. The sale contract contained an 'authenticity guarantee' permitting for rescission of the sale and return of the acquisition price in the occasion that Sotheby's decided the painting to be 'counterfeit'. Fairlight appealed the decision on quite a lot of grounds, including, broadly, that the relationship between the various parties concerned had been mischaracterised and that the conditions for the 'authenticity guarantee' had not, in reality, been met. The High Court present in favour of Sotheby's, figuring out that it had acted in accordance with the contractual framework between the events in rescinding the sale and returning the acquisition worth to the buyer. When the assure was invoked by the purchaser on the emergence of evidence showing to undermine the attribution, Sotheby's refunded the purchase price and sought reimbursement from the sellers, Mark Weiss Ltd (and its director and sole shareholder, Mark Weiss) and Fairlight Art Ventures LLP.
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