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Unformatted text preview: any defect in or damage to
the item of sale.”
Jim’s luck suddenly took a turn for the worse. He has since been told by an
expert in the field that the sculpture he purchased from Aria Art Gallery was not
Version 1/25, but a less valuable Version 12/25 (which holds a market value of only
$1 million). He is also told that his sculpture was not cast by Rodin personally, but
is a reproduction cast by a Parisian art gallery in 2005 (although this does not affect
its value). 2 Jim has also discovered, after a detailed examination, that there is now a crack in
the sculpture which appears on the head of ‘The Thinker’. Jim is certain that there
was no such crack when he viewed the statue at the art gallery and that the crack was
caused by the negligent handling of the statue in the course of its delivery to his
house. When told of this defect, the expert was of the view that the sculpture was
likely to be worth only $500,000.
This is a great pity for Jim as Pete, his good friend and a die-hard fan of Auguste
Rodin, had recently offered to buy the sculpture (on the basis that it was Version 1/25)
from him at the price of $4 million, an offer that Jim would have found too irresistible
to refuse. This turn of events has also led Jim to suffer mental anguish and to
develop a severe form of migraine.
To make matters even worse, huge and dangerous-looking cracks have started to
appear in the walls and ceiling of Jim’s home. Jim had to incur additional expenses
by engaging outside contractors to patch up his walls and ceiling quickly, but just as
one defect was rectifie...
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- Spring '14