The panel, whose recommendations are non-binding, said the Park West Gallery should pay $347,900, less than half the dollar amount they are seeking, to settle the couple’s lawsuit.
Mrs. Day, and her husband, Julian Howard, two UK lawyers, went on 7 Day Royal Caribbean Cruise Ship vacation in 2007, and spent $500,601., for 111 purported Salvador Dali Prints.
Instead of buying Art with appreciation potential, Mrs. Day, and her husband initially spent $98,000 for 11 Dali Prints while on the Cruise, and subsequently spent an additional $422,601., for 100 more Dali Prints, with a market value of about 90% less.
This initial ruling indicates this UK Couple may see some of their initial purchase price back, even even though they failed to execute any due diligence on their behalf, and did not seek an opinion from other Art Dealer/Art Professionals.
Furthermore, the couple did not view nor inspect the Dali Set of 100 Prints before making the +$400,000. payment, certainly a purchase procedure no competent Art Dealer would ever recommend.
If Mrs. Day had executed less than 10 minutes of Internet due diligence, after all she is a lawyer, she would have learned that a Salvador Dali Divine Comedy Set of 100 Prints only achieved a total of $16,800., at Sothebys public auction on 10/28/05. Furthermore, this same Set of 100 Prints, has never sold for more than $20,000., ever at any public auction, clearly in conflict to the alleged $510,000., appraisal.
An update from from Georgina Adam is here.