Tuesday, May 26, 2009

Let's Go to the Videotape

Bloomberg's Philip Boroff has more on collector Gregory Callimanopulos's lawsuit against Christie's (mentioned earlier here). In its response to Callimanopulos's motion for preliminary injunction, Christie's says "video recordings of the [May 13] Auction conclusively show that [another bidder] made a bid for the Artwork well before [the auctioneer] brought down the hammer .... Because the evidence conclusively shows that [the other bidder] bid on the Artwork before the hammer fell, this case does not even present a legal issue of whether [the auctioneer] properly exercised his considerable discretion under Christie's Conditions of Sale and the U.C.C. in recognizing a bid that was made with the hammer."