Nataros v. Fine Arts Gallery of Scottsdale
Definition of 'Nataros v. Fine Arts Gallery of Scottsdale'
A court case involving an auction house and a buyer, in which the buyer alleged that the price of items at auction were rigged and that the items were sold at inflated prices. In Nataros v. Fine Arts Gallery of Scottsdale, Inc., the plaintiffs, Frank and Anna Nataros, alleged that the auction house employees had engaged in negligent misrepresentation and fraud during the sale of series of items.
Investopedia explains 'Nataros v. Fine Arts Gallery of Scottsdale'
The lawsuit reached the Arizona court of appeals, where the courts ultimately found for the defendants. The case is considered a landmark case in the art world. The plaintiff’s allegation that the items appraised by the gallery were without “factual basis,” but courts found that the auction was open and not rigged.
The Nataros case demonstrates how buyers believing that they paid too much for something face an uphill battle when it comes to winning a claim against a seller.