Nataros v. Fine Arts Gallery of Scottsdale

AAA

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.

RELATED TERMS
  1. Collectible

    An item that is worth far more than it appears because of its ...
  2. Sotheby's

    One of the world's most venerable auction houses. The company ...
  3. Gallerist

    The owner or operator of an art gallery. Gallerists buy and sell ...
  4. Chandelier Bid

    A bid that is announced by an auctioneer during an auction that ...
  5. Lyon & Turnbull

    An auction house established in Edinburgh, Scotland, in 1826. ...
  6. Phillips

    A New York-based auction house specializing in the sale of art ...
Related Articles
  1. Insurance

    Should You Insure Your Collectibles?

  2. Personal Finance

    6 Major Collectibles Payoffs

  3. Retirement

    Contemplating Collectible Investments

  4. Personal Finance

    5 Most Expensive Paintings Ever Sold

Hot Definitions
  1. Capitulation

    When investors give up any previous gains in stock price by selling equities in an effort to get out of the market and into ...
  2. Turkey

    Slang for an investment that yields disappointing results or turns out worse than expected. Failed business deals, securities ...
  3. Conduit Issuer

    An organization, usually a government agency, that issues municipal securities to raise capital for revenue-generating projects ...
  4. Financing Entity

    The party in a financing arrangement that provides money, property, or another asset to an intermediate entity or financed ...
  5. Hyperinflation

    Extremely rapid or out of control inflation. There is no precise numerical definition to hyperinflation. Hyperinflation is ...
  6. Gross Rate Of Return

    The total rate of return on an investment before the deduction of any fees or expenses. The gross rate of return is quoted ...
Trading Center