Contracts Keyed to Epstein
Estate of Nelson v. Rice
Edward Franz and Kenneth Newman (Plaintiffs), the representatives of Martha Nelson’s (Nelson) estate, held a public estate sale. Plaintiffs had hired Judith McKenzie-Larson (McKenzie-Larson) to appraise Nelson’s personal property. McKenzie-Larson explicitly told Plaintiffs that she did not appraise fine art and that if she saw any they would have to hire a different appraiser. She did not mention any fine art in her report to Plaintiffs. At the public estate sale, Carl Rice (Defendant) purchased two paintings for the asking price of sixty dollars. Defendant had purchased some art in the past, but was not an experienced art dealer. The paintings turned out to be very valuable and Defendant sold them at auction for over one million dollars.
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