A Cobra Valuation question

[twobjshelbys]

Originally Posted by STLUCIE

Would you feel the same about a million-dollar Rembrandt that was lost in a theft? We'll see what a judge or jury says and I will be glad to share their ruling. Pain and suffering is a stretch but I will mention it to the attorneys.

Exactly my point about a garage queen.

If a Rembrandt disappears from a museum all that can be claimed for loss of use is unrealized revenue from traffic that didn't come to the museum because the Rembrandt is no longer there.

However, if the Rembrandt were in a sealed vault in the basement of a collector, and the painting is stolen and moved to another sealed vault, there is no real measurable loss of use because there was never any measurable revenue producing use. Mental pleasure, yes.

Oh, and it was mentioned that this was not operable? How "inoperable" was it? If it couldn't be driven there is even less of a case for use. And since all she ever had was a piece of paper discovered years later, there is even less of a nexus to be able to claim use that could be lost.

This whole thing sounds to me like it is being built on a house of cards by a bunch of lawyers that took a case on contengency. Sure hope you're submitting billable hours weekly.

[STLUCIE]

Originally Posted by twobjshelbys

Exactly my point about a garage queen.

However, if the Rembrandt were in a sealed vault

The Rembrandt was on your living room wall.

[twobjshelbys]

Originally Posted by STLUCIE

The Rembrandt was on your living room wall.

There is loss in the theft. But there is no loss other than joy. Emotions have no value in the open market. I have never heard of a civil case of the theft of a major collectible where damages are claimed for "loss of joy".

[STLUCIE]

Originally Posted by twobjshelbys

There is loss in the theft. But there is no loss other than joy. Emotions have no value in the open market. I have never heard of a civil case of the theft of a major collectible where damages are claimed for "loss of joy".

Loss of Joy would certainly be quantifiable in my estimation. It may be a simple matter of semantics between, Loss of Use, Loss of Joy and Pain & Suffering. Glad I'm not a judge.