ABSTRACT

Problem Question 2 Frieda, an auctioneer, sold a collection of miniature oil portraits on enamel by auction. Each portrait was described in the auction catalogue. When Frieda invited bids for Lot 35described as ‘Portrait, artist unknown’,—her assistant Timmy held up Lot 25 by accident. Lot 25 was described in the catalogue as ‘unknown girl’, school of Bruett. However Jake immediately recognised it as a lost masterpiece by Bruett himself. No other bidders noticed Timmy’s error and Jake’s bid of £30 was accepted by Frieda. When Frieda realised what had happened she refused to let Jake have the painting, which has been valued at £6,500.