Market Value - Legal Interpretation

Legal Interpretation

The case of Luxmoore-May and Another v. Messenger May Baverstock 1 W.L.R. 1009 shows us the legal interpretation of market value: "The measure of damage in this case is, I conclude, the difference between what the foxhounds in fact realised consequent on the defendants' breach of contract and what was their true open market value at that time. What better guide could there be to that value than the price at which these paintings happened to be knocked down at Sotheby's so shortly afterwards? The price which the international art market was willing to pay was surely prima facie the best evidence of the foxhounds' value." Also the equilibrium of the qualibrium is hard to distinguish between.

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