Quote:
Originally Posted by botn
You are actually suggesting the LOA has an expiration date? Further how can a statute run on Tony, the newest owner, if upon receiving it he decided to research it's authenticity and found out it is not what the house purported it to be?
The house who issued the LOA should buy the item back from Tony at whatever price he paid for it unless he is able to prove the person who sold it to him knew the item was not legit
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I understand the morality but I can assure you there is going to be a statute of limitations on it. It doesnt mean that the person cant refund the money back after the statue of limitations expires, its just they legally wont have too. (which wouldnt give the AH good reviews)
You can also find out you sold 1000s of items that turned out to be fake and file Bankruptcy and not owe anything or as someone else alluded to, if the auction house closed for business they wont owe anything.
So in theory they can close a day after the auction. There are lots of ways sellers can get out of their responsibility. If you win an item you may want to have it independently verified so you have more than enough time to return it.
Of course if theres a criminal act going on, different time periods would apply etc...