I also agree with Ryan. ML made the best of a terrible situation and is taking the high road by paying consignors and not waiting for the insurance companies to settle the matter. I doubt many other Auction Houses would reach in their pockets to pay consignors. I use Memory Lane and think they are top shelf. If they let the auction run and didn't pay the consignors or took money from bidders that would be another story. They did what they had to and protected their consignors and bidders both. As far as the winning bidders not being able to get the items they won (or pay anything), if it were me I would think it is not that big a deal as no money was lost.
If the cards are not found very soon it will likely be a battle between insurance companies. Memory Lanes insurance company is not going to just roll over and pay when the liability is with the Hotel. I highly doubt (as stated in this post by others) that the tag in the room relating to liability of property belonging to guests is equally applied to owners of the hotel holding valuable property for a future guest that they signed for. I am an investor in hotels similar to this and for sure the hotel has liability and will look to their insurance carrier (assuming they have an appropriate policy)
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