- 46 -
the collection (hereinafter reference sample).15 The sample uses
the lowest price found, independent of either of the experts, for
each of the 106 matched items.16 The total for the 106 one-
sheets was $2,697, for an average value of $25.44. The lowest
value was $10, and the highest found was $137.50. We compared
the reference sample of independent prices with Warren's and
Everett's valuations.17
Everett's valuation of the same 106 one-sheets was $4,760,
or $44.91 per item. The lowest value assigned by Everett was $20
and the highest was $200. The ratio of the values in the
reference sample to Everett's valuation was 0.57. Warren valued
the same sample at $782, or $7.38 per item. The overall value of
the reference sample was 3.45 times greater than Warren's
valuation. The lowest value assigned by Warren was $1 and the
highest was $75.
For purposes of assigning a valuation to the rest of the 513
one-sheets, the ratio of the reference sample to Everett's
valuation of the sample, 0.57, was used to adjust Everett's
valuation of the whole. Warren's valuation was disregarded
because it used the wrong market and did not assign values to any
15 See supra note 8 for price guides that listed prices for
the 106 one-sheets in the reference sample.
16 Where a poster was listed in more than one pricing guide,
we took the lowest price. If a pricing guide gave a range of
prices for a poster, we used the midpoint of the range of values.
17 See Table 2.
Page: Previous 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 54 55 NextLast modified: May 25, 2011