Gerald D. and Catherine Leibowitz - Page 46

                                       - 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  Next

Last modified: May 25, 2011