- 13 -
We need discuss only a few significant aspects of Robinson’s
testimony. Robinson started with the price paid for Horace’s
half of both the coin ledgers and the photocopy (the Horace
ledger set), determined that much of the value of the Brand
Archive rests in its content, and took into account that the
price for book inventories with substantial manuscript
annotations approximately tripled between 1984 and 1993. By his
oral testimony, Robinson made clear that, although he believed
that the assembled value of the coin ledgers was more than the
value of either half, he did not believe that the assembled value
was double (or more than double) the value of either half.
Indeed, he testified that the value was “very far” from double.
Taking into account the photocopy, he explained that conclusion
as follows:
What you have here, I think, is two copies of a
text, two complete copies of the text, and you put them
together, and instead of having--and you still have two
complete copies of the text, but one is in the large
volumes and one is in the small photocopies.
2. Analysis of Michael F. Robinson’s Testimony
Robinson’s testimony was also vague. He did not explain the
weight accorded to the components of his analysis that led him to
triple the value of the Horace ledger set to arrive at his
valuation of $67,650 for the coin ledgers and photocopy in 1991.
We suspect that the tripling reflects primarily, if not
exclusively, the data he had with respect to the appreciation in
the price of book inventories between 1984 and 1993. We believe
Page: Previous 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 Next
Last modified: May 25, 2011