-64-
tennis bracelet was 6 1/2 inches long and contained 24 one-ct.
diamonds. We use the tie tack as a measure of the minimum value
for each one-ct. diamond (24 x $4,500 = $108,000).40
As to the six other diamond tennis bracelets, we find that
their total fair market value was $191,568 as of the applicable
valuation date. Item number 293 in the auction catalogue is a 6
5/8 inch bracelet with 44 rectangular-cut diamonds weighing
approximately 17.5 carats in total. Christie’s estimated that
the value of this bracelet was $20,000 to $25,000. We decide on
the basis of the record at hand that this bracelet is the best
measure of the fair market value of the six diamond tennis
bracelets in question.
As to the 11 seized items of jewelry, Christie’s had
ascertained that their lower and upper estimated values totaled
$98,000 ($70,000 of sold items + $28,000 of unsold items) and
$147,000 ($107,500 of sold items + $39,500 of unsold items),
respectively. Carmona ascertained that their fair market values
totaled $183,400 ($146,200 of sold items + $37,200 of unsold
items). The total value ascertained by Carmona is 24.76 percent
greater than the total upper estimated value for these 11 items
(($183,400 -$147,000)/$147,000 = .2476)). Consistent with
Carmona’s valuation of the 11 items of jewelry vis-a-vis their
40 As discussed supra pp. 20-24, we consider the auction
prices, and hence the stipulated values, to be less than fair
market value.
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