Some are concerned that what they have received is not genuine, while others are worried that by not responding and agreeing to become part of the claim they will also become liable for any costs incurred.
Advice from the British Antique Dealers’ Association reassures those concerned that they will not be liable for any costs as lawyers’ fees will be paid directly from the general settlement before any dispersal takes place.
However, the BADA also advise that for buyers, compensation is likely to be minimal.
The compensation pot to be shared by buyers is $10m, the equivalent of five per cent of the hammer price. However, legal fees will be paid out of this pot and the actual sum paid out to each buyer will be about a 33rd of their share of the five per cent, a far smaller sum.
As the notification letters state, those who wish to remain recipients need do nothing, while those who wish to exclude themselves from the payment need to have their objection registered by May 19.
Claim form queries
A NUMBER of dealers and collectors have contacted the Antiques Trade Gazette about notifications they have received concerning the settlement of claims relating to the Sotheby’s and Christie’s collusion case.
