Sotheby’s allowed a stranger to pick up $4 million worth of someone else's diamonds. A judge says the auction house may be liable:
Sotheby’s Allowed a Stranger to Pick Up $4 Million Worth of Someone Else’s Diamonds. A Judge Says the Auction House May Be LiableFernando Mateo, Jeremy Reichberg, Mayor de Blasio and Jona Rechnitz. Photo courtesy of the U.S. Attorney's Office for the Southern District of New York.
As part of the arrangement, Rechnitz would have the option to repurchase the diamonds later. Then, he made a suggestion: Sotheby’s should sell the stones at auction. Rechnitz knewM&L contends that it later learned that Bruning and Rechnitz were friends, and that the former had flown on the latter’s private jet to Las Vegas, and accepted a gift of pricey sports tickets.
With the diamonds lost, M&L sued the auction house. A lower court granted a motion to dismiss from Sotheby’s, based on a California civil code that states “when a deposit is made in the name of two or more persons,” it can be returned to either party.But a federal judge has now found that the code does not apply in this case, because Sotheby’s knew that the diamonds belonged only to M&L.
But before he was billing himself as a jeweler to the stars, Rechnitz owned a real estate company and was a major donor to Bill De Blasio. He became the subject of federal corruption investigations into the mayor’s fund-raising activities.
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