Lost / Found Property Laws

[eiffelgirl]

Hi, everybody. My husband found a diamond bracelet back in January, at which point we turned it in to the hotel at which we were staying. After keeping it for 3 months, no one had called, so they gave it to us. We'd like to sell it (it's a man's diamond bracelet - I'll put the specs below - much too much for my husband to wear!), but we don't know if there are any laws against us doing so at this point. I've tried to find the law for lost and found property in Texas, but I'm coming up short.

Any help would be appreciated. Also, if anyone knows where I could sell such an item - it's definetely on the high end scale, I'd say:

14K White and Pink Gold
62.2 dwt gold weight
8 1/4 inch long
12/2 mm wide
26 links, four princess, two round per link
104 princess stones - 3.5 mm .24/.26 = 27 ct
52 round - 3.5 mm, .15 = 7.9 ct
I clarity
H-I color

It's quite something to see. I've tried taking a picture but I get too much reflection and not enough clarity. Y'all take great pictures of diamonds. What's the trick?

Thanks for any information you can give me and let me know if I've posted in the wrong forum!

Cat

 

[digger]

Not sure about Texas, but I'll take it off your hands for $1000 Cdn!

 

[eiffelgirl]

Ha

Nice try

Cat

 

[verticalhorizon]

How about 2,000 pesos?

 

[eiffelgirl]

2000 pesos? Oh! Okay then!

I'm thinking I'll need about $30,000 for it. The appraisal I had done put the retail at about $60,000, but we'll see. I'm going to have to run everything by my lawyer to make sure I'm not doing anything illegal (can y'all imagine wearing a bracelet like that and not even putting on the clasp so that it doesn't fall off? And, after you lose it, you don't call the hotel? Craziness.), then it'll be on the market, I guess.

Cat

 

[CaptAubrey]

if the bracelet is everything you say it is (and your lawyer confirms that you can safely sell it), i would contact one of the big auction houses and put it up for auction. don't bother with ebay or your corner jewelry store--you'll never get what it's worth that way.

 

[eiffelgirl]

Really? I hadn't thought about auction houses. That's a great idea. But it's a fairly new bracelet. Would an auction house be interested?

I run an art gallery, so I'm in the auction scene, as it were, but I know nothing about jewelry auctions. Any suggestions on who to contact?

Cat

 

[PuddyKat]

hmmm....just encountered this....


Sotheby's

Good Luck!

 

[verticalhorizon]

You know, it's PS law that you have to post a picture of this thing!

 

[eiffelgirl]

Y'all are great. I'll call my local Sotheby's and see what's up! If that doesn't work, I'll call a couple of people I know in New York.

I'll post a pic, I promise. I haven't been able to take very good shots cuz it's so sparkly

But I will tonight and post.

Cat

 

[GLudlow]

Wait a moment... did you report this to the police? If you just gave it to the hotel to claim, but never filed a police report, then you might not be able to keep it. I'd call the local police station ASAP and report finding it. The real owner probably filed a police report looking for it.

If you try to sell it and didn't ever contact the police, you may be liable for some criminal offense. If you tell the police (who have real authority, not the hotel!) and no one claims it, then it's yours.

 

[solange]

Do you know if the hotel notified the police to determine whether there was a loss report? The person may not have realized where they lost it. I am sure your lawyer can advise you of that and whether all necessary measures were taken to find the owner.
However there have been cases of property appearing in Sotheby's catalog or in exhibition which have been recognized and reclaimed by the owner.
We had such an experience. We bought two oriental rugs from someone we thought was a reputable New York City rug dealer. Maybe he was and just bought the rugs innocently not knowing where they came from.
A few years later, we found replacements and put both rugs in Sotheby's New York. We had a bill of sale for the rugs from the dealer.
A dealer whose store had been burglarized a few years before went to the exhibition, recognized the rugs, had photos of them in his shop and contacted the FBI. It was an interstate matter and involved a large number of very valuable rugs.
The dealer who sold us the rugs had gone out of business. We had no doubt that the rugs belonged to the dealer whose store had been robbed and agreed to have Sotheby's return them to him. We were out the money.
If you are sure that all efforts were made to find the original owner, then one of the big auction houses may be the best place. However the item will get world wide exposure if it is illustrated and if someone can prove ownership you may have the same problem we had particularly if it is a unique piece.
We had no idea that we were buying stolen property but we were out the money nevertheless because accordng to the law, the property belongs to the original owner unless he has sold it.
In a case like ours, Sotheby's policy was to remove the rugs from the sale and return the rugs to the rightful owner.
I hope you can establish ownership of this valuable item but before you put it up for auction, you should be aware that the gallery offers you no protection if someone comes along and can prove that the property is theirs.
We would have gladly returned the rugs upon proof from the dealer but the FBI got involved and it was a rather unpleasant matter because we were questioned about where we obtained the rugs and if we knew the whereabouts of the other rugs and other burglaries.
I do not want not be a pessimist but I thought you should be aware of our very embarrassing and costly experience.