Who do you think will win this battle over $6,500
A buddy of mine is an art broker, he earns a commission on his finder fees I guess you would call it. Basically someone is looking for some high-end art and he tells them where to go, his fee is 6-8%.
He deals with fancy stuff... and earns probably between $3-$6k per deal.
There is a current battle taking place between John Smith, the broker, and the Gallery. Rich Guy Joe is looking for a very specific piece of fine art and calls John Smith. John understands his needs and provides him a list of 40 dealers that "may" have the piece of fine art. Rich Guy Joe is NOT suppose to do anything with the list except acknowledge it. However, Rich Guy Joe is so excited he took it upon himself to make some calls to the galleries.
John Smith would of normally taken the same list and made the calls himself to find a gallery or two that carry the piece. Then John Smith and Rich Guy Joe are suppose to go to the galleries and negotiate a deal.
Well... Rich Guy Joe all excited randomly chooses a name from the list of 40, and the Gallery owner explains to him that he has the exact piece of art that he wanted. Rich Guy Joe so excited, asked if he can see it.
The Gallery Owner makes an appointment.
You can see where this is going...
Well Rich Guy Joe goes down there without his broker, strikes a deal, and buys the art. He calls John Smith to tell him he no longer need his services.
John Smith feels he is due his finder fees because if it wasn't for him the list of not been received by Rich Guy Joe. His fees are worth $6,500.
Gallery Owner's contract with John Smith basically states that John Smith must bring Rich Guy Joe to the premises.
John Smith is thinking about taking it to court.
Who do you think will win?
Tim Pears
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