The owner of the Henry Graves Supercomplication watch est value of $15m dies one day before the historic sale of the watch. http://www.theartnewspaper.com/arti...ors-Sheikh-AlThani-dies-suddenly-aged--/36262
this super complicates the sales of the wacth... dead at 48? is watch collecting hazardous to your health?
Yes i know - Im pretty sure it cannot go ahead now with the 'estate' to be discussed and if there is no will it will take longer!
Video link of watch. Wow. http://www.sothebys.com/en/news-video/videos/2014/09/henry-graves-watch-ge1404.html
Im not sure it can be sold though... He is dead and going by what i read earlier the viewing was closed yesterday after news broke.
Just in case any one here wants to register to bid on this watch. https://www.sothebys.com/en/registration/transactional.html/2014/important-watches-ge1404
They may not have a choice. The Sheik's US estate (and I certainly don't know if this watch is included or not), would need to be admitted to probate pending a will and documentation of asset ownership. That alone should delay the sale. It's the same reason why banks have to seal safe deposit boxes after a depositor's death. They need to determine the rightful owner of the contents before just anyone can clean it out. gatorcpa
I understand the principle of the thing, but legally does it matter whether the estate has the watch or the cash from its sale?
Yes i would think especially if an item of high value - which this is extremely high value. Effectively it is his next of kins property now (if there was one) if there was a will there will be a beneficiary and if no will it will go to probate. His entire UK estate and subsequent others will also have to be assed unless a will states who he leaves 'everything' to. Ive just gone through something very similar.
And dont forget inheritance tax. If the item is in UK, or any other IHT jurisdiction, they will have a go for it.
CGT is different. Watches, like vintage cars, or even paintings are exempt unless you trade them. I expect this individual is trading, but through a corporate entity. All I can see here is that several lawyers are going to get very fat
You better not offer that pink gold capped cross hair caliber 551 pie pan to anybody before me! Come to think of it, there's a Seamaster and bull's eye dial that I'd like to get my mitts on.
