Our founder, Leila A. Amineddoleh, recently spoke to reporter John O’Connor regarding a contentious piece of U.S. history. The Abraham Lincoln Presidential Library and Museum spent $6.5 million on a stovepipe hat that allegedly belonged to the U.S. President. Now, however, it appears that there are no concrete links tying the garment to Lincoln. The museum’s trustees could theoretically pursue legal action, but it would be costly and most likely unsuccessful since the seller (a preeminent collector of Lincoln memorabilia) believed that the item was authentic at the time of the sale. In order to prove a fraud claim, a court would need evidence of “intention to deceive,” which can be difficult to identify. In this case, no one is alleging that deception played a role in the sale. However, direct appeals to the seller could be effective; collectors often want to protect their reputations and avoid negative publicity. In such situations, a collector can dispel the cloud over a problematic object by returning the money from the sale or making a donation.

The most effective means to avoid an embarrassing situation is to ensure that each object one purchases – whether artwork, a historical item, or other collectible – has been subject to thorough due diligence procedures. The value of the hat is the byproduct of the item’s historical significance. Due diligence is key for all transactions, but especially when dealing with items whose value depends on authenticity and provenance.