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Another point that I have always wondered about is well illustrated by an item on the front page of the same issue.

If the cameo ring illustrated – which sold for £39,000 against an estimate of £150-200 given by a very well-respected auction house – had been stolen before the sale, which can happen, presumably the insurers would pay out no more than £200.

Would this also be the figure if the auctioneers held a commission bid of say £5000?

Philip Hale

Boston, Lincs