Accidia Foundation v Simon C Dickinson Ltd.

Accidia Foundation v Simon C Dickinson Ltd.

Dickinson acted as Accidia’s agent in the sale and was not authorised to retain a secret commission above the agreed net price. The agency agreement did not permit a net return price arrangement, and Accidia did not ratify the secret commission agreement. Dickinson must account to Accidia for the US$1 million profit, subject to a just allowance for its services and restoration expenses.

Parties
Claimant: Accidia Foundation; Defendant: Simon C Dickinson Limited
Jurisdiction
England and Wales
Judgment Date
26 November 2010
Procedural Posture
Civil / Judgment After Trial
Outcome
Judgment for the Claimant (Accidia Foundation)
Legal Topics
Fiduciary Duties, Secret Commission, Ratification, Art Market Practice, Remedies for Breach of Fiduciary Duty
Agency Law Equity Commercial Law Fiduciary Duties Secret Commission Ratification Art Market Practice Remedies for Breach of Fiduciary Duty

Case Brief

Summary, issues, holding and outcome

More case intelligence is available

Unlock the full research layer for this judgment.

Full judgment text Downloadable case file Legal principles 3 Authorities cited 7 Party arguments 2 Amounts and remedies 3
Sign in to unlock

Parties

Accidia Foundation

Claimant

Simon C Dickinson Limited

Defendant

Procedural Posture

Civil / Judgment After Trial

Legal Issues

  1. 1 Whether Dickinson acted as agent for Accidia in the sale agreement and is liable to account for secret commission
  2. 2 Whether LAL had authority from Accidia to enter into a net return price arrangement with Dickinson
  3. 3 Whether Accidia ratified the sale agreement and/or the net return price agreement

Ratio Decidendi

Dickinson acted as Accidia’s agent in the sale and was not authorised to retain a secret commission above the agreed net price. The agency agreement did not permit a net return price arrangement, and Accidia did not ratify the secret commission agreement. Dickinson must account to Accidia for the US$1 million profit, subject to a just allowance for its services and restoration expenses.

Court Disposition

Judgment for the Claimant (Accidia Foundation)

Orders

  • Dickinson to account to Accidia for US$1 million profit less a just allowance of US$200,000 for services and £2,500 for restoration expenses.
  • Compound interest to be paid on the sum due from 10 August 2007.