Miss sold item

[fairetrade]

Ring purchased at auction 2015. Description 2carat sapphire 4 carat diamonds.

Ring taken for independent valuation. Notified by independent valuer that ring was NOT 4 carat diamonds. There was only 2 carat of diamonds and 2 carat sapphire.

I returned to auction house as this was a mis-sold/description of a ring.

Auction house offered to let me keep ring, told me but to keep looking for a replacement. I should then set the value of the mis-sold ring against the new purchase. There would be no time limit on this arrangement. I would pay any differences and all fees.

I found a similar ring (2 carat sapphire 2.35 diamonds), in March 2021, but auction house wanted an additional £570.

I felt that my offer of direct swap was extremely fair, in-fact I felt I should be given some form of compensation. I asked how much my Mis-sold ring would be listed in upcoming auction. This ring would be listed at £2,300 + fees, but opening bid would be lower. I pointed out that I had bought this ring after auction for approximately £3841.

I pointed out that this ring should have increased in value. Obviously what I had paid for was a ring as described ..... 4 carat of diamonds. Now the auction house was listing the ring with a valid description, 2 carat of diamonds.

Can anyone suggest where I go from here?

Facts: A mis sold ring, sold as 4 carats when ring had only 2 carats.

Valuer at auction house declared her value on the ring sold to me in 2015, with 4 carats at £3300. but if she Put same ring into auction in 2021 with a true description (2 carat diamonds) she would ask for an opening bid of £2300.

Additionally the auction house has now placed a time limit of 60 days to resolve the issue. After this period the will be no exchange etc.

what are my options?

Thanks
faretrade

[Celestine]

Was the similar ring available through the auction house?

The swap element of this agreement is concerning, because the auction house will be able to use their knowledge and cunning(!) to still make this profitable to them, it creates an imbalance.

The simplest solution would be a straightforward refund. As agreement has not been reached on a swap, your statutory right to a refund would be the route forward, then purchase an alternative ring at your leisure - with quality verification ahead of the purchase.

[des8]

When exactly in 2015 did you purchase the ring?
I'm looking at Limitation Act in case you need to initiate a court claim