For £20,000 art dealer Ofir Scheps purchased a sculpture by 1991 Turner Prize winner Anish Kapoor, called Hole and Vessel II from an auction house.

Scheps hired Fine Art Logistics Ltd (FAL) to collect and store it until it could be delivered to Kapoor's studio for restoration.

FAL's standard terms limited liability to £350 per cubic metre of volume.

FAL argued that Scheps must have been aware of such standard terms given his experience in arranging for art transport.

Scheps was entitled to the value at the date of conversion and consequential damage to compensate for the rise in value after.