El Greco (Australia) Pty Ltd v Mediterranean Shipping Co SA

El Greco (Australia) Pty Ltd and Theodorakopoulos v Mediterranean Shipping Co SA is an appeal against a decision to award damages for loss of goods during sea carriage. The central issue was the valuation of the goods, which were posters and prints, for the purposes of assessing damages. The appellants argued that the price agreed upon between the seller and buyer should have been used to determine the market value, while the respondent relied on expert evidence to assess the value at a significantly lower amount. The court was required to decide whether the agreed price was a reliable indicator of market value and whether the expert evidence should be given critical importance.

The court found that the transaction between the parties was not conducted in a business-like manner and that there was insufficient evidence to support the agreed price as reflecting market value. The court accepted that the expert evidence was relevant and should be given weight in determining the value of the goods. The court concluded that the damages should be assessed based on the expert's valuation, rather than the agreed price. The court also found that the appellants' argument regarding the interpretation of a limitation of liability clause in the bill of lading was without merit.

The final orders of the court were to allow the cross-appeal, set aside the previous orders, and direct the parties to file a minute of order for judgment based on the application of the relevant rules, or failing agreement, to file and serve forms of order within 14 days. The appellants were ordered to pay the respondent's costs of the appeal, while the cross-appellant was to pay the cross-respondents' costs of the cross-appeal. The matter was stood over for the making of final orders.