The buyer of a fake Faberge egg fails loses claim.

It’s enough to make you physically ill. One moment you are the proud owner of a £10m Fabergé egg; the next a High Court judge tells you it’s not the real deal and is worth a fraction of what you thought.

Art dealer, Michael Kamidian, bought the egg at Sotheby’s for $105,000 (£50,000) in 1991. Believing it to be the Dr Metzger Egg Clock, Kamidian was convinced that it was worth $2.5m.

When it was damaged in transit Kamidian made a claim for millions of pounds against the Lloyd’s underwriters.

The case is a victory for the underwriters and a massive blow for Kamidian.