Correct. The grand theft limit is $950 in California. The “fair market value” test is used to determine the value for grand theft purposes, and that is what a willing seller and a willing buyer would pay on the open market, not what the intrinsic value of the object is. If I were defense counsel, I would point out there is technically no open market for an Oscar statue because it first has to be offered back to the Academy for $1. The obvious counterargument is that this option contract is with the statue recipient, and a third party isn’t bound by it. Many cases (though not from California) have held that stolen property can be valued at what it would fetch on “the thieves’ market” if there is no legitimate market for it. So yes, if this guy appeals, it will be interesting. (But he probably won’t.)
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You know who likes free stuff? Rich people. Rich people love free stuff.
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