When buying a new or used car, price comparisons are generally easy to find. The value of a work of art often can be determined by looking at prices paid for other works by the same artist, from the same period, or with other similarities. Experts can be chosen by the parties to the negotiation to determine a fair price. Unfortunately, the Zapruder film's dollar value could not be agreed upon using this negotiation technique. It is important to understand the very significant contrast between mediation and arbitration.
Mediation is a voluntary act of the negotiating parties.
They rely on a mediator to facilitate their negotiations, but the parties retain complete control of their own decision-making processes. A mediator helps keep the process fair, keeps it moving, and may help the parties develop a better understanding of how to negotiate. Arbitration is quite different. Once parties agree to place their issues in the hands of arbitrators, they have given up their rights to make independent decisions about the issues under consideration. The arbitrator or arbitration panel is the decision-maker.