Back in September last year U.S. citizen (and mogul) Steve Wynn had just contracted to sell his Picasso "Le Reve " (The Dream) when he managed to put a hole in it with his elbow. The cost of the damage? He's saying the incident wiped $54 million off the painting's value. But will his insurer Lloyd's of London make a speedy settlement? Not so far. So Mr Wynn is suing them to move things along.
I suppose it makes sense that you would insure your artwork - and that you'd take out some sort of accidental insurance - but at what stage does personal responsibility get factored in? And is the insured value a set amount i.e. what Mr Wynn paid for it or is the value market price? Me thinks it would be unwise to dabble in these things without knowing.
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