Editor's Note: Stephen Halbeisen, chair of Cozen O'Connor's Subrogation & Recovery Department's South Central region, contributed the article below.
Fine art losses come in many shapes and sizes. Often, fine art is a relatively minor component of a homeowner's or commercial property claim. Occasionally, however, damaged art represents the vast majority of a claim.
You may have heard of the story in 2006 about casino mogul Steve Wynn, who accidentally poked a hole in his own Picasso painting, “Le Rêve,” which he had previously agreed to sell to another collector for $139 million. Given the impact of the damage on the painting's value, Wynn decided to keep the painting after conservation.
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