Towards the end of last year the casino mogul Steve Wynn elbowed his Picasso, which put a hole in the work, and lost him a deal that could have put $139 million in his pocket. Well, now the Las Vegas collector is looking to make an insurance claim worth $54 million.
Wynn paid more than $48 million for the Pablo Picasso painting of Marie-Therese Walter back in 1997, and hopes to claim $54 million for a “thumb-sized” rip in the painting.
The repair bill for the damage was $90,000 and it is said to be flawed under black light.
If the painting was valued at $139 million before the damage, and the flaw devalued the painting by $54 million, that must mean it is now worth $85 million. A thumb sized flap that can now only be seen under black light, caused $54 million in damages?!
I wonder how the insurance company (Lloyd’s of London) would feel if they make the payment, then Wynn goes on to sell the painting for $140 million?
Wynn vs. insurers over punctured Picasso
“They’ve started to negotiate,” he said before quickly adding that the talks aren’t going the way he’d like. “Their offer is ridiculous,” he said, though he declined to give specifics.
He attacked the insurance industry as a whole, saying they play “dirty tricks” and it was standard practice for insurance companies to delay responding to claims in the hopes of wearing down those making claims and getting them to settle for much less than what they are owed. Yahoo News