It might be art, but I don't think I'd want it in my house.
Posted on 01/12/2007 1:49:37 PM PST by kik5150
Steve Wynn's Bad Dream Vegas mogul sues Lloyd's over $54 million damaged Picasso claim
JANUARY 11--Months after he accidentally poked a hole in a Picasso painting, casino magnate Steve Wynn today sued Lloyd's of London for failing to pay off a $54 million insurance claim. Wynn, who purchased the painting "Le Reve" for $48.4 million in 1997, contends that the painting was worth $139 million when, on September 30, he "accidentally placed a tear" in it while showing the work (pictured at right) to friends visiting his Las Vegas office. According to Wynn's U.S. District Court complaint, a copy of which you'll find below, the businessman contends that, as a result of the tear, the painting's value has plummeted to $85 million. He has demanded that Llloyd's pay him the difference in the appreciated value of the painting and its post-damage worth. The day before he punctured the painting, Wynn had entered into an agreement with hedge fund titan Steven Cohen to sell "Le Reve" for $139 million. That deal died after the damage was disclosed to Cohen. Included as an exhibit to Wynn's lawsuit is a "sworn statement in proof of loss" that likely made knees buckle at Lloyd's.
I'm having trouble finding sympathy for this guy.
Depends pretty much solely on the language of the policy, I'm thinking. If it was an all-risks sort of policy then I'd bet Wynn's probably got a case. Having a deal in hand at the time seems to ice up the valuation part of the problem.
How did he accidently place a tear in the painting?
There is art where I work. A few years back some genius with a mail cart accidently ran in to a painting. Didn't tear it, just scratched the paint. He had to explain that to the curator. Ack.
Art ping.
I'm having trouble envisioning how one "accidentally places a tear" in a valuable painting.
No idea. But there's lots of ways to damage a painting that are all pretty easy.
It might be art, but I don't think I'd want it in my house.
It's a crummy painting anyway. I wouldn't give you a buck ninety-nine for it.
--It wasn't a priceless moment after all: Steve Wynn is suing Lloyd's of London for $54 million, claiming the insurance company failed to pay for reimbursement and restoration costs for Picasso's "Le Reve" after Wynn plunged his elbow through the painting Sept. 30. The painting was reportedly worth $139 million before the accident and no more than $85 million afterward; the $54 million figure represents the lost value of the 1932 painting. Lloyd's has agreed to pay $90,000 to restore the painting and a $21,000 consultant fee used for the restoration and increased security during that process, according to the Associated Press ...
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Careful! You'll wake up with half of your favorite horse sleeping next to you . . . |
From an earlier FR thread..... (gotta learn how to post links...)
"The accident occurred as a gesturing Wynn, who suffers from retinitis pigmentosa, an eye disease that affects peripheral vision, struck the painting with his right elbow, leaving a hole...."
Had to be one of those "Aww, s**t!!!" moments...
That's what I thought.
Awfully flimsy canvas.
Sounds like Loyd's is doing the right thing. This guy is a jerk.
Dear Mr. Wynn,
We are in receipt of your insurance claim.
Please be advised that we will gladly purchase that painting back from you for what you paid for it.
If that is not agreeable, then go pound sand.
Yours Truly,
Joe Blow,
Insurance adjuster
Lloyds
He should be GLAD that the thing is still worth $85 million. He already made a $36.5 mil profit on it. What's he complaining about? Maybe next time, he'll be more careful!!!
Pretty smart. He screws up, puts a hole in his own painting and pockets 45 million bucks. Not bad for one second of work.
Art ping.
Let Sam Cree, Woofie, or me know if you want on or off this art ping list.
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