[Jaded]

I'm having trouble finding sympathy for this guy.

[Ramius]

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.

[Blind Eye Jones]

Picasso's are a dime a dozen. The man cranked them out like a donut factory. Whatever he touched was art and he'd sign his name to it.

[iceskater]

Art ping.

[iceskater]

I'm having trouble envisioning how one "accidentally places a tear" in a valuable painting.

[Ramius]

It might be art, but I don't think I'd want it in my house.

[Argus]

It's a crummy painting anyway. I wouldn't give you a buck ninety-nine for it.

[Homer1]

so, if he collect 50 M and the painting's value appreciates back to 139M will he pay Lloyd's back?

That's what I thought.

[P-Marlowe]

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

[toothfairy86]

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!!!

[Lawgvr1955]

Pretty smart. He screws up, puts a hole in his own painting and pockets 45 million bucks. Not bad for one second of work.

[abigailsmybaby]

So even with Wynn's elbow through it it's still worth $85 mil?
That's practically twice what he paid for it! I can't even hear the violins Steve. Poor you.

[TradicalRC]

Moral: Do NOT be careless with your Picasso.