The collector’s holding companies initiated a lawsuit against his insurers, seeking $400 million to cover damages incurred from a fire that resulted in damage to several paintings within his collection. The insurers maintained that their insurance policies remained untouched, and subsequently, they successfully defended against the lawsuit. The collector’s legal team argued that the damage to the artwork diminished its artistic value, impacting the overall worth of the collection. The judge ultimately dismissed the lawsuit, finding no evidence to support the plaintiff’s claims of significant loss.
Credits: NYT > Top Stories
