The collector’s holding companies initiated a lawsuit against his insurers, seeking $400 million in compensation to cover damages sustained by paintings within his collection. The lawsuit centers on claims that the artwork was damaged during a fire at the collector’s residence. Insurers maintained they were not affected by the fire, citing the preservation of the artwork. The collector’s legal team argued that the damage was not significant enough to warrant coverage, and the judge rejected the lawsuit. The case is currently pending further legal proceedings.
Credits: NYT > Top Stories