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15 January
2007 Insurers Sued
Over Torn Picasso A
US
Casino
mogul who put his elbow through a Picasso painting
is taking his insurers to court in
Manhattan. Las
Vegas
magnate Steve Wynn says that he wiped $54m
(£28m) off the value of Le Reve (The Dream)
when the accident occurred in September last
year. But he claims
Lloyd's of London has failed to act quickly on his
Insurance
Claim,
and is suing them to speed up the
process. Mr Wynn, who has
an eye disease affecting peripheral vision, tore a
coin-sized hole in the 75-year-old
painting. He had been
showing it to screenwriter Nora Ephron, television
personality Barbara Walters and two art dealers
when the accident happened. He has since
called it "the world's clumsiest and goofiest thing
to do". Mr Wynn bought
the 1932 painting, which depicts Picasso's
mistress, for $48.4m (£24.7m) in
1997. He had arranged
to sell it to art collector Steven Cohen for $139m
(£74m) but decided to release the buyer from
the sale agreement and keep the painting for
himself following the accident. According to his
legal papers, Mr Wynn believes the value of the
painting then dropped to $85m
(£43m). He is hoping to
recover the difference, and is seeking an order for
Lloyd's to provide a copy of its appraisal report,
including a post-restoration value of the painting
- which he says has not been
forthcoming. "We need them to
respond and have them give us their appraisal and
they haven't done that," said Wynn's lawyer, Barry
Slotnick. A Lloyd's
spokesman said the company did not comment on
individual court cases. Insurance
claim problem?
AJC Consultants can help. Click
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