Casino Mogul Sues Over Damaged Picasso

(AP)  Casino mogul Steve Wynn sued Lloyd's of London Thursday, saying the insurance company failed to act properly on his demands to pay $54 million in lost value for a Picasso that was damaged when Wynn accidentally poked a hole in the canvas with his elbow.

The lawsuit in U.S. District Court in Manhattan sought an order to force Lloyd's to expedite Wynn's claims for reimbursement and restoration costs for Picasso's 1932 work, "Le Reve," by providing him with an appraisal report or initial damages assessment.

Wynn's representatives told Lloyd's in November that the painting was worth $139 million the day before Wynn damaged it in his Las Vegas office on Sept. 30, but was believed to be worth no more than $85 million afterward.

In 1997, Wynn paid $48.4 million for the painting depicting Picasso's mistress, Marie-Therese Walter.

Wynn has described the damage to the canvas as a thumb-sized flap and said it was "the world's clumsiest and goofiest thing to do."

He damaged the canvas as he showed it to guests, including screenwriter Nora Ephron and husband Nick Pileggi, broadcaster Barbara Walters, New York socialite Louise Grunwald, lawyer David Boies and his wife, Mary, and art dealer Serge Sorokko and his wife, Tatiana.

"The blood drained out of their faces," Wynn said. "I just turned around and said, 'Oh, my God. How could I have done this?"'

A message left with a spokesman for Lloyd's was not immediately returned.

In a letter included as an exhibit with the lawsuit, a Lloyd's representative wrote that he understood that Wynn's representatives wanted the insurers to estimate the level of depreciation at the outset, but that it was customary practice for the insured to make a claim first and for insurers to agree or disagree.

Lloyd's has already agreed to pay $90,000 to restore the painting, a consultant fee of $21,000 related to the restoration and increased security that was required during the process.

[blackjackpro]

IS THERE AN UPDATE TO THIS TWO-YEAR OLD STORY?

[PCDOC2K9]

OOps! Honey Pass me the Duct Tape please!

[vancouverboo]

Here comes another increase to my Homeowner's Policy to help pay for this.
Yesterday it was the millionaires in Malibu who built on dry, earthquake prone, ocean frontage and today it's "all thumbs".

It's getting to be more than I can afford to pay for these Rich People, and Bush just cut their taxes, too.

[delta5243]

So let me get this straight....once this claim goes through Steve KEEPS his "prized" painting, get's it FIXED and then still PROFITS 5.6 million dollars ? If you ask me that's one hell of a smart business man.

[nothappyatall]

Wynn's representatives told Lloyd's in November that the painting was worth $139 million the day before Wynn damaged it in his Las Vegas office on Sept. 30, but was believed to be worth no more than $85 million afterward.
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It's JUNK, it was KRAP when it was painted and it's wrecked *** now, people are insane putting values like this on garbage that looks like some grade school child's fingerpainting efforts in art class.

"
Lloyd's has already agreed to pay $90,000 to restore the painting, a consultant fee of $21,000 related to the restoration "

You can't RESTORE an original piece of art- you have irreparably altered it with the damage and the repairs are contemporary REPAIRS that give the illusion of the original. The repairs are just that- a fix by someone, the damage will always be there, thus the $90,000 "restoration" does not cver the loss of it's original INTACT value- it's been damaged.