Thursday, January 11, 2007

$54 million elbow?

Remember the story last fall of Steve Wynn accidentally putting his elbow through a Picasso he was about to sell for $139 million? The sale was called off, without a fight, but you knew a lawsuit couldn't be entirely avoided:

"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 the painting in his Las Vegas office on Sept. 30, but was believed to be worth no more than $85 million afterward."

Full story here. Earlier post here. The complaint can be found here.