The end page of the January 22, 2007 edition of "Business Insurance"
(a trade magazine) carried an article, stating that Steve Wynn has
filed a "bad-faith" law suit against his insurance carrier, in
regard to the damage sustained by his Picasso painting, "Le Reve",
last Fall.
As most of you know, Wynn accidentally poked a hole in the painting,
previously valued at $139,000,000, while he was showing the work to
a group of friends. Wynn reported the damage to the painting to be
a "thumb-sized flap", and stated that it was caused by a "clumsy"
action on his part.
Mr. Wynn's insurer balked when he filed a claim seeking not only the
$90,000 which it cost to repair the painting, but also for the
diminished amount of the value of the painting. Some sources
contend that the painting may now only be worth $85,000,000.
Neither Mr. Wynn's representatives nor the spokespeople for the
insurance carrier are commenting on the possible outcome of the
lawsuit, at this time.
Since the suit was filed in U.S District Court, in NYC, and the
insurer is domiciled overseas, I'll be curious to see if Mr. Wynn's
enormous clout follows him when he is out of LV.
IMO, Wynn has a good and justified suit. We'll see if the Court
agrees.
~Babe~