Dear Lee,

Steve Wynn, the casino and hotel developer in Las Vegas, sold his Picasso painting for $139 million this fall and afterwards, while showing it to friends before it went to the new owner (billionaire Steven Cohen), he accidentally shoved his elbow through the painting, making a hole. He was upset-who wouldn’t be?-and eventually offered to void the sale. He says he plans to have the painting repaired and will keep it. His disaster is just like those all collectors have had, but on a grander scale. It brings up the problems of care, repair, and insurance. Wynn must have had insurance on the painting, but who owned it for the short time it was sold? In other words, who legally owned the painting when it was damaged, and whose insurance paid for loss of value and repairs?

As those in Hurricane Katrina learned, the question of what damage is covered or not covered is not always clear. So be careful with your collection. Don’t pick up vases by their handles or chairs by their arms. Don’t bump furniture with the vacuum cleaner. Don’t drag a bed or a sofa; get help to lift it or a leg may crack off. Don’t tilt back in a chair, or the back or legs may break. Dust as little as possible to avoid breakage. Wash dishes in a sink lined with a cloth and put a rubber collar on the faucet. Don’t store cups inside each other or stack dishes too high. Leave some space between objects displayed on a shelf to avoid nicks. Don’t let the kids play catch in a room with breakables. Use a real ladder to reach high shelves. Enjoy your collection, but use common sense. And always remember, don’t wave your arms into a painting.

P.S. Happy holidays. May you and yours have a happy, healthy New Year with many joys and great finds.