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How much is a hole in a painting worth. Steve Wynn accidentally raised his elbow and made a hole in the $139 million Picasso he had just sold. (See October 20th

Kovels Komments and December 2006 Kovels on Antiques and Collectibles Newsletter.) He cancelled the sale and had the painting repaired for $90,000. Now he is fighting with Lloyd's of London over the lost value of the painting. He claims the painting is only worth $85 million now, a loss of $54 million. Lloyd's has offered to pay the $90,000 repair cost and the $21,000 consultant's fee for the restoration and increased security needed while the painting was being repaired. Wynn filed a lawsuit against Lloyd's on January 11, 2007 and a day later, they started negotiating. Does a repaired hole seen only under black light reduce the value of the painting by about 40%? Time will tell. We will never own a painting that valuable and we always wonder how much damage lowers the value of a collectible.

 


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