Contractor Sued For Tearing A Hole In US$100 Million ‘Le Marin’ Painting
While many works of art like Picasso’s Le Marin have attributed a dollar amount, their true value is intangible. Inestimable in itself. Unfortunately for a contractor, however, the damage they did to the same Picasso painting is very tangible. At least according to Steadfast Insurance Co.
The contractor was hired through a commercial paint shop to give Christie’s galleries a new look ahead of an upcoming exhibition. Through sheer bad luck / cosmic misfortune / simple incompetence, or a combination of all three, the contractor had an extension rod for a paint roller hung on the wall.
Because the extension rod was not properly attached, it eventually fell straight into the 1943 cultural relic, tearing a four-inch hole in the canvas in the process. Christie’s reimbursed the art collector that Le Marin was part of – Steve Wynn – and Steadfast Insurance Co. Christie’s.
You would think this whole ordeal was going to be done and dusted off. Only now is Steadfast suing for “negligent and / or negligent acts” performed without due diligence for $ 18.4 million. Christie’s itself spent $ 487,625 repairing Le Marin, but the lawsuit alleges that it reduced its value by about 20% “… given the extent of the physical damage …” in addition to that ” Reputation damage “to which the organizations were exposed. Hence $ 18.4 million. Either way, you can’t smooth this out by taking it out of the old weekly wage.
And you thought your week was tough.