A new twist in the case of the affected "Sailor" Picasso
ARTinvestment.RU   27 мая 2020

The insurance company sued the contractor, whose self-portrait has been damaged during the preparation of the pre-auction exhibition Christie's

Recall this history has occurred in 2018. A self-portrait of Picasso in 1973 under the name of Le Marin ("Sailor"), owned by billionaire Steve Windu was corrupted on the pre-auction exhibition: it fell off a paint roller on a long handle, leaning against the wall of the hall.

By the beginning of trading at the picture there was a third party guarantee in the amount of $70 million, the owner hoped to get it at least $100 million But instead the picture had to restore: in the fall of cushion in canvas formed a gap length of about ten centimeters. Restoration work — restoration of the canvas at the break and around (total area of approximately 15 × 5 cm) — cost to the auction house Christie's for nearly $500 thousand.

in addition, the independent experts came to the conclusion that the market price has fallen by approximately 20 %, i.e. $20 million, "given the degree of physical damage to the work of Le Marin and collateral reputational damage". From this figure, Christie's agreed with the owner on the damages and paid him $18.74 million In the future, the case was considered insurance, and that amount was refunded to the auction house his insurance company Steadfast.

And now the company Steadfast Insurance Co using the court requires-подрядчика T. F. Nugent, where he worked as hapless painter, to reimburse her $18,74 million and court costs. The lawsuit alleges that the painting was damaged "from-за negligent and/or reckless acts" by the company T. F. Nugent, which did not fulfill the "duty to act with reasonable care in relation to execution of works on painting of the gallery walls Christie's", thus violated the contract with the auction house.

if a family painting company to repay almost $20 million — is still a question, but do note that damage to the work or subject matter of art does not always diminish its value. Classic example of — selling famous work "Mao" by Andy Warhol, damaged by shots from a pistol. As legend has it, after the owner of the work of actor Dennis Hopper in an emotional rush shot the picture, he showed it to Warhol. Then the artist took a paint bullet holes, designating the first as a "warning shot", and the second — as a "bullet hole", and proposed to consider this picture of a joint work. In January 2011, "collaboration" was sold at auction Christie's 10 times the above estimate, for $302,5 thousand

the Material was prepared by Maria Kuznetsova, AI

Source: news.artnet.com, ria.ru