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Article 0 Comments Insurance specialist LeConte Moore and professional fine art appraiser Vincent Wiener deal with high-profile performers and artists and their works so hearing talk of big dollar figures is not unusual. Mahon actually used acupuncture needles. The tip of the rod penetrated the canvas of the Le Marin in the lower left quadrant. They will put all that into their calculations to arrive at a premium. Email This Subscribe to Newsletter. Wiener and his team also advise clients buying or selling works of art. Now, Steadfast Insurance, a unit of Zurich Insurance, has gone to court seeking to be reimbursed by the persons it says were responsible for the hole in the acclaimed Le Marin. Nugent Inc. Stock Market Debut. Since the story made the news, Moore has been hearing from auction houses and art galleries asking if they should require their vendors to bulk up on insurance to cover losses like this. Submit No Thanks. Get the insurance industry's trusted newsletter Submit. To arrive at a market figure, an appraiser gathers knowledge about the art, its authenticity and its condition and researches current and past comparable sales of similar works, auction records, and various prices guides. Please tell us what you liked about it. In , he was retained for the valuation of the Detroit Institute of Arts in connection with the city of Detroit bankruptcy trial. The case is Steadfast Insurance Co. Wiener is founder of New York-based Victor Wiener Associates, a fine art consultancy and appraisal company that works on valuation matters, often pertaining to insurance. It so happens those people are painters of another kind. Moore explains that this would not necessarily be an unusual circumstance. Thank you! Why was the Le Marin where it was when it was damaged? Keeps me in business. Determining the lost value due to damage reflects the state of the market at the time. They will look at the protocols, safety measures and security, and at the value of the art that is in that building. Sometimes you can have the best risk in the world. Email us at newsdesk insurancejournal.{/INSERTKEYS}{/PARAGRAPH} The insurer says that on May 11, , the T. Within the damaged area, there was a tear measuring approximately 4. The roller damaged an area approximately seven inches long and two inches wide. Of course, in the case of Le Reve , there is no other one like it. The complaint does not say who placed it there. Was this article valuable? Please tell us what we can do to improve this article. The most important insurance news, in your inbox every business day. {PARAGRAPH}{INSERTKEYS}Insurance specialist LeConte Moore and professional fine art appraiser Vincent Wiener deal with high-profile performers and artists and their works so hearing talk of big dollar figures is not unusual. So between whatever his insurance recovery plus final sale brought him, Wynn managed to create plenty of elbow room to celebrate, despite the puncture. Here are more articles you may enjoy. He eventually settled that claim for an undisclosed amount. It had been placed on foam pads on the floor and against the wall, across the room from where it was going to be hung for auction later that same day, according to Steadfast. Then in , Wynn ended up having a second Picasso with a hole poked in it. Meanwhile, T. Wiener agrees. Again, he stressed, it depends on the art. In addition to major sporting events like the Super Bowl and Ryder Cup and events at Carnegie Hall, he also serves galleries and major private collectors. Many art insurance claims occur when the art is in transit as it was in this case. By continuing to use our site, you accept our revised Privacy Policy. Nugent says it closed its doors at the end of However, according to an amended complaint by Steadfast last week, the same people behind T. But the honesty of having stated it, I would never question. Yes No. The insurer of the clients, or their lawyers, will typically canvas a number of candidates to be the appraiser for this loss before deciding on one. They go after others to try to get their money back. We have updated our privacy policy to be more clear and meet the new requirements of the GDPR. According to Wiener, in appraisal situations like Le Marin , there are typically several appraisers involved because of competing monetary interests — such as owners, insurers, perhaps prospective buyers. Overall, he said auction houses have a lot of activity with regularly changing shows. Nugent and its insurer to participate in the settlement discussions but, according to the insurer, they declined to do so. While a Picasso claim may be unusual, the circumstances surrounding the mishap in the auction house that led to the damage to Le Marin were not. Moore says he and his insurance colleagues are not surprised to hear about claims sometimes in the tens or, occasionally, even the hundreds of thousands of dollars. The worker then walked away. Steadfast maintains that the Nugent family and T. Insurance companies pay a claim. Steadfast is suing a family-owned Manhattan painting and wallpapering firm, T. Nugent are now operating under a new business name, NewGen Painting.