A judge has dismissed the $400 million claim by businessman Ron Perelman for the damage to 5 paintings.
In 2018, the East Hampton estate of Ron Perelman caught fire. While the fire was not devastating, it did damage a lot of assets in the property, allegedly including five specific paintings. These included two works by Andy Warhol, two by Ed Ruscha, and one by Cy Twombly. What made these works special was that they were collectively insured for $400 million, and any damage to them entitled Perelman to the full amount.
Now, Justice Joel M. Cohen of the State Supreme Court in Manhattan has issued a final verdict in the case. He declined Perelman’s claims, saying that the paintings suffered no noticeable damage. He said: “The artworks [can] be enjoyed as they were before.”
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The long legal battle, which has lasted many years and involved more than 2000 filings, was closely watched in the art world. The lawyers of Ron Perelman has claimed that the works had lost their “oomph” and “spark” due to the fires, which diminished their market value significantly. They also argued that the insurance companies had already paid for other insured works damaged in the same fire. Meanwhile, the lawyers representing the insurance companies – including Lloyd’s of London, Chubb, and AIG – rejected the claim, saying that the works had suffered no damage. They also highlighted the financial condition of Ron Perelman and accused him of building a false case for the money.
