Saturday, 13 January 2007

Elbowed Picasso Update

Picasso - Le Reve (The Dream) 1932First buy your Picasso, then accidentally give it the elbow and claim the difference between pre-elbow value and post-elbow value from your insurers, in this case $54m (£28m) and Lloyds of London. The claim is actually more than the owner paid for it in 1997: $48.4m (£24.7m). There's inflation for you! No wonder Lloyds is taking its time over this claim. The US casino mogul who owns the slightly damaged daub is taking Lloyds to court. If I were the respondent in this case, I'd be tempted to counter claim that the Picasso is now worth more, thanks to having had a celebrity's elbow put through it.


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