One of the consequences of the rising value of art is its increased vulnerability. Although this story in the New York Post doesn’t suggest that the art collection was of substantial value, it does show how quickly works can be lost:

A fast-moving blaze destroyed the Southampton Village home of publicist and Hamptons magazine columnist R. Couri Hay early Sunday morning. The fire took the life of one of Hay’s dogs, Brooke, and destroyed a personal art collection of works by Keith Haring, Jeff Koons, Andy Warhol, Robert Mapplethorpe and Hunt Slonem.

Hampton Fire Hell (NY Post)