The Times puts some texture on the reports that art insurance claims from Hurricane Sandy could top $500m. It turns out the number is not confined to works of art. Also included in the stunning total are the damages to the galleries and storage facilities themselves. And then there’s the artists hit badly who might be claiming everything they possibly can:
Included in this half-billion-dollar total, Reuters reported, is a claim for losses sustained on work by the pop artist Peter Max, whose works on paper are said to have been stored in a warehouse that was flooded. Reuters, quoting unnamed sources, put the claim on Mr. Max’s work at $300 million (although Mr. Max’s Web site, unlike those of many other artists affected by Sandy, made no mention of storm-related losses as of Friday). A message left for the representative listed on Mr. Max’s Web site was not returned on Friday.
Art Insurance Losses from Hurricane Sandy May Reach $500m (Arts Beat/New York Times)