Art Collector Ron Perelman’s $410M Insurance Claim Will Head to Trial

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During a summary judgement hearing Wednesday in Manhattan, New York State Supreme Court Justice Joel Cohen ruled that the case betwen businessman Ron Perelman, who has appeared on ARTnews Top 200 Collectors list several times, and a group of insurance companies will go to trial.

During the hearing the judge considered three motions in the lawsuit filed by Perelman, through a holding company called AGP Holdings, against a group of insurers that includes underwriters at Lloyd’s of London and AIG.

In court filings, Perelman has claimed that the insurers have refused to honor his 2020 claim for coverage on five paintings—two by Andy Warhol, two by Ed Ruscha, and one by Cy Twombly—that were in his East Hampton home known as the Creeks during a 2018 fire that robbed the works of their “oomph.” “All of the pictures lost their luster, lost their depth, lost some of their definition and lost a lot of their character,” Perelman said in the complaint. The insurance companies, meanwhile, have argued in their filings that the works had “not sustained any detectable damages” as a result of the fire. shares this Content with License.

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Art Collector Ron Perelman’s $410M Insurance Claim Will Head to Trial