oops: 7 reasons why you need insurance for expensive collectibles

Did your own clumsiness or butterfingers ever result in the loss of a valued possession? You aren’t alone. Businessweek has a fascinating slideshow of Whoops! Seven Hugely Expensive Accidents. These cringeworthy tales run the gamut from puncturing a hole in a multi-million dollar Picasso painting to breaking one of the 50 remaining Stradivarius cellos, a mistake estimated at $20 million.
The case of the damaged painting had widespread attention. The painting was owned by casino mogul Steve Wynn, who damaged the it when showing it to friends. You can read more about the unfortunate incident in the New Yorker‘s article The $40 Million Elbow. Of course, the painting was insured – but as might be expected with such an expensive item, things got complicated. Wynn filed a lawsuit against insurer Lloyds of London for $54 million in lost damages. Later news reports say the case was settled out of court.
Learn from these mistakes. Whether it’s a Picasso or a dental crown that once belonged to Elvis Presley, it’s important to make sure that your expensive collections are properly insured.

Leave a Reply