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Sandy's Impact on the Art World.
November 5, 2012
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Sandy has had a terrible impact on New York and New Jersey and <a href="http://www.forbes.com/sites/kenrapoza/2012/11/05/one-week-later-the-cost-of-superstorm-sandy/">initial damages estimates</a> are in excess of 30 billion. One specific area of damages is in respect of fine arts. As this <a href="http://andrewsullivan.thedailybeast.com/2012/11/new-yorks-flooded-art.html">interesting piece</a> makes clear, many lower Manhattan galleries and dealers were hard hit and while there should be insurance on the works themselves (although we all know what complications therein can exist -- especially in respect of valuation), coverage for the businesses themselves might be lacking. Stay tuned for a flurry of claims!
For more information about this post, please contact Bob Cosgrove at rcosgrove@wcmlaw.com.