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Billionaire's $410M Art Insurance Battle Ends in Loss

12/15/2025

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Summary

Story summary

Ronald Perelman, billionaire art collector, sued insurers for $410 million over smoke damage to five paintings from a 2018 fire at his Long Island estate.
A New York judge ruled in favor of the insurers, stating the artworks could still be enjoyed.
In a separate case, the Richard Avedon Foundation disputes a damaged photographic triptych's valuation, with differing assessments from AXA Art Insurance Corp.; such disputes often go to arbitration.

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Story summary

Ronald Perelman, billionaire art collector, sued insurers for $410 million over smoke damage to five paintings from a 2018 fire at his Long Island estate.
A New York judge ruled in favor of the insurers, stating the artworks could still be enjoyed.
In a separate case, the Richard Avedon Foundation disputes a damaged photographic triptych's valuation, with differing assessments from AXA Art Insurance Corp.; such disputes often go to arbitration.