When art and insurance collide

At the core of the lawsuit sits a simple yet thorny question: what counts as damage under a custom fine-arts policy? Most plans center on the cost of repairs, yet Perelmans contract promised the full replacement value-even for the smallest loss of surface beauty.

Court papers show that Warhols Campbell Soup Can, valued at $12.5 million in 2018, was insured for a staggering $100 million.

Perelman claims that the paintings now lack the original vibrancy they once had and insists the policy requires full pay-out. His position is backed by appraisers and testimony describing the brutal conditions they faced after the fire, when sprinklers drenched the room and left the canvases damp for hours.

They lost their intensity, their lyricism, Perelman told the judge, singling out a Twombly piece.

Insurers cry foul over timing and motive

The defending insurers say the claim is suspect because Perelman did not mention harm to the five disputed works until 2020-almost twenty-four months after the blaze.