Judge rejects collector Ron Perelman's claims of $410m in losses from works that lost their 'spark' in fire

"Perelman claimed the works "lost their luster, lost their depth, lost some of their definition and lost a lot of their character"."

"Justice Joel M. Cohen wrote that "there was no visible damage to the five paintings"."

"The court did not agree with allegations that Perelman knowingly provided "false testimony" when he said he did not intend to sell the works."

A 2018 fire at Ron Perelman’s East Hampton home prompted a claim that five artworks suffered value loss from smoke and sprinkler exposure. Perelman’s lawsuit sought a $410m insurance payout, arguing the works lost visual qualities and character. Insurers disputed the damage and valued the works at about $100m. Justice Joel M. Cohen found no visible damage to the five paintings and sided with the insurers. Insurers alleged the works had been shown to dealers and collectors before the claim and questioned the timing after failed sale efforts, while the court declined to find Perelman had given false testimony about selling intent.

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