Sandy’s Impact on the Art World.

Sandy has had a terrible impact on New York and New Jersey and initial damages estimates are in excess of 30 billion.  One specific area of damages is in respect of fine arts.  As this interesting piece 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.