We, here, at WCM are often asked to tackle the appropriate legal measurement of a work of fine art’s loss in value. Often times, when we get involved, one side or the other has declared the work a “total loss” requiring full market or scheduled value repayment. But, perhaps, that is the wrong way of looking at things since even damaged art can have value. This interesting article profiles the Salvage Art Institute, an organization that takes the position that even damaged art has value. The question is — can that value be measured in terms a court will accept?
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