Kleine Weltin

Kleine Weltin

Friday, August 5, 2011

Is it in good condition? Or: The 70 million dollar elbow.



Yes, a tear right across the face of that lovely maiden in your painting will sink the value of the painting quite a bit. Who wants to buy damaged goods?  We appraisers will usually be able to see repairs or have the tools to find them.                                    The most famous story about a damaged painting recalls how Steve Wynn accidentally put his elbow through a Picasso RIGHT before his fellow art collecting pal Steve Cohen was due to pay $139,000,000.00 for it.  That unfortunate incident dropped the painting’s value by 70 million! 
Yes, a restorer could have repaired it, but Picasso is dead, and not around to repair his own painting.   So, it not longer is a 100% Picasso painting. 

                                         Le R√™ve (The Dream) by Pablo Picasso
Please do NOT DREAM of ever “repairing ” any of your works of art that could be of value.  How do you know if it’s valuable?  Hire an appraiser, of course!  
Check out the story in detail: http://www.newyorker.com/archive/2006/10/23/061023ta_talk_paumgarten.