Ron Perelman's $410m insurance trial is testing the limits of art valuation
The Art Newspaper
JULY 18, 2025
Though the works were not physically destroyed, Perelman argues they suffered an intangible loss of value—what he famously described as their “oomph”—after exposure to the sprinkler systems and smoke. The insurers dispute the damage, as well as Perelman’s claim that he never attempted to sell the works afterward.
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