Art insurers face $500 million in losses after Hurricane Sandy

Even though it’s still a rough estimate, it appears that after Hurricane Sandy flooded many galleries in the Chelsea district of Manhattan, art insurers are facing half a billion dollars in losses. The bulk of this sum appears to be related to pop artist Peter Max, whose works were stored in a warehouse that was flooded. This single claim is estimated at $300 million.

If the current estimates are true, this would mean a serious drawback for art insurers, as they would lose a whole year of revenue.

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