A New Jersey appeals court ruled Thursday against famous pop artist Peter Max in a dispute over his million dollar works that were damaged in a warehouse during Superstorm Sandy.
German-born Max, whose signature psychedelic drawings have largely been reproduced on posters and postage stamps and exhibited in museums since the 1960s, has claimed that an arbitrator’s insurance price of $ 48 million is too low.
Thousands of his paintings, posters, and other works were damaged in a warehouse in Lyndhurst, northern New Jersey, when Superstorm Sandy entered the area in late October 2012.
When Max and his insurers, Great American Security and Lloyds, couldn’t agree on the cost of the damage, a former New Jersey Supreme Court Justice was hired to settle the dispute.
Max and his affiliates claim that the judiciary miscalculated the value of the damaged works by offering a discount on some entire categories, including posters.
A lower court judge had ruled that the ratings were reasonable and that Max’s approach “overlooked the possibility that many of the items had not been sold in the past and that the entire work was likely not to be sold at those prices in the future” on Thursday’s judgment.
The appellate court also wrote in its decision that it did not have jurisdiction and left the decision of the lower court undisturbed.