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ART STUDENTS AT THE RENOWNED PRATT INSTITUTE SUFFER HEART BREAKING ART LOSS AFTER FIRE DESTROYS STUDIO

Posted in Art Valuation

On Friday February 15, 2013 a devastating fire ravaged Pratt Institute’s historic landmark six-story main building in Brooklyn, New York.  Designed by Lamb & Rich Architects, the Romanesque Revival fortress dating back to 1887 was designated a New York City landmark and has been on the national register of historic places along with thirty-five (35) other buildings that make up the Pratt Institute district since 2005.  The Pratt Institute is a prestigious undergraduate art and design school founded by American businessman Charles Pratt.  The school started as a center for vocational training for tradesmen and blossomed into renowned art and design  school we know today.  The Friday fire destroyed hundreds of works of art stored in the studio as well as expensive art supplies and materials.  One student set to interview with Yale University’s graduate art program lost her entire portfolio of paintings and prints to the fire. Being an attorney, I ask – does insurance compensate loss of student’s art work in a situation like this? How does one quantify such a loss? Click here for more details about the incident.