There is an interesting New York Post report that roughly 200 of Hunter Biden’s art pieces were destroyed in the Los Angeles wildfires. The value of the art stored near the home of Hunter’s patron and lawyer, Kevin Morris, is being claimed in the “millions of dollars.” The question is whether, with reports of a collapse in the value of Hunter’s art with the departure of his father from office, the fire might prove the ultimate windfall for Hunter and his “clients.”
Georges Bergès, Hunter Biden’s art gallerist, contradicted claims of the White House on the handling of the art. Hunter reportedly knew who purchased roughly 70% of the value of his art, including Democrat donors Morris and Elizabeth Hirsh Naftali.
While Biden allies hyped the sales to show that Hunter was a legitimate artist, Bergès admitted that Morris actually purchased most of the art. Morris has reportedly given Hunter millions to cover unpaid taxes and expenses. Hunter only sold paintings to ten people for $1.5 million, according to congressional testimony from 2024. Morris bought 11 works for $875,000 in total.
The drop in the value of art reflects not only the volatile art market but also the fluctuating influence-peddling market. The Bidens are finally cashing out of Washington.
In the meantime, Hunter is facing a bizarre claim from one of his debt holders that, in return for allegedly walking out on over a year of rent, Hunter sent him art made with his own feces to sell. Shaun Maguire claims that Hunter rented his $4.25 million home in California in 2019. When Hunter’s lawyers denied the story, he posted pictures on social media.
If insured, the fire could prove the next best thing to . . . well . . . talent.
This is not to suggest some Goodfellas fire-and-file insurance scam. However, the story raises an intriguing question of whether the art was insured and, if so, at what price. The collapse of the influence-peddling market was expected to collapse the value of Hunter’s art. However, this fire came just before Joe Biden left office and the drop in value was expected to occur.
If insured, the art could bring the full influence-peddled value and Biden art holders could be saved by an act of nature.
Once again, it is unclear if there was insurance and, if so, what the insured value might be. However, the art was purchased at what many viewed as ridiculously inflated prices. (It would be interesting to see what value an insurance company would assign to these pieces). Even a partial insured value would exceed the value of the work over the long term. Some of Hunter’s work was previously pulling as much as a Picasso. It also allowed for money to flow to Hunter from allies under the alleged pretext of art sales.
There is also the possibility of writing off the losses on taxes. There could be the ultimate irony in such a claim if it could be made. Generally, to claim a casualty loss as deductible, there must be a federally declared disaster. On January 8, Joe Biden declared a federal disaster. If this art is covered (and I am no expert), Hunter and his allies could seek deductions for art tied to an alleged influence-peddling scandal by citing a declaration of the very person who was the subject of that influence peddling.
Hunter and his allies could find the ultimate truth in the insurance slogan “Your Safety Net in a World of Change.” Faced with a warehouse of mediocre, over-prized art with diminishing value, this could prove the best return on investment since the Bamboo Lounge went up in flames.