For all his chops, Ctein appears to have made some mistakes. Valuations? Insurance? Judgement? The house he dealt with doesn't appear to deal with photographic art on a regular or, better still, an exclusive basis. Big errors on setting reserves and carrying insurance probably stemmed from lack of current credible valuations--never cheap.
More discussion here:

http://www.rangefinderforum.com/foru...postid=1530810