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Picasso sucked. I would have held on to my goodies as well.

Those painting would have been the best investment of his life, if they hadnt gone down with the ship.

He should have been picking Rose's brains for great financial advice, not trying to get in her pants!

thing that bugs me is.... isn't Picasso a big deal by 1912 ?!

OR is the movie making a point that Cal's character was incredibly dense .

Picasso was 31 at the time, and had gained some fame for his work both in Europe and America. He already had done some of his most famous work at that point, but he would be around for almost 60 more years, and his stature would dramatically rise after that.

Losing those paintings might have been a bigger lose for Cal than the diamond. He had insurance for the diamond, but doubt he had it for the art. And he eventually would have sold the paintings for a huge return on his investment. Rose probably would have kept the diamond for the rest of their lives.