“Art and insurance” may not roll off the tongue like “art and design” or “art and wine,” but those in the art business should know they are an equally natural pairing. Insurance is a way of managing risk, and no industry, including the art world, is immune from risk.
In recent headlines, the COVID-19 pandemic has brought every industry to its knees in a matter of weeks, and the art industry is no exception: art fairs, exhibitions, and other art events are canceled or postponed throughout the world.
Art theft is another constant and more obvious risk for art dealers, collectors, and gallerists. In November 2019, Dresden’s Grunes Gewolbe museum was the victim of a much-publicized jewel heist robbing with a loss of twenty irreplaceable pieces valued in excess of $1 billion. The stolen pieces included jewelry that belonged to 19th century Bavarian and Saxon royalty. Reportedly these pieces were not insured. Just a few weeks earlier in the UK, Maurizio Cattelan’s sculpture, an 18-karat golden toilet was stolen from Blenheim Palace, where it had been on display for only days. While the piece remains missing, it has made Cattelan a literal poster-boy for insuring artwork....
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