Art Insurance

Art insurance: make sure you are properly covered

No one buys art to do paperwork, but the key to protecting your art collection is good records. “You really have to know what you have. Maintaining some sort of an inventory, especially one you can access in the event of a catastrophic loss, is really important because if you …

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Art Insurance

Willis sues JLT over art team defection

Insurance broker Willis has begun legal proceedings against former employee David Gordon and rival broker Jardine Lloyd Thompson (JLT) following the defection of Gordon and more than 20 of its executives to fill JLT’s jewellery, fine art and specie team. The defection at the beginning of April saw Gordon appointed …

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Art FinanceArt Insurance

Art as collateral: getting the insurance right

As the value of individual artworks in private collections increases, more collectors are seeking to release some of the value held in their art collections by using their art as collateral for loans. “People that have substantial collections also tend to have substantial wealth in other areas – generally they …

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Art Crime

Italian police seize €15 million Picasso

The Italian police have seized a Picasso painting from the apartment of a retiree who claims that the piece was a gift given in 1978. According to the owner, a Rome-based frame maker, a client had given him the artwork as a gift, without mentioning either its creator or value, …

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Art Insurance

New conceptual art insurance solution launched

A new insurance solution for private clients with conceptual art collections has been launched by strategic risk and insurance advisor Crystal & Company in partnership with AIG Private Client Group, a division of the member companies of American International Group, Inc. (AIG). Conceptual art, like that created by Dan Flavin …

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Art Risk

Rubens painting discarded by Metropolitan Museum of Art authenticated as real

A new Peter Paul Rubens painting, previously discarded by New York’s Metropolitan Museum of Art as a copy, has been authenticated. Ben van Beneden, director of Antwerp’s Rubenshuis, has declared Portrait of a Young Girl, possibly Clara Serena Rubens, as authentic, and is to include the work at the institution’s upcoming …

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Art Insurance

JLT Specialty recruits over 20 Willis executives to fill its specie, fine art and jewellery ranks.

Over 20 Willis executives have moved to JLT to run its specie, fine art and jewellery division. David Gordon will be chief executive officer of the division. He was previously global managing director, Willis fine art, jewellery and specie, and prior to that held senior roles at Marsh and Sedgwick. Barry …

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Art Risk

Syria’s National Museum of Damascus evacuates 300,000 artifacts

Museum staff at Syria’s National Museum of Damascus have been working to evacuate the institution’s collection of priceless antiquities, AFP has reported. Under the direction of the museum’s head of antiquities, Maamoun Abdulkarim, approximately 300,000 artefacts and manuscripts from 34 museums have been wrapped and transported to secret locations for …

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Art Insurance

Living artists should approve restoration plans, Chubb advises

Before carrying to restoration on damaged work by a living artist, permission must be obtained from the artist to carry out the work. This is the key message of a new white paper on “Conservation of the Works of Living Artists,” released this week by the Chubb Group of Insurance …

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Art Crime

Stolen Michelangelo archives held ransom to The Vatican

The Vatican has been demanded a ransom of €100,000, addressed to the cardinal Angelo Comastri, in exchange of the return of two documents signed by Michelangelo, according to The Telegraph. A document written by the hand of the Renaissance master is very rare, as Michelangelo used to dictate his letters to his assistants. Therefore, one …

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