Art Insurance

Online art market grows 68% in a year

Confidence in buying art online is soaring, with virtual art platforms rapidly establishing meaningful foundations, according to new research released today by specialist insurer Hiscox. The Hiscox Online Art Trade Report 2015 found that the value of the online art market has risen from $1.57 billion in 2013 to an …

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Art Crime

Restitution: why there should be no time limit

On March 30, The Art Newspaper reported that Klaus Albrecht Schröder, the director of The Albertina Museum in Vienna, has called for a time limit on restitution claims in relation to art stolen by the Nazis. Arguing that the time limit should be for between 30-40 years more, Schröder suggested …

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Art InsuranceOpinion

Hold the excitement

Art insurance and storage are not meant to be exciting business. That is why art warehouses are built in places like Geneva, Singapore and Luxembourg with stable economies and political climates rather than on earthquake fault lines in unstable republics. And no one wants problems with their insurers. This week …

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Art Insurance

Willis appoints Seth Peller as global CEO for fine art, jewellery and specie

Willis Group Holdings, the global risk adviser, insurance and reinsurance broker, has appointed Seth Peller as Global CEO of its Fine Art, Jewellery and Specie division. Based in London, he takes up his new role with immediate effect. Peller has more than 20 years of experience in the insurance industry …

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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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