Art market sees influx of new collectors
Over the past ten years most art and collectibles have proved to be good investments as they have grown steadily in value and against a background of diminishing returns for financial investments. That is the view of Richard Norman, technical line manager of art and collectibles for specialist insurer Markel UK.
“At the same point generally people have become more knowledgeable of the subject and many new collectors have entered the market, with new money at the top end coming from Russia and Asia and from new domestic collectors entering the top, middle and lower end markets (both private and corporate),” he said. “Irrespective of wealth, collectors at all levels are investing an equal level of personal interest/passion.”
He says that when taking out art insurance the principal consideration should be protection of the value of the piece.
“A specialist policy will cover based on agreed value or market value and recognise depreciation following a change in condition following partial loss. Insurers should recognise the specific needs and requirements of collectors. This will include availability of experts in understanding and adjusting claims.”
Markel has launched a new art and collectibles product to provide a broad range of cover for private individuals, companies and commercial, municipal and not for profit organisations with collections and investments in art and artefacts.
The collectors policy is uniquely available through Markel UK’s online broker trading platform and provides brokers with a simple and easy to use product which meets a wide range of clients’ needs. Brokers will be able to complete the online proposal process in two minutes, without requiring specialist art and collectibles knowledge.