The Art of Fine Art Insurance
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The Art of Fine Art InsuranceRobert ReadHead of Art and Private Clients, HiscoxMilan, 10th April 2013
*Fine ArtChris BurdenThe Flying Steamroller
*Fine ArtEdvard MunchThe Scream
Sothebys, May 2012USD 119,900,000
*Fine ArtAi WeiweiSunflower seeds (Installation for Tate Modern Turbine Hall)
*Fine ArtTracey EminMy Bed
*Fine ArtKylie Minogue in Dancing Queen corset and tiara
*Fine ArtDancing Queen corset and tiara at Kylie: the Exhibition at Londons Victoria & Albert Museum
*The Art Market VolatilitySource: Artnet
The Art Market Old Masters*
The Art Market Modern Art*
The Art Market Contemporary Art*
*UnderwritingHuge values+Variety+No rating guide=
Three Basic Categories Private Collections Museums & Exhibitions Dealers
*Museums & ExhibitionsMoving Rembrandts The Militia Company of Frans Banning Cocq & William van Ruytenburch at the Rijksmuseum
DealersA loss is as good as a sale?
*DealersSalander OReilly The Enron of the Artworld Herald Tribune
Fifteen investors claim they were bilked by an Upper East Side art gallery. Its a Ponzi scheme, alleges one - New York Observer
*Fairs & Storage Facilities
*Breakdown of Losses
*Criminal Activity 2008: Pictures worth a reported $160m stolen in a day light armed robbery.
Two of the four stolen pictures, a Monet and a van Gogh, recovered after they were discovered in the back of an unlocked Peugot in the carpark of the local mental hospital.
Two pictures, by Degas and Cezanne, are still missing.
The collection is believed to have been uninsured.CezanneThe Boy in the Red VestEmil Buehrle Museum, Zurich
*Criminal ActivityThe Isabella Stewart Gardner Museum, Boston, USA
*StolenRembrandtChrist in the Storm on the Lake of Galilee
*FireUppark, East Sussex, 1989
*FireMomartMay 24th 2004
*Professional Indemnity 17th January 2008 Lawrences auctioneers 19th C. French Claret Jug Estimate: 100 200
Sale subsequently annulled and consignor sent it to Christies.
Discovered to be 11th C. Fatamid rock crystal ewer
Sold 3,243,000 Christies 7th October 2008
Valued by Sothebys at 20,000,000 25th March 2010
Superstorm Sandy*New York, October 2012
*ConclusionArt is complexArt needs a specialist brokerArt needs a specialist underwriterRaul Ortega168 blinds of the Hiscox building opened or closed to create form