Oct 29, 2019
According to the most recent Art Basel report, there were some 55 international art fairs taking place in 2000. In 2017, the number grew to over 260, with dealers making 46% of their annual sales at the fairs. This explosion has most art market professionals feeling like they are constantly on the road. Stephan Zilkens of Zilkens Fine Art Insurance Broker said, “I see the art market turning more and more into a traveling business. Every week there are new art fairs in the world and they try to become more and more important.”
Of course, it’s not only the people that have to shuffle from fair to fair. Works of art are also on the road more often than they have ever be ...
Sep 30, 2019
By: Adrienne Reid, Vice President at Huntington T. Block Insurance Agency, Inc., a division of Aon
Making your first art purchase is an exciting moment. You may not even have realized that it was your personal starting point of a lifelong love of collecting. Each new purchase brings life to your collection and continues to shape your vision. And before you know it, you have an art collection. However, new collectors, by virtue of being new, are prone to making mistakes when they first start out, especially if they aren’t knowledgeable about the process.
Here are seven common mistakes new collectors make – that are easy to avoid – if you know what to ...
Jan 15, 2019
By: Erin Bast, Senior Underwriter at Huntington T. Block Insurance Agency, Inc., a division of Aon
It is commonly thought that art theft would be the most prevalent claim due to breaking headlines about bold art heists and movies such as the Thomas Crown Affair. However, ironically enough, theft claims are really rather rare. Instead, the majority and most common types of art claims can be bucketed into three categories: transit, peril and accidental damage.
Art on the move
The number one type of claim the art world experiences is damage of a work of art during transit. In fact, over the course of a year, transit is the cause of between 60% - 75% of all losses. While the safest place for ...
Aug 30, 2018
By Diane Jackson, Chief Operating Officer and Director of Finance at Huntington T. Block Insurance Agency, Inc., a division of Aon
With the 2018 hurricane season upon us and the most damaging California wildfire blazing – not to mention the prospect of winter weather around the corner – it’s more important than ever for art collectors to create a plan of attack for how to keep their collection safe if a natural disaster were to occur. Failing to have a proactive plan in place leaves collectors vulnerable to having to react quickly in dangerous situations, upping the chance art may be damaged in hasty transit or, worse yet, have to be left behind at a moment’s notice. ...
Apr 08, 2016
“A beautiful body perishes, but a work of art dies not.”
- Leonardo da Vinci
Wild fires, hurricanes, earthquakes, floods, theft, vandalism, damage in transit… All sorts of nightmare scenarios haunt art collectors. Insuring your collection may not be as much fun as hunting for a new work of art, but it is a serious issue for devoted art lovers.
Replacing the Irreplaceable
Insurance is important because it helps protect your investment in art as well as the artworks themselves. Whether you collect contemporary mixed media, vintage photography, 19th-century bronze sculptures or mid-century modern painters, you’ve invested time, energy, passion and considerable money ...