Insurance companies could "not afford" the amount that they will have to pay, if during any fair disaster strikes, and all works will be destroyed

galleries, participating in major art fairs like Frieze, may be more difficult to insure their works of art. Told Nortkott Richard (Richard Northcott), head of department on work with private clients and insurance of art and jewelry of Heath Lambert, one of the leading insurance brokers in Europe. According Nortkotta, companies that provide insurance services to those who insure works of art are increasingly looking to the incredible amounts that they will have to pay if a lot of things in one place, suddenly be destroyed.

«For years, insurers are not monitored the total cost of all the works exhibited at fairs or in stockpile, - said Nortkott. - But in the last two or three years of industry [insuring works of art] has become much more developed and its representatives troubled by this is the problem ».

Disasters such as the New York terrorist attack on Sept. 11, 2001 and Hurricane Katrina, which forced many insurers to ask: what would happen if such a disaster would wipe off the face of the earth any fair or storage. In addition, thanks to advances in computer technology to insurance companies has become much easier to track the whereabouts of thousands of insured objects.

Richard Nortkott notes that the amount by which the insured all the works, brought to any major event like an art fair, should not exceed two billion dollars - more than the insurance market simply will not cope. The amount by which the insured all work at Frieze-2009, much lower than two billion - this year's fair was attended by many beginners dealers, who provided the product is not yet very well-known artists. In addition, the price of art is not as high as during the art boom. But when they once again "take-off, the industry, according to Nortkotta be very thorough approach to insurance products that are sold at major trade fairs.

At the June ArtBasel, as Nortkott says, "people are already whispering about this issue. The cost of some exposed on ArtBasel works such as paintings by Picasso, may reach $ 90 million.

«The company, which turned our clients, failed to insure their belongings, since their value exceeds the limit - says Deputy Director of Heath Lambert Gigliola Park (Gigliola Parca). - We have been able to find them another insurer ».

It's also worth noting that the cost of insurance products that are stored in special warehouses, in recent years has grown. Therefore, those who deal with trade and collecting art, can think about some new options for safeguarding their valuables. Auction house Christie's is going in January to open two new stores - one in Brooklyn, another in Singapore. "Major collector is not so important where the work is stored belong to them - in London or in Singapore - says Richard Nortkott. - In Singapore, can be cheaper as the cost of insurance lower».

article prepared by Julia Maksimova, AI

Sources: theartnewspaper.com , artinvestment.ru