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The Art of Fine Art Insurance Robert Read Head of Art and Private Clients, Hiscox Milan, 10 th April 2013.

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Presentation on theme: "The Art of Fine Art Insurance Robert Read Head of Art and Private Clients, Hiscox Milan, 10 th April 2013."— Presentation transcript:

1 The Art of Fine Art Insurance Robert Read Head of Art and Private Clients, Hiscox Milan, 10 th April 2013

2 2 Fine Art

3 3 Chris Burden The Flying Steamroller

4 4 Fine Art Edvard Munch The Scream Sothebys, May 2012 USD 119,900,000

5 5 Fine Art

6 6 Ai Weiwei Sunflower seeds (Installation for Tate Modern Turbine Hall)

7 7 Fine Art Tracey Emin My Bed

8 8 Fine Art Kylie Minogue in Dancing Queen corset and tiara

9 9 Fine Art Dancing Queen corset and tiara at Kylie: the Exhibition at Londons Victoria & Albert Museum

10 10 The Art Market Volatility Source: Artnet

11 The Art Market Old Masters 11

12 The Art Market Modern Art 12

13 The Art Market Contemporary Art 13

14 14 Underwriting Huge values + Variety + No rating guide =

15 Three Basic Categories Private Collections Museums & Exhibitions Dealers

16 16 Private Collections

17 17 Museums & Exhibitions Moving Rembrandts The Militia Company of Frans Banning Cocq & William van Ruytenburch at the Rijksmuseum

18 18 Dealers

19 A loss is as good as a sale?

20 20 Dealers Salander 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

21 21 Fairs & Storage Facilities

22 22 Breakdown of Losses

23 23 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. Cezanne The Boy in the Red Vest Emil Buehrle Museum, Zurich

24 24 Criminal Activity The Isabella Stewart Gardner Museum, Boston, USA

25 25 Stolen Rembrandt Christ in the Storm on the Lake of Galilee

26 26 Fire Uppark, East Sussex, 1989

27 27 Fire

28 28 Fire

29 29 Fire Momart May 24th 2004

30 30 Professional Indemnity 17 th January 2008 Lawrences auctioneers 19 th C. French Claret Jug Estimate: £100 – 200 Sold: £220,000 Sale subsequently annulled and consignor sent it to Christies. Discovered to be 11 th C. Fatamid rock crystal ewer Sold £3,243,000 Christies 7 th October 2008 Valued by Sothebys at £20,000, th March 2010

31 Superstorm Sandy 31 New York, October 2012

32 32 Conclusion Art is complex Art needs a specialist broker Art needs a specialist underwriter Raul Ortega 168 blinds of the Hiscox building opened or closed to create form


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