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The Art of Fine Art Insurance

The Art of Fine Art Insurance. Robert Read Head of Art and Private Clients, Hiscox Milan, 10 th April 2013. Fine Art. Fine Art. Chris Burden The Flying Steamroller. Fine Art. Edvard Munch The Scream Sotheby’s, May 2012 USD 119,900,000. Fine Art. Fine Art. Ai Weiwei

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The Art of Fine Art Insurance

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

  2. Fine Art

  3. Fine Art Chris Burden The Flying Steamroller

  4. Fine Art Edvard Munch The Scream Sotheby’s, May 2012 USD 119,900,000

  5. Fine Art

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

  7. Fine Art Tracey Emin My Bed

  8. Fine Art Kylie Minogue in ‘Dancing Queen’ corset and tiara

  9. Fine Art ‘Dancing Queen’ corset and tiara at ‘Kylie: the Exhibition’ at London’s Victoria & Albert Museum

  10. The Art Market Volatility Source: Artnet

  11. The Art Market Old Masters

  12. The Art Market Modern Art

  13. The Art Market Contemporary Art

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

  15. Three Basic Categories Private Collections Museums & Exhibitions Dealers

  16. Private Collections

  17. Museums & Exhibitions Moving Rembrandt’s “The Militia Company of Frans Banning Cocq & William van Ruytenburch” at the Rijksmuseum

  18. Dealers

  19. Dealers A loss is as good as a sale?

  20. Dealers Salander O’Reilly • “The Enron of the Artworld” – Herald Tribune • “Fifteen investors claim they were bilked by an Upper East Side art gallery. It’s a ‘Ponzi scheme,’ alleges one” - New York Observer

  21. Fairs & Storage Facilities

  22. Breakdown of Losses

  23. Criminal Activity Emil Buehrle Museum, Zurich • 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

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

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

  26. Fire Uppark, East Sussex, 1989

  27. Fire

  28. Fire

  29. Fire Momart May 24th 2004

  30. Professional Indemnity • 17th January 2008 Lawrences auctioneers • 19th C. French Claret Jug • Estimate: £100 – 200 • Sold: £220,000 • 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 Sotheby’s at £20,000,000 25th March 2010

  31. Superstorm Sandy New York, October 2012

  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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