Painting a picture of the fine art insurance market
Today’s trends in fine art and how this affects the world of insurance are tackled in the latest Insurance Post Podcast.
Grace Best-Devereux, executive major and complex loss adjuster for fine art, jewellery and specie at Sedgwick, Dr James Lindow, underwriting director of Ecclesiastical, Preet Jolly, fine art and private client underwriter at Hiscox, and Nick Brett, head of fine art at HDI, explain what is going on with valuations and how that is changing the risk landscape for collectors.
The group paint a vivid picture of how insurers figure out the risks associated with bananas taped to walls vs piles of paintings in storage, the challenge of fluctuating values of works of art, plus the need to ensure the policyholder is realistic about the worth of their sculptures.
The experts also reveal what they would fill a warehouse with to increase their wealth and the go into a great deal of detail about offering advice to policyholders about preserving artwork and being able to appreciate it for years to come.
How the Los Angeles wildfires plus the return of Donald Trump to the White House could affect the art market is also discussed.
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