Annual Meetings-4B. Fine Art: Insights and Expertise in Underwriting and Claims

4B. Fine Art: Insights and Expertise in Underwriting and Claims - Art Insurance and Logistics

Pdf Summary

The document outlines discussions from the IMUA 94th Annual Meeting focused on art insurance and logistics. The core theme explores the intersection of art and insurance markets across different historical periods, examining how this relationship has evolved alongside changes in the art world.<br /><br />Starting from the Gilded Age, the document traces the growth of the American art market through the industrial revolution and into the post-World War II period when America became a hub for modern art. Institutions like the Guggenheim and MoMA and movements such as Abstract Expressionism and American Pop culture shaped this era. It also notes the impact of key figures, galleries, and cultural movements in the '60s, highlighting the emergence of specialized art insurance brokers.<br /><br />In the '70s, art by living artists began to gain monetary value as noted by events like the Scull Auction. The text discusses shifts in the '80s with international art markets expanding and new insurance models, like Chubb Masterpiece and specialty underwriters, gaining prominence during major exhibits and shows.<br /><br />The '90s marked art's recognition as an asset class, ushering innovations in exhibition insurance and competition in personal lines markets. The text observes the IRS's involvement in the art trade and mentions foundational moves by organizations like ICEFAT in standardizing care.<br /><br />Y2K introduced digital changes with the rise of internet-based art sales and new entrants into fine art handling, often criticized for not maintaining high standards. Concerns around art aggregation and events like 9/11 emphasized the need for robust standards.<br /><br />Over the last 15 years, industry dynamics have shifted with mega collectors, dealers, and artists shaping the landscape, while global events like Superstorm Sandy and technological advancements prompt flexibility in business models within the art and insurance sectors.

Keywords

art insurance

logistics

Gilded Age

Abstract Expressionism

American Pop culture

Scull Auction

Chubb Masterpiece

exhibition insurance

digital art sales

industry dynamics