Annual Meetings-Session V: Museums and Fine Art: A Risk Management Perspective (Best Practices for Borrowing and Lending Collection Objects)

Session V: Museums and Fine Art: A Risk Management Perspective (Best Practices for Borrowing and Lending Collection Objects)

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Pdf Summary

The document provides insights into best practices for borrowing and lending collection objects within the arts industry, outlined by experts from various perspectives. Initial steps involve discussions between lenders and borrowers, requests for Facilities Reports, and checks on provenance through the Art Loss Registry. Once satisfactory, considerations like Government Indemnity and immunity from seizure are examined before issuing a loan agreement and necessary certificates of insurance or indemnity. Packing and crating are crucial, with recommendations to hire specialized professionals and, in some cases, send a courier with valuable, rare, or fragile items. The importance of due diligence in recruiting, background checks, training, and supervision for art shippers and packers is emphasized, as the art industry lacks standardized regulations. Risk management includes factors like project scheduling, facility reports, condition reports, and route selection. The document also touches on the role of surveyors and loss adjusters in assessing risks, handling claims, and recovering stolen art. It concludes with insights on art theft types, prevention strategies like registration with the Art Loss Register, challenges in recovery, and legal considerations. Various case studies highlight instances of fraud, theft, and successful recovery efforts in the art world. The document serves as a comprehensive guide for ensuring the safe borrowing, lending, and transportation of collection objects in the arts sector, emphasizing security, professionalism, and legal compliance.

Asset Caption

Presented by:
Linda Somerville, Risk Manager, The J. Paul Getty Trust
Simon Hornby, President, Art Services for Crozier Fine Art
Neil Lieberman, President, NLA Corp.
Christopher A. Marinello, General Council, The Art Loss Registry

Keywords

Borrowing and lending collection objects

Arts industry best practices

Facilities Reports

Art Loss Registry

Government Indemnity

Certificates of insurance

Packing and crating recommendations

Due diligence in art shipping

Risk management in art transportation

Art theft prevention strategies