Observer: Should Art Be Insured Against Terrorism?

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Every year, Crozier, a major fine art storage company with six locations on the east coast and one in Los Angeles, holds what Simon Hornby, the company’s president, calls “risk matrix exercises.” Though it might sound like something out of a Tom Cruise franchise, the reality is a little more mundane. It’s essentially a test of “all of the exposures we are subject to,” said Hornby. The potential for physical break-ins, for instance, or the possibility … Read More

Artsy: Art Gets Damaged All the Time

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Art Gets Damaged All the Time. Here’s How It Gets Back to the Market artsy/Elena Goukassian When a fire broke out in a second-floor storage space of Paula Cooper Gallery on July 10th, a number of Chelsea Art galleries were thrown into a mad scramble to save their valuable artworks. The cause of the fire, believed to have been electrical, is still under investigation, as is the extent of the fire and smoke damage to both … Read More

2 Charged With Stealing $8M In Rare Books

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$8 Million in Rarities Stolen From Pittsburgh Library Gregory Priore, the former archivist at the Carnegie Library of Pittsburgh, after his arraignment on Friday. He told the authorities he sometimes used an X-Acto knife to remove a part of a book. NYT/Associated Press/By Sarah Mervosh   A 1787 first-edition book signed by Thomas Jefferson. A rare copy of “The Journal of Major George Washington.” A version of Isaac Newton’s “Principia,” among the most influential books … Read More

Art grows, so the need for insurance policies for collectors

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As the global art community grows, so does the need for insurance policies for collectors. by Alicja Grzadkowska/insurancebusinessmag.com Growth in art market means insurance opportunities abound. With the rebound in financial markets following the financial crisis in 2009, art sales have likewise taken off. New auction records made by paintings and other works are now a common occurrence, seen recently with the record-breaking sale of Leonardo da Vinci’s Salvator Mundi in December. As the global art … Read More