19/04/2001
by Dorian Cara

It is interesting to note that, as far as accidents are concerned, at least 50% take place during the preparation phases of an art exhibition, 30% during the transport of the works of art and 10% caused by acts of vandalism. A particularly embarrassing example is shown by the accidental over-painting of the Door by Marcel Duchamp (1887-1968) by some workers, at the Venice Biennale in 1999, or the accidental ‘holing’ by school children of three works by Henri Matisse (1869-1954); namely Japanese Woman, Pianist and Draft Players and Zorah on the Terrace during an exhibition at the Musei Capitolini in Rome in January 1998. Another insurance item certainly not to be forgotten is theft: an example of this, probably the most sensational, took place at Frankfurt’s Schirn Kunsthalle in Germany in 1994 when two works by Joseph Mallord William Turner (1775-1851) lent by the Tate Gallery were stolen; Light and Colour and Shade and Darkness. The Tate Gallery then struck an insurance deal with a $ 34 million (€ 39,137,779) compensation claim for its lost pair of Turners brokered by Axa Nordstern and Lloyd’s syndicates, headed by Hiscox.

The seemingly excessive insurance covers recently seen are therefore justified: a total of $ 90 million (€ 102,088,242) paid for the Giotto (1267-1337) exhibition at the Gallerie dell’Accademia in Florence; $ 100 million (€ 113,818,837) for the 100 capolavori dell’Ermitage shown in the Scuderie del Quirinale in Rome; $ 278 million (€ 316,408,388) spent to insure the exhibition Luce del Vero. Caravaggio, La Tour, Rembrandt, Zurbaràn. On this occasion, the Deposition of Christ by Caravaggio (1571-1610), lent by the Vatican Museum, and the Old Woman by Rembrandt (1606-1669), property of the Hermitage, were insured for $ 36 million (€ 40,975,719) and $ 18 million (€ 20,487,859) respectively.

These figures have almost certainly been superseded by the insurance of masterpieces this summer (2001). Works by René Magritte (1898-1967) are on exhibition until the 8th July at the Complesso del Vittoriano in Rome, whilst Caravaggio (1571-1610) is hosted until the 15th May at the Palazzo Giustiani in the same city. A show by Leonardo da Vinci (1452-1519) in the exhibition Il genio e le passioni, is currently showing at Palazzo Reale in Milan until the 17th June and works by Pablo Picasso (1882-1973) will follow in January 2002, with probably even greater insurance values.

The principal insurance companies present on the European Fine Art market are RAS, Chubb, Nordstern, Generali and Lloyd’s. The analysis of the field shows that collectors and private buyers tend to place their trust in those companies and those few specialised brokers that guarantee both the best technical and economic conditions. The most highly quoted brokerage companies in Europe are Blackwall Green (UK), Gras Savoye (France), Aon Artscope (Netherlands) and Kuhn & Bülow (Germany) and the Progress Insurance Broker (Italy). As well as insuring works shown in exhibitions, Lloyds of London are also known to accept speculative bets. Just as one might visit the high street bookie - punters can bet on the number of visitors at an exhibition and the market value of artists whose paintings are on show.