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The art world has been unusually gripped by the insurance industry since the businessman collector Ronald Perelman sued a constellation of providers for not paying out on five paintings following a 2018 fire in his East Hamptons home. The ongoing dispute raises questions about the limits of art insurance — not least whether “oomph” is quantifiable.
Collectors can opt not to take out art insurance at all. “Our biggest competitor isn’t Axa but people who don’t insure,” Read says. Those outside of the US and Europe, of which there are many, “are sometimes happy to take on the risk themselves”, he says. Scully notes that this could overcome privacy concerns as “sometimes people don’t want the paper trail of insurance.”
https://www.ft.com/content/92bf01be-934d-41eb-943a-59ebd11a3d41
