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Posts Tagged ‘Frieze’

Art in storage, at fairs and sales – is it getting harder to insure?

Posted by artradar on October 28, 2009


ART FAIR INSURANCE

Last week, The Art Newspaper posted an interesting report that claimed that art is getting harder to insure. According to their source, Richard Northcott, executive director of the art, jewellery and private client division at Heath Lambert Group (London), firms that protect specialist fine art insurers are becoming cautious of insuring a large amount of art kept in one place at the same time, such as in storage warehouses and exhibitions. The article explains why:

“For a long time nobody in the insurance world was monitoring the cumulative value of art shown at fairs or kept in storage,” explains Northcott. “But in the last two or three years the industry has become a lot more sophisticated and a lot more aware of the issue.”

This is partly owing to 9/11 and Hurricane Katrina in 2005, which made insurers aware that a single catastrophe could wipe out an entire art fair or storage facility, and partly owing to recent developments in software that have made it much easier for re-insurers and specialist fine art insurers to track the location of the thousands of policies they have underwritten at any one time.

At Art 40 Basel in June, “there were already murmurs of a problem”, Northcott says.
At Art 40 Basel in June, “there were already murmurs of a problem,” Northcott says.

“There is a limit to the insurance market’s capacity for the cumulative value of policies for a single event like an art fair,” says Northcott. This stands at around $2bn; the insurance value of art at Frieze this year is much lower as the downturn in the contemporary market has led to declining prices, and the many younger galleries exhibiting for the first time are offering less expensive, emerging artists. But he believes that as the art market recovers, “all major art fairs will come under scrutiny by the industry”.

RM/KE

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Posted in Art insurance, Business of art, Fairs, Services | Tagged: , , , , , , , , , , | 1 Comment »

Indian, Chinese, Japanese galleries and talks at Frieze fair London October 2008

Posted by artradar on October 14, 2008


ART FAIR LONDON

Frieze Art Fair 16-19 October 2008 Regent’s Park, London

Frieze Art Fair is one of the premier global art fairs and competition among galleries around the world for one of the 150 stands is fierce. This year galleries from Asia include

The following Asian art events will take place:

The China Experience
12pm, Thursday 16 October 2008
Yinghua Lu (Writer, Curator and Contributing Editor, frieze) will bring together three key players in Chinese contemporary art to discuss the impact of the country’s political, financial and creative conditions on its artists, critics, curators and gallerists. With so much attention focused on China, the panel examines the structures of its art scene and looks at how it compares to Western models.
Chair: Carol Yinghua Lu (Writer, Curator and Contributing Editor, frieze), Weng Ling (curator and founder of the Beijing Center for the Arts), Zheng Shengtian (Yishu, Journal of Contemporary Chinese Art), Karen Smith (Writer, Curator and Chinese Contemporary Art Specialist).

 

Raqs Media Collective

Raqs Media Collective

Transhumance

3pm, Saturday 18 October 2008
Raqs Media Collective will perform a selection of reports and conversations gathered from their nomadic practices as artists, curators and theorists.

Raqs Media Collective is a group of three media practitioners – Jeebesh Bagchi (New Delhi, 1965), Monica Narula (New Delhi, 1969) and Shuddhabrata Sengupta (New Delhi, 1968) – based in New Delhi. Raqs is best known for its contribution to contemporary art, and has presented work at most of the major international shows, from Documenta to the Venice Biennale; but the collective is active in an unusually wide range of domains, and it is perhaps this breadth of inspiration that gives their work its originality.

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Posted in Chinese, Critic, Fairs, Indian, Japanese, London | Tagged: , , , , , , , , , , , | Leave a Comment »