AXA ART Presents Damages From Hurricane Sandy

water damage

Serves to reinforce the importance of Disaster Preparedness Next to oxygen, water is the most essential element to human life. However, it is a serious threat to objects of art according to AXA ART’s Fine Art Expert, Matthew Knight, “Water can be hazardous to works of art in many forms. Whether from excessive humidity, accidental

Read the rest…

Has the biggest art heist in US history been solved?

manet

FBI says they’ve ID’d infamous thieves who stole half a BILLION dollars of art from Boston’s Gardner Museum… The FBI believes it knows the identities of the thieves who stole art valued at up to $500 million from Boston’s Isabella Stewart Gardner Museum in 1990 they announced today in a stunning new development in the

Read the rest…

The Finer Points of Insuring Fine Arts

art insurance

In addition to all the damaged homes everyone witnessed on the news during the onslaught of superstorm Sandy, insurance companies are reeling from the largest ever payouts for damage to fine arts. According to Insurance Journal, the losses totaling nearly $500 million are essentially the entire art insurance industry’s annual insurance premiums. Consequently, the repercussions

Read the rest…

Art Insurance Losses from Hurricane Sandy May Reach $500 Million

Two months after Hurricane Sandy caused severe flooding in many Chelsea galleries, the bill for the art world’s recovery is shaping up to be hefty. By mid-November, AXA Art Insurance, one of the largest art insurers, estimated that it would be paying out $40 million, and a Reuters report last week quoted industry estimates suggesting

Read the rest…

Will Artspace Be the Art World’s Amazon.com?

lewitt_1

Fine art is an $80 billion global market and the co-founders of Artspace.com think an online marketplace can grab $10 billion to $15 billion of that total. “We’re building a marketplace for fine art that we source from the world’s leading galleries, cultural institutions and museums worldwide and make those accessible to a broader global

Read the rest…

Hurricane Sandy wreaks havoc on New York art district

People take photos on a darkened flooded street during a blackout in Chelsea believed to be caused by rising river waters as Hurricane Sandy made its approach in New York

Receding water after Hurricane Sandy left its ugly mark on the walls of New York’s art district, rising up to five feet on some buildings, and gallery owners sifted through the debris on Friday and assessed damage to valuable works of art. Streets in the Chelsea district on the West Side of Manhattan bordering the

Read the rest…

$1M Reward for Missing Mondrian Among Richest Ever

jeffrey-gundlach-2-200

Jeffrey Gundlach’s $1 million reward for his stolen painting by Piet Mondrian is believed to be the largest ever offered for a single painting, according to art experts. Gundlach, a bond investor, announced at a press conference yesterday that he’s offering $1.7 million for the return of his entire art collection, which also includes works

Read the rest…

Warhol Art Trove Pops Up for Sale

warhol1

Andy Warhol’s estate is cashing out. A quarter-century after the Pop artist died, his art foundation is about to upend the Warhol market by auctioning off the rest of his estate—including more than 20,000 works it expects to sell for a total of more than $100 million. The Andy Warhol Foundation for the Visual Arts

Read the rest…

Caravaggio claims spark Italian art world spat; experts respond with skepticism

caravagg-2-300x200

ROME (AP).-  Caravaggio was notorious for his brawling, so it might be fitting that a claim by two Italian art historians that they discovered as many as 100 drawings by the painter in his boyhood has sparked an art world uproar. The researchers say they found dozens of early drawings by Caravaggio in the collection

Read the rest…

What If Your Prized Painting Turns Out to Be Nazi Loot? The Niche Market for Art Title Insurance

aris-portrait

Can insurance be sexy? Maybe in the art world. In 2007, FBI agents showed up at the office of film director (and celebrity art collector) Steven Spielberg to reclaim a Norman Rockwell painting, “Russian Schoolroom,” that was hanging on the wall. While Spielberg had purchased the work legally, it turns out that it had been stolen

Read the rest…