Few fairs go by without a disaster. Last February, a work worth $42,000 was blown to smithereens. "There were a lot of people [...], and she accidentally hit the base of the sculpture as she moved, which was enough to cause it to fall," says the person in charge of the sector at Art Wynwood, Miami. A situation with which art insurers are all too familiar. Collectors, gallery owners, artists' studios, rights holders or companies with art collections... All market players are concerned by the insurance of their works or collectibles. However, each piece is unique and requires tailor-made insurance. Marion Habay, Account Manager at Aon France, sheds light on the many areas of expertise involved in her job, from prevention to valuation and risk management. What's her day-to-day job? What are the most common claims? What's the point of insuring a work of art, and how do you (re)estimate its value? Interview with an Aon Fine Art expert dedicated to art market professionals.
" It's a demanding, fascinating and very human job, involving many different players. "
1. What does your job involve? ?
On a day-to-day basis, we support our customers in their insurance needs for works of art or collectors' items, starting with the underwriting of a policy. Our role is then to target and anticipate their needs, to suggest a suitable insurer, and then to negotiate the best investment, in Europe or abroad. We also manage the contracts and any day-to-day adaptations. Finally, we are involved in claims management to support our customers in these delicate moments. In concrete terms, we attend "expert meetings" to assess the situation and assist with claims. The strategy obviously depends on the customer. A dealer will logically need to quickly assess the financial loss, while a collector may be emotionally involved and wish to restore the piece at any cost. We then negotiate with the appointed experts. The richness of our business also lies in the variety of mediums, excluding NFT: antique drawings, neon works, oils on canvas, sculptures, collectors' items... For private customers too, we can provide a very wide range, such as a complete cigar collection or a prestigious wine cellar.
2. Who are your customers and what are your most common claims?
On a day-to-day basis, we support our customers in their insurance needs for works of art or collectors' items, starting with the underwriting of a policy. Our role is then to target and anticipate their needs, to suggest a suitable insurer, and then to negotiate the best investment, in Europe or abroad. We also manage the contracts and any day-to-day adaptations. Finally, we are involved in claims management to support our customers in these delicate moments. In concrete terms, we attend "expert meetings" to assess the situation and assist with claims. The strategy obviously depends on the customer. A dealer will logically need to quickly assess the financial loss, while a collector may be emotionally involved and wish to restore the piece at any cost. We then negotiate with the appointed experts. The richness of our business also lies in the variety of mediums, excluding NFT: antique drawings, neon works, oils on canvas, sculptures, collectors' items... For private customers too, we can provide a very wide range, such as a complete cigar collection or a prestigious wine cellar.
3. Why is it so important to insure a work of art?
The growth of the art market and the surge in sales by auction houses, particularly in contemporary art, naturally raise the question of insurance. For an art dealer, it's important to be certain that if a work of art were to disappear or be damaged, his business would not be seriously affected. For a corporate collection acquired within the framework of the law on patronage, the works must be exhibited to the public. High-traffic areas multiply the risks, with the possibility of someone tripping over or damaging the piece simply by rubbing against it. Insurance can help preserve a corporate collection: in the event of theft or damage, the work can be replaced or restored by mobilizing a guarantee under the insurance policy.
4. How are parts valued, and at what rate?
Within our department, Julien REY, Fine Art broker, and I trained in art history at the École du Louvre. Julien also has a law degree, and I studied for a Masters in Media and Creation at HEC. We have a passion for art history and are able to advise our clients on valuations and direct them to the most qualified experts according to the specificities of each work. In the case of approved value contracts, where the value of the works is guaranteed, it is advisable to review the estimates of works of art every 3 to 4 years, especially in an art market that tends to rise. In the event of a claim, the values entered in the inventory serve as the basis for insurance compensation: an up-to-date estimate guarantees fair compensation.
5. What is the added value of Aon Fine Art support?
We are very close to our customers. We know their collections inside out, and keep a close eye on both the artists and the value of their works, so that we can provide them with advice that goes beyond our role as insurance brokers, and borders on wealth management. Julien REY and I are both former insurance appraisers. We know the ins and outs of claims handling, as well as the appointed adjusters. A claim is always a difficult time for our customers, and our presence and support reassure them. We have recently handled claims for artists whose creations have been damaged. A fortiori, in this emotional relationship between the work and its creator, the presence of an independent, objective third-party expert enables more effective negotiation.
6. What are your greatest sources of daily satisfaction?
We're always very enthusiastic about working upstream on major projects. It's a sign of confidence on the part of market players and a great source of motivation for our teams. Similarly, we help certain customers insure the works they lend to museums for temporary exhibitions. This type of temporary insurance policy requires very specific cover, which we negotiate with insurers on our clients' behalf. It's a demanding, fascinating and very human job, involving many different players, just like our profession.
Aon Plc Group
- A world leader in risk management, retirement and employee benefits services, the company is listed on the New York Stock Exchange.
- Its head office is in Dublin
- 50,000 people in 500 offices in 120 countries
- 12 billion in sales by 2022
Aon France
- Aon France is the French subsidiary of Aon plc, a major player in the fields of risk management, insurance and reinsurance brokerage, human resources consulting and management and specialized insurance underwriting.
- More than 1,000 employees and 3 regional offices
- 460 million in sales by 2022
- 30,000 corporate customers and 1 million individual beneficiaries
Art & Private Clients Department Aon France
- Specialized in insuring works of art and collectibles for private collectors and art market professionals.
- A team of 15 people, including 2 account managers for contract creation, management and claims handling
- Acquisition of specialist art broker Aon Huntington (USA)
More information at www.aon.com/france
