In case you’ve been wondering how Christie’s plans to make it through the art recession, their business plan is becoming a little clearer: sell services. Along with a push to add art storage facilities in Asia and New York, the Financial Times now reports that the auction house plans to act as an insurance broker for its client base as well.
The company, which will earn a broker’s fee, is launching its Christie’s Insurance Services in partnership with Chubb, the US insurer, and Heath Lambert, a broker. It declined to confirm what its fee would be, or what business volumes or revenue it expected to gain from the venture. The move will put it in direct competition with Hiscox and other Lloyd’s of London insurers that offer high-end policies for art collections and other valuable items. Most of the Christie’s policies will be underwritten by Chubb, but some will be passed to other insurers, Christie’s said.
Jussi Pylkkanen, president of Christie’s Europe, said: “[An] insurance service has been requested by our clients for some time, many of whom buy, sell, store and transport works of art through us.”
Christie’s Offers Cover to Collectors (Financial Times)