Katya Kazakina has this disheartening news from AXA Art Insurance’s CEO on the damage from Hurricane Sandy:

“I would say thousands of artworks were affected,” said Christiane Fischer, president and chief executive officer of AXA Art for the Americas, which insures inventory at galleries, museums and private collections. “In its extent it’s completely unprecedented.”

Unable to reach clients by phone, Fischer and her staff made a list of 300 critical locations in Chelsea and downtownManhattan. Donning gumboots, they set off in teams of two to assess the situation.

“The losses are severe,” Fischer said, on a conference call on Nov. 3. “First payments will be made as early as next week, especially when it’s the case of total losses.”

Storm Art Damage Overwhelms Conservators in Wake of Sandy (Bloomberg)