Cologne Fine Art Insurance Talks Go to the KKVG 2013 Gallery
Second Cologne Fine Art Insurance Talk April 19th 2013
Designpost Köln located
22a 50679 Köln
Moderator: Stefan Kobel
April 19th 2013
Second Cologne art insurance conversation 2013
Very well received came on April 19th 2013, parallel to Art Cologne, the second Art insurance conversation in the Design Post in Cologne. About 160 guests attended the event, which has established itself as the main interface between the art market and art insurance industry in Germany, initiated by the Cologne based Fine Art Insurance Broker Zilkens in 2012.
The central theme of the event was the ratio of "art and values." In the introductory lecture, Dr. Stephan Zilkens explained against this background "aspects of risk management in the arts." Taking into account the different ownership, he explained the two key issues in the insurance industry in terms of visual art: how can the individual risks for an artwork be specified for example in lending and second aspect how can be determined, a plausible insurance value, particularly in view of volatile markets and of changing trends among collectors of art.
These considerations of the organizers were preparing for the two panel discussions which were moderated by the art market journalist Stefan Kobel. Under the title "About real value of art", five panelists were invited to present their experiences and views on valuation. One focus was played by the so-called "enrichment ban", which lasted until 2008 in German insurance law. Notwithstanding the insurance amount actually agreed, secured the prohibition on insurers to compensate only the actual loss in value in case of damage. Since then, new rules apply in relation to the sum insured / loss amount, which have highlighted the need on the part of the insurer to determine the sum insured much more precise already in the contract.
As a representative of the primary and secondary market for the art gallery owner Harry Lybke (Eigen + Art Gallery) and Dr. Takuro Ito (Lempertz auction house) were commenting. The perspective of the insurance industry switched Annette Niessen (Mannheimer Versicherung AG) and Stephan Schwarzl (National Suisse AG Insurance). The long experience of an independent appraiser damage brought Dr. Bernd Noack (artscout) from Berlin.
As an important parameter for determining the current value of the insurance marketable prices were identified. In addition, the art experts bring in their special expertise in special areas that need to be supported by other professionals with expertise for the policyholder if necessary. Particular attention should be paid to regular updating of sums insured, the market change, such as the crash of 2007 reflects. Old, not updated insurance limits conversely not to be made the basis of selling prices. It is crucial in individual cases, the targeted communication with the policyholder in an effort to provide a realistic insurance value.
The second panel discussion was the respective fields of interests within the specific structure between the insurer and the insured in determining an insurance value. The possibility of state liability, with their advantages and disadvantages were discussed in this context. From the perspective of museums said Dr. Manfred Mueller (Kunstmuseum Wolfsburg) and Dr. Raimund Stecker (LehmbruckMuseum Duisburg). For the art market in turn referred the Cologne gallery Ralf Seippel position. Dr. Bodo Sartorius (AXA Art Insurance Ltd.) spoke for the insurer and as an art expert took part Claus Gielisch (Gielisch GmbH).
So today's interest in art extends far beyond the aesthetic pleasure and includes tax law considerations, as well as speculation on appreciation. Where those gains have occurred, arises for many exhibition spaces, the problem of high premiums in case of lending. However, the possibility of state liability is not in all cases, mainly because private lenders insist on commercial insurance. Also, the damage avoidance is for the insurer and policyholder an issue as in the case of hurricane "Sandy" as planned art depots from potential flooding areas in New York City were evacuated. If there is damage to the case, then it needs to determine the correct value even for well established artists in the market for a detailed examination between widely separated divergent sums.
In the audience were several dedicated guests who extended early in the discussions with questions and experience the event's content. The breaks provided an opportunity to exchange ideas between guests and panelists, many took advantage after the meeting the opportunity to visit the Art Cologne. Generally the audience showed a clear interest in a continuation of the Cologne art insurance conversation in the coming year 2014.