| Welcome to Summer!
It's hard to believe that it's officially summer already. We've decided to kick-off the season at the Johnsonese Brokerage with the first edition of our quarterly Art Insurance Newsletter. The goal of our newsletter is to provide useful information to businesses and non-profits involved in the fine and decorative arts. |
| Rising Scrap Prices Leading to Theft |
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The Wall Street Journal recently reported that rising commodity prices are leading to increased thefts of bronze sculptures. Bronze contains about 66% copper, and with copper prices hitting record levels, both artists' studios and public art programs have been targeted by metal thieves. The stolen sculptures are simply sold as scrap metal rather than as artworks.
Suggestions for improved security recommended in the article include surveillance cameras, better lighting, increase presence of security guards and even thorn-bearing bushes or cacti around the base of public sculptures. Artist might even stay away from bronze and use steel or stone instead.
And of course, make certain that you have adequate insurance coverage for any bronze artworks in your collection.
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| AXA Insurance Approved Art Warehouses |
In 2004, a fire at a London warehouse destroyed an estimated $100 million in fine art property, including 100 works from the Saatchi Collection. With this event in mind, AXA Art Insurance Corporation began evaluating different art warehouse facilities.
© Pavel Losevsky - Fotolia.com
You can find those locations that have met AXA Art's operating standards on their website. Although there are not currently any Illinois companies listed, AXA plans to continue evaluating facilities. The Johnsonese Brokerage will keep you informed if any local facilities are added to AXA's list of approved art warehouses.
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| Auctions Set Records Again |
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 Sotheby's spring contemporary art auction in May of 2008 was the most lucrative auction in the company's history, with sales totaling $362 million. This included a record $86.3 million for a 1976 Francis Bacon triptych that had been expected to sell for about $16 million less.
© Maksym Yemelyanov - Fotolia.com
What this means to galleries and collectors is that you may need to consider updating your inventory valuation with a new appraisal. You don't want to be caught with less insurance coverage than the current value of your art. Please contact the Johnsonese Brokerage if you need referrals for appraisers.
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| Art Tourists Name Chicago as a Top Destination |
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Art Travel Guide recently surveyed their readers about their favorite destinations for art and culture travel. Here are their top five North American Destinations:
- New York
- Los Angeles
- Chicago
- Vancouver
- Atlanta
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