According to The Wall Street Journal, a number of large banks may put their corporate art collections on the market during the current economic crisis. Lehman Brothers, for example, had a 3,500-piece art collection when it recently filed for bankruptcy. Lehman is following the well-worn path of firms like Arthur Anderson, which turned two floors of its Chicago offices into a gallery showroom in 2002, and the failed New York futures broker Refco Inc., which auctioned over 300 photographs in 2006 (most without reserves). For companies in financial trouble art collections are just one more asset to sell. The silver lining to this cloud is that liquidations of corporate art collections could prove to be an opportunity for dealers and individuals alike to expand their collections at attractive prices.

 

 

According to WBTW-TV news in Florence, South Carolina, roughly a year ago local business "House Antiques" went up in flames. House Antiques operated for more than eight years in a 110 year-old house, until two arsonists started the fire.

 

Since the fire, the owner has decided to rebuild, but the process has not been easy for him. He said," I think I've gone from disbelief and into being kind of shocked and I think I slipped for a long time into some kind of depression. Now I'm worried about sliding into some kind of apathy (and saying) 'I don't care.' I've got to care."

 

In an emotionally trying time like this, it's important to have trusted business partners by your side.

 

WBZ-TV in Boston reported that police have recently recovered stolen items that vanished from Beverly Hospital in Massachusetts some years ago. The items recovered included a seascape painting worth $200,000 and an antique grandfather clock worth $10,000.

 

This article is a reminder that even businesses outside of the art world need to be concerned with the value of and security for their collections. Items donated or purchased years ago may have appreciated in value and may prove very tempting to thieves. Art thieves may assume that security will be lax when art is not the core mission of a business.

 

In recognition of this fact the International Convention of Exhibition and Fine Art Transporters (ICEFAT) adopted warehouse standards at a recent meeting. The standards are intended to ensure the safety and viability of the art entrusted to the care of ICEFAT members. 

 

The nine categories contain over 200 individual guidelines. There are suggested procedures and policies, training techniques, and a series of checks and balances to make sure all of the systems are in place, working and documented. See Chubbcollectors.com for a summary of these newly adopted standards.

 

 

 

 

The toll 2008's Hurricane Ike took on Texas and Louisiana was significant but not unusual in this hurricane prone region.

 

What was unusual was that this same storm system caused significant problems in the Midwest. According to Insurance Journal's Midwest Region magazine, Illinois and northern Indiana suffered considerable storm damage. Over 1,000 people were evacuated, expressways were blocked, schools closed, and when it was all over, six people had lost their lives. The rain started on September 13 and didn't stop until September 15.

 

Weather can be dangerous and unpredictable in all regions of the country.