In the past ten years, the Chinese art market has been alive and well, and the transaction scale has completed a leap from several billion yuan to one hundred billion yuan. However, there are technical barriers in the Chinese art market, such as high professional barriers, huge value, risk concentration, and difficult valuation, and the corresponding art insurance products have long been lacking in China.
In recent years, art insurance has become a hot topic as the China Insurance Regulatory Commission vigorously promotes cultural industry insurance.
At the beginning, there was no climate at all. In January last year, the China Insurance Regulatory Commission website published the “Notice on Insurance Industry Supporting the Development of Cultural Industries†and proposed 11 items including comprehensive art insurance, property insurance for event property, and cultural enterprise credit guarantee insurance. Pilot insurance, and confirmed by the PICC, Pacific Property Insurance and China Export Credit Insurance as a pilot insurance company, but more than a year ago, the domestic art insurance movement is still small.
The reason is that China's cultural art insurance market is still imperfect, mainly reflected in four aspects: First, domestic art insurance awareness is relatively weak; Second, China's art insurance market is not yet mature, lack of targeted insurance The third is the lack of objective, fair, authoritative and widely accepted assessment criteria, assessment agencies, and sound assessment mechanisms. Fourth, the lack of market experience in risk management and control links has affected the development of the domestic art insurance market.
It is understood that art insurance mainly involves private collections, corporate collections, art exhibitions and transportations, museums and galleries. At present, some domestic insurance companies have begun to undertake art insurance projects for large-scale exhibitions and auctions. As in August last year, the business department of the People's Insurance Company Beijing Branch signed a cultural industry insurance bill with a financial company. , providing up to 120 million yuan worth of works of art owned and maintained by the latter, providing comprehensive insurance protection for all aspects of art from collections, exhibitions to transportation, covering arts due to various risks such as theft, fire and natural disasters. The risk of loss ensures the smooth progress of the art collection and sale. Also in November last year, PICC Shanghai Branch announced that it provided comprehensive insurance for potential risks in the transportation and exhibition process for the four antique cars of the Shanghai Automobile Museum. The total insurance coverage of the insurance is about 3.5 million yuan. In the second half of this month, 153 Chinese porcelain from the British Museum will sail across the sea and land at the Beijing Capital Museum. It is understood that the museum has insured art insurance for Fengtai Insurance's Shanghai branch of Ansheng Group for these valuable porcelains, with an insured amount of up to 100 million pounds.
In this regard, people in the industry pointed out that there is a higher chance that artworks will be at risk during transportation and exhibition than pure collections. These risks include losses caused by improper packaging, transportation, fire, water damage, accidents and theft, which in turn are the main reasons for the loss of works of art.
In addition, there is currently very little in-house insurance for private collections. While foreign large-scale insurance companies are more professional in this respect, taking "Ansheng Art Insurance" provided by Winterthur Insurance as an example, it can provide "all risks" protection and extension for private collectors in different parts of the world. Move to short-term movements and automatically cover the newly purchased artworks of collectors. The scope of protection includes accidental losses, depreciation after repairs, and provision of services such as entire pairs or complete set of claims and emergency evacuation protection.
Underwriting is unavoidable. According to Winterthur Insurance experts, art insurance usually uses fixed-value insurance. The insurer firstly declares the value of the artwork to be insured to the insurer, and lists the basis for pricing, such as the value of the purchase, the value of the auction transaction, the value of the deal with the writer, the same type, and the same size art market. Or other values ​​that can be referenced. If the insurer recognizes these criteria, it will be recorded in the policy as an insurance value. When the insurer disagrees with this, the insurer may be required to give an explanation or recommend that the insurer obtain a value assessment from a third party. For the annual policy, the insured should reassess the value of the collection each year to make corresponding adjustments. However, based on the characteristics of fixed-value insurance, once the value is determined, it is generally not changeable within the insurance period.
The above experts said: "It is more special that in the annual booking policies for the lots of auction houses, it is generally stipulated that the entrusted price at the end of the guarantee is the value of the insurance (no more than the limit of the single artwork specified in the reservation policy), but the policy It is also possible to use the 'contract price' as the actual insured value after the successful auction to the actual delivery (within the period of time still undertaken by the auction house). This is a special way of handling insurance policies."
If it is a separate transportation, exhibition, it is generally covered by a single method. For private, corporate collections, museums, galleries, auction houses, etc., they tend to use the method of annual billing. In the yearbook, for cases of transportation, outbound exhibitions, new purchases, etc. that may be encountered, it is also possible to automatically cover (within the prescribed limit, if not exceed 10% of the total insurance amount); if the prescribed limit is exceeded, The declaration method is underwritten.
If insurance products are inadvertently covered, how can an insurance company avoid risks or handle losses? It is understood that "Ansheng Art Insurance" will assume that the insurer is insured by genuine products instead of defective products, and the basis for pricing is also the value of the actually obtained works of art. If the insured is acquired and insured at the price of the genuine product, then even if it is found to be defective, the insurer will still be compensated according to the insured value of the genuine product.
Risk prevention is better than claims insurance industry insiders believe that art insurance is not only to provide compensation for the risk of the subject, but more important is to do a good job of risk prevention of works of art, so that the concept of loss prevention enjoys popular support. The responsible person of Winterthur Insurance Shanghai Branch stated that the core of art insurance is to establish a comprehensive risk management mechanism, which is mainly reflected in two aspects:
First, use professional artwork packaging, transportation companies, and complete storage facilities. For example, AXA Art (the only company in the world that specializes in art insurance business under the AXA Group) evaluates the exhibition halls of more than 300 museums worldwide, mainly divided into hardware and software elements. The hardware includes the configuration of security equipment and ventilation equipment. , temperature and humidity control equipment and storage conditions, etc., the software includes the education level of employees, training, security personnel and security systems. After the evaluation, Ansheng Art will sum up a set of professional standards for storage of artworks to prevent various risks encountered in the collection of art on the local market, and in terms of packaging, temperature and storage of artworks, etc. Make professional advice. In general, the insurance company's underwriting manager prefers to have museum museums, fairs and private collections that have a long history of inheritance and reputation in the industry because it is directly related to the preservation of the underwriting object, storage and transportation conditions. .
Secondly, a global network of experts for the restoration of artworks is established. Top remedial experts are involved. At the same time, they need to cooperate with domestic auction houses and galleries to share resources. In the event of a damage to the artwork, the insurance company will find the best art restoration technician to repair it to the maximum extent possible, minimizing the customer’s losses and insurance company’s claim expenses. For example, a damaged multi-million dollar artwork insured subject to careful repair by a restorer may only pay more than $100,000.
Professionals need to break barriers as a special property loss insurance. The establishment of professional art insurance depends on various aspects of development. Among them, the cultivation of professional art insurance experts is an important condition for the development of art insurance. The expert team is mainly divided into three categories: professional artistic underwriting and claims staff and marketing personnel; fair and professional art appraisal and appraisal personnel; various types of art restoration experts.
It is understood that currently overseas art insurance companies, one-third of the insurer team is an art historian. For example, in AXA Art, the proportion is more than 25%. The composition includes artists, art researchers, museums, galleries or art auctionists. According to industry insiders, art insurance should be performed by a group of people who have a passion for art. Their mission should be “to protect the arts, protect the heritage, and protect the cultural heritage.†Only in this way can the art insurance have a foothold.
In general, the overseas insurance company's art team will have dozens of professional art experts distributed around the world. These specialized talents must be well aware of the art market in their area, and be associated with many well-known art curators, assessors, and professionals. The logistics companies and repair companies carry out extensive exchanges and close cooperation, and at the same time they will provide free consultations on the management of art collections and strengthen the penetration of art insurance on the market. In this regard, domestic insurance companies still have a long way to go, especially the construction of expert teams.
According to industry sources, at present, experts identified by the state are concentrated in two major institutions—the National Cultural Heritage Appraisal Committee and the Art Assessment Committee, as well as some state-owned museums. Although they have the authority to evaluate the value of works of art, their status Most of the staff belonging to state-owned public institutions, for the insurance company to do the art value of the appraisal is a commercial act, does not comply with the relevant provisions. At the same time, the certificates issued by these evaluation experts only indicate the historical and artistic values ​​of the artwork and do not provide commercial value. According to the source, “There is no professional third-party arts certification organization serving the business in mainland China. There are also talent barriers in the repair of damaged works of art. Although there are many excellent restoration technicians working in major museums in China, But the problem is that most restoration engineers do not serve the public.To break through these barriers, domestic insurance companies can learn from foreign experience and form a team of full-time art experts. This step also depends on the maturity of the entire domestic art insurance market and the improvement of the concept. ."
In recent years, art insurance has become a hot topic as the China Insurance Regulatory Commission vigorously promotes cultural industry insurance.
At the beginning, there was no climate at all. In January last year, the China Insurance Regulatory Commission website published the “Notice on Insurance Industry Supporting the Development of Cultural Industries†and proposed 11 items including comprehensive art insurance, property insurance for event property, and cultural enterprise credit guarantee insurance. Pilot insurance, and confirmed by the PICC, Pacific Property Insurance and China Export Credit Insurance as a pilot insurance company, but more than a year ago, the domestic art insurance movement is still small.
The reason is that China's cultural art insurance market is still imperfect, mainly reflected in four aspects: First, domestic art insurance awareness is relatively weak; Second, China's art insurance market is not yet mature, lack of targeted insurance The third is the lack of objective, fair, authoritative and widely accepted assessment criteria, assessment agencies, and sound assessment mechanisms. Fourth, the lack of market experience in risk management and control links has affected the development of the domestic art insurance market.
It is understood that art insurance mainly involves private collections, corporate collections, art exhibitions and transportations, museums and galleries. At present, some domestic insurance companies have begun to undertake art insurance projects for large-scale exhibitions and auctions. As in August last year, the business department of the People's Insurance Company Beijing Branch signed a cultural industry insurance bill with a financial company. , providing up to 120 million yuan worth of works of art owned and maintained by the latter, providing comprehensive insurance protection for all aspects of art from collections, exhibitions to transportation, covering arts due to various risks such as theft, fire and natural disasters. The risk of loss ensures the smooth progress of the art collection and sale. Also in November last year, PICC Shanghai Branch announced that it provided comprehensive insurance for potential risks in the transportation and exhibition process for the four antique cars of the Shanghai Automobile Museum. The total insurance coverage of the insurance is about 3.5 million yuan. In the second half of this month, 153 Chinese porcelain from the British Museum will sail across the sea and land at the Beijing Capital Museum. It is understood that the museum has insured art insurance for Fengtai Insurance's Shanghai branch of Ansheng Group for these valuable porcelains, with an insured amount of up to 100 million pounds.
In this regard, people in the industry pointed out that there is a higher chance that artworks will be at risk during transportation and exhibition than pure collections. These risks include losses caused by improper packaging, transportation, fire, water damage, accidents and theft, which in turn are the main reasons for the loss of works of art.
In addition, there is currently very little in-house insurance for private collections. While foreign large-scale insurance companies are more professional in this respect, taking "Ansheng Art Insurance" provided by Winterthur Insurance as an example, it can provide "all risks" protection and extension for private collectors in different parts of the world. Move to short-term movements and automatically cover the newly purchased artworks of collectors. The scope of protection includes accidental losses, depreciation after repairs, and provision of services such as entire pairs or complete set of claims and emergency evacuation protection.
Underwriting is unavoidable. According to Winterthur Insurance experts, art insurance usually uses fixed-value insurance. The insurer firstly declares the value of the artwork to be insured to the insurer, and lists the basis for pricing, such as the value of the purchase, the value of the auction transaction, the value of the deal with the writer, the same type, and the same size art market. Or other values ​​that can be referenced. If the insurer recognizes these criteria, it will be recorded in the policy as an insurance value. When the insurer disagrees with this, the insurer may be required to give an explanation or recommend that the insurer obtain a value assessment from a third party. For the annual policy, the insured should reassess the value of the collection each year to make corresponding adjustments. However, based on the characteristics of fixed-value insurance, once the value is determined, it is generally not changeable within the insurance period.
The above experts said: "It is more special that in the annual booking policies for the lots of auction houses, it is generally stipulated that the entrusted price at the end of the guarantee is the value of the insurance (no more than the limit of the single artwork specified in the reservation policy), but the policy It is also possible to use the 'contract price' as the actual insured value after the successful auction to the actual delivery (within the period of time still undertaken by the auction house). This is a special way of handling insurance policies."
If it is a separate transportation, exhibition, it is generally covered by a single method. For private, corporate collections, museums, galleries, auction houses, etc., they tend to use the method of annual billing. In the yearbook, for cases of transportation, outbound exhibitions, new purchases, etc. that may be encountered, it is also possible to automatically cover (within the prescribed limit, if not exceed 10% of the total insurance amount); if the prescribed limit is exceeded, The declaration method is underwritten.
If insurance products are inadvertently covered, how can an insurance company avoid risks or handle losses? It is understood that "Ansheng Art Insurance" will assume that the insurer is insured by genuine products instead of defective products, and the basis for pricing is also the value of the actually obtained works of art. If the insured is acquired and insured at the price of the genuine product, then even if it is found to be defective, the insurer will still be compensated according to the insured value of the genuine product.
Risk prevention is better than claims insurance industry insiders believe that art insurance is not only to provide compensation for the risk of the subject, but more important is to do a good job of risk prevention of works of art, so that the concept of loss prevention enjoys popular support. The responsible person of Winterthur Insurance Shanghai Branch stated that the core of art insurance is to establish a comprehensive risk management mechanism, which is mainly reflected in two aspects:
First, use professional artwork packaging, transportation companies, and complete storage facilities. For example, AXA Art (the only company in the world that specializes in art insurance business under the AXA Group) evaluates the exhibition halls of more than 300 museums worldwide, mainly divided into hardware and software elements. The hardware includes the configuration of security equipment and ventilation equipment. , temperature and humidity control equipment and storage conditions, etc., the software includes the education level of employees, training, security personnel and security systems. After the evaluation, Ansheng Art will sum up a set of professional standards for storage of artworks to prevent various risks encountered in the collection of art on the local market, and in terms of packaging, temperature and storage of artworks, etc. Make professional advice. In general, the insurance company's underwriting manager prefers to have museum museums, fairs and private collections that have a long history of inheritance and reputation in the industry because it is directly related to the preservation of the underwriting object, storage and transportation conditions. .
Secondly, a global network of experts for the restoration of artworks is established. Top remedial experts are involved. At the same time, they need to cooperate with domestic auction houses and galleries to share resources. In the event of a damage to the artwork, the insurance company will find the best art restoration technician to repair it to the maximum extent possible, minimizing the customer’s losses and insurance company’s claim expenses. For example, a damaged multi-million dollar artwork insured subject to careful repair by a restorer may only pay more than $100,000.
Professionals need to break barriers as a special property loss insurance. The establishment of professional art insurance depends on various aspects of development. Among them, the cultivation of professional art insurance experts is an important condition for the development of art insurance. The expert team is mainly divided into three categories: professional artistic underwriting and claims staff and marketing personnel; fair and professional art appraisal and appraisal personnel; various types of art restoration experts.
It is understood that currently overseas art insurance companies, one-third of the insurer team is an art historian. For example, in AXA Art, the proportion is more than 25%. The composition includes artists, art researchers, museums, galleries or art auctionists. According to industry insiders, art insurance should be performed by a group of people who have a passion for art. Their mission should be “to protect the arts, protect the heritage, and protect the cultural heritage.†Only in this way can the art insurance have a foothold.
In general, the overseas insurance company's art team will have dozens of professional art experts distributed around the world. These specialized talents must be well aware of the art market in their area, and be associated with many well-known art curators, assessors, and professionals. The logistics companies and repair companies carry out extensive exchanges and close cooperation, and at the same time they will provide free consultations on the management of art collections and strengthen the penetration of art insurance on the market. In this regard, domestic insurance companies still have a long way to go, especially the construction of expert teams.
According to industry sources, at present, experts identified by the state are concentrated in two major institutions—the National Cultural Heritage Appraisal Committee and the Art Assessment Committee, as well as some state-owned museums. Although they have the authority to evaluate the value of works of art, their status Most of the staff belonging to state-owned public institutions, for the insurance company to do the art value of the appraisal is a commercial act, does not comply with the relevant provisions. At the same time, the certificates issued by these evaluation experts only indicate the historical and artistic values ​​of the artwork and do not provide commercial value. According to the source, “There is no professional third-party arts certification organization serving the business in mainland China. There are also talent barriers in the repair of damaged works of art. Although there are many excellent restoration technicians working in major museums in China, But the problem is that most restoration engineers do not serve the public.To break through these barriers, domestic insurance companies can learn from foreign experience and form a team of full-time art experts. This step also depends on the maturity of the entire domestic art insurance market and the improvement of the concept. ."
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