Wealthy individuals and families have increased their insurance cover for high end art assets as works at the high end of the market have soared in value, Stonehage Group revealed.
The leading European multi-family office is currently administering about $1bn in insured art assets, representing 30% of the company’s asset under management and has seen the number of clients with art assets more than doubled in the last two years.
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As it is still expected to grow in the coming years, the art market has already delivered impressive returns.
"Demand for high end art is increasingly driven by overseas and non domiciled investors, including Asian, European, and Russian buyers, who are prepared to outbid each other for trophy works," said Steven Kettle, Executive Director at Stonehage.
"In the past, the vast bulk of art buyers would be highly knowledgeable about the market, but we are seeing a newer type of client who is often younger than the traditional art buyer, and who may not have such in-depth knowledge. These younger buyers often don’t have very established collections and are looking for guidance," he added.
Stonehage also says it is dedicating a large amount of time undertaking due diligence to help clients acquiring art within what the company calls its ‘fiduciary art management’.
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