The art world has been gripped by the insurance industry since the businessman collector Ronald Perelman sued a constellation of providers for not paying out on five paintings following a 2018 fire.
Amanda Gray, Partner and head of our art law team, commented: “You can frequently find yourself in a battle between valuers. Multimillionaires might not be interested in poring over insurance documents, but someone has to do it. It is not a dead document to be kept in a drawer. If, for example, you move your art, particularly to another jurisdiction, if it has gone up in value, if you buy new works, you will need to update your insurance — if you don’t want it to be tested,"
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