Art insurance claim totals from Hurricane Sandy are estimated to climb to $500 million, $300 million of which are claims by the artist Peter Max. The number is much higher than initially estimated — AXA, one of the largest insurers, had initially estimated that it would pay out $40 million in losses. The total number includes damage to artwork as well as to gallery structures. (more…)

The Economist writes on how as the value of art continues to increase, art insurers worry about the increased risks their companies face, especially as works are placed in storage alongside other valuable objects. Warehouses called “free ports”, because of the tax free nature, hold collections of objects worth into the billions, making them very risky for art insurance companies.

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