Michael Werner Gallery is currently embroiled in a $1.35 million lawsuit with South Korea’s Gwangju Biennale Foundation over damage to three sculptures by James Lee Byars.  The works were chipped on the return trip, and attempts to collect insurance through a South Korean insurance company have proved futile.  “Unfortunately, risks are inherent in any loan, and it is devastating and embarrassing when anything like this happens,” said Massimo Gioni, who curated the 2010 event and went on to curate this year’s Venice Biennale. (more…)

After the monumental damages to New York’s art world caused last year by Superstorm Sandy, which some estimate between $200 and $300 million, Art Insurance firms are feeling the pressure to adjust their policies.  Many firms are subtly adjusting their underwriting agreements, taking into account newly redrawn flood maps and the risks of subterranean storage as part of policy coverage as factors in the coverage of high-value artworks.  “Sandy was a wake-up call,” says Christiane Fischer, president and CEO of AXA Art Insurance. “People are much more aware of how much New York is in the path of hurricanes.”  (more…)