Between the 1960s and the 1980s, a total of 25 private collections were open to the public as museums. But as the number of collectors has increased and the value of the fine art market has skyrocketed over the past four decades, so too has the number of private galleries. In fact, 70 percent of all private museums in the world have opened since 2000.
As high-net-worth collectors increasingly build private museums — whether for the desire to share their collections with the public, preserve a legacy or possibly receive tax benefits — many overlook costly property & casualty insurance risks.
If not addressed, these risks could negate some of the associated financial benefits and lead to significant out-of-pocket costs for clients.
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