As the attention of the art world moves from the New York-based auctions in November to Art Basel Miami Beach in December, high-net-worth collectors buying and selling art are focusing intently on obtaining a good price. While the bidding and negotiations will no doubt demand most of their attention, they also need to be thinking about keeping their art safe and properly insured as it moves between locations.
Risks have increased with the expansion of the global art market. To reach a larger number of potential buyers, auction houses and dealers are more likely than ever to display art at multiple locations, including a growing number of art fairs around the world. Moreover, each move between venues could also involve a stint at a storage facility.
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