- Annual market - this is the total premium collection
for the calendar year. It should not be confused with the total cost of
insured works as one and the same product
art can be insured during the year several times. So
Now, a tool or statistical data to accurately estimate
volume of the Russian insurance market of art
does not exist.
We believe accurate figure of 15-20 million dollars. This
very modest figures - the grand prize, for example, the London
market much higher.
More often than not insure art museums, companies,
organizing exhibitions, and transportation companies,
shipment. Premiums received from individuals
people today make up about a third of all fees, and this
share is growing year by year. Most often, individuals in Russia
insure the works of Russian avant-garde of the sixties,
icon. The most expensive product - is, of course, the avant-garde.
- So, in Russia were more likely to insure art?
- Yes. We evaluated the growth of art insurance in about 20%
a year - not counting the current year, this rate of growth ahead
insurance market as a whole.
In my opinion, the increase is associated with an increase in circulation of works
Art - activates the art market and art prices too
growing.
But now we notice a slight drop in fees, which
is a reflection of the inverse trends in the market.
- How is the value of a work of art?
In respect of works of art no precise estimates,
in contrast, for example, real estate. Typically, we
provided letters of persons who are specialists
art historians, who are also familiar with the state of the art
market. These letters will be accepted as a recommendation
indirectly confirming the validity of the claimed client
value of an art object.
Much less customers come with ready-made conclusions
appraisal from a certified appraiser. In practice
insurance amount, within which will be paid
compensation shall be established by agreement of the parties.
Depending on the understanding that the customer comes either ready
or not ready to argue his vision of cost. We
appraisers are not, but because we are "in the market" and have
overview presentation, either coordinate declared
amount, or to find ways to offer its confirmation
third parties.
- And how often individuals to submit documents such as
checks of the galleries or auction invoices that can
confirm the value of a particular thing?
- It is extremely rare. Not more than 10%of the total number of complaints.
- The recent dismantling of ZPIF HC "Collection. PHOTOEFFECT"
led market participants to question the correctness of evaluation
meeting, as at the close of its fund collection "worth
half a billion dollars, "fell more than 100 times.
- Obviously, at some point evaluation was conducted
incorrectly, the assets were thrash.
- How can the professional appraisers so wrong?
- You want me to be the word 'intent'? But we must remember
that the assessment - it's just a landmark, and in its reports appraisers
write that does not guarantee that the item or asset will
alienated exactly the amount that they have specified. This
normal limitation of liability. No one can
see clearly the future: the actual selling price depends
on a variety of market factors, including random,
unpredictable.
- Many collectors have been recognized in a private conversation that
do not want to insure their meeting, fearing that
Information about them can get in tax and
criminal structures.
- Indeed, the owners of private collections of fear
insure their collections. The data in the tax we
do not provide, and do not expose information about the insured
carefully - the staff we did not chatty and informed
responsibility.
I think that these fears collectors - a reflection
the level of trust people to each other in our society as a whole.
- What is the situation with bank collections in Russia, they
Insured?
As far as I know, the serial collecting
Russia is not involved in any bank. All collections that
were in "Inkom Bank" or "Bank of Moscow", existed in
"Offline" mode, and the bank is not engaged in their management.
Banks collect art for reasons of improving the image,
raising the profile. Marketing component here as well
Important: in the end, the bank - the institutional investor
and has the right to invest in something of what is considered valid
and profitable.
- How well placed assessment? I can not have you, say,
insure false Rubens, which then, for example,
something happens and I get insurance?
- It's unlikely. Simply, if we are talking about a very expensive things
or unique, we require independent confirmation
examination. We appeal to the external experts who
conduct all necessary investigations, and the final
decision is made by a consultation. Errors can of course be
but such primitive fraud - is excluded.
- In the West, there is insurance owner from mistakes
expert. In Russia there is something like that?
- The service is professional liability insurance
art experts in the West there,
but not very common. In our country, such services
insurance companies are not available, since there is no
standardized and recognized procedures
natural result of which would be
reliable conclusions about the authenticity.
- How do you assess the prospects for investment in the arts?
- Experience shows that investment in the arts can
bring profit only in the long term - somewhere
20-40. Do they pay off in the short term - hard to say.
We looked at the market in 2008 and have been assured that he
warmed up, it was already growing more difficult. But the market
did not stop, and almost collapsed, not because of the situation
at the art market, he just followed the rest of the
economy.
Let me remind you that the art of professional management of portfolios
50 years ago did not exist, but the collection that have been
collected "amateurs" (from today's point of view), gave
the greatest growth.
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