Family Office Art Collections Face Severe Underinsurance as Schedules Lag

For many affluent families, a family office has become an indispensable ally in preserving and growing wealth and managing financial complexities. More than 4,500 family offices (triple the number in 2019) together manage some $6 trillion in assets. 1 Yet even as they advise on investments ranging from private equity to real estate and mineral rights, family offices may not fully account for the implications of another kind of asset: art collections. “A significant collection may affect a family’s larger financial picture, from liquidity and credit to risk management and wealth transfer,” says Elizabeth Thiessen, head of Family Office Solutions at Bank of America Private Bank. “It’s vital to bring a similar level of planning and strategy to art and collectibles as you do for other asset classes.” It’s vital to bring a similar level of planning and strategy to art and collectibles as you do for other asset classes. Of course, a painting is not a share of stock. “Most collectors invest for personal pleasure and buy what they love,” says Rosemary Ringwald, Head of Art Planning, Planning Center of Excellence, Bank of America Private Bank. The emotional component makes a potential acquisition more nuanced and subjective than, say, buying into a hedge fund. Moreover, the art market can be complex, opaque and mystifying to outsiders. For all their expertise in portio

An interview with Mary Ann Avnet, vice president of Chubb & Son and marketing manager for Chubb Personal Insurance. Q. In the current economic environment, does it make sense for agents and brokers to seek opportunities to sell insurance for fine art and antiques? Avnet: Even now, many affluent Americans are buying fine art, antiques and expensive collectibles as part of a hobby or a diversified investment strategy. Increasingly, during this period of stock market volatility, financial advisers are viewing these valuable possessions as important components in a client’s overall asset base and estate, which need protection from various exposures to risk. There’s a tremendous opportunity for agents and brokers to help their clients and even prospective clients fulfill this need by offering appropriate risk management information and insurance coverages. Research shows that many people are not aware of the limited amount of coverage they have for fine art and other valuables under a standard homeowners insurance policy. Regardless of their wealth, many clients do not realize that these prized possessions are drastically underinsured and inadequately protected. A Chubb survey revealed that nearly one-third of thousands of respondents took no special measures to protect their valuable possessions. More than 80 percent were unaware that a typical homeowners or renters insurance polic

We offer flexible, worldwide coverage options to meet your unique needs, and cover most fine art losses with no deductible. We only require appraisals for individual fine art items valued at $500,000 or more. Otherwise, we just need a detailed description and estimated value. We’ll work with you upfront to determine the value of your fine art. Then, for covered total losses, we’ll make sure you get 100 percent of the agreed value as a cash settlement. If you already have fine art that is itemized on your policy, your newly acquired artwork is covered for up to 90 days (25 percent of the itemized coverage). If the market value of an item before a loss exceeds the amount of coverage, we’ll pay up to 150 percent of the amount itemized on your policy to account for increases in market value. Protect an entire art collection with blanket coverage, itemize your fine art pieces individually, or do both. It’s up to you. Whether you own one piece of fine art, a number of outdoor sculptures, or a whole collection of artwork, insurance for your collection can provide you with peace of mind, knowing that you’ll be able to repair or replace it after a covered event. With Chubb art insurance, you’re automatically covered for new purchases worldwide, whether they’re at your home, a gallery, or in storage, and you’ll have access to qualified experts who can share tips on how to protect your ar

Here’s how Talbot’s Fine Art & Specie team helps brokers win and retain business The Talbot Fine Art and Specie team underwrites business from all over the world covering the risk while in transit and/or at rest. Our fine art clients include private individuals, museums, commercial galleries, dealers, auction houses, organisers of fine art exhibitions... Fine Art & Specie is underwritten at Talbot by an enthusiastic, experienced and proactive team. Since every risk in the class is different, we engage with brokers to learn precisely what clients need and then tailor cover accordingly. Talbot’s class leading, international Fine Art & Specie team review each client’s requirements to ensure our product fits their risk profile and delivers coverage to match their particular situation. We are transparent and responsive at every step. We believe the ability to garner a sophisticated view of any Fine Art or Specie risk is as much science as it is art. Our technical and specialist approach thrives on data and details to get coverage right. We ask questions that others may not, to ensure optimal coverage. We have dedicated Fine Art & Specie claims experts in London and access to a worldwide network of conservators, appraisers and adjusters. We can also utilise the skilled expertise of AIG’s Marine claims team and risk management capabilities. Talbot’s technical, adaptable a

AXA XL Fine Art & Specie leads with distinction as specialised insurance company, providing broad coverage for paintings, all type of artworks, collectibles, and exclusive valuables globally. AXA XL is a proud sponsor of leading cultural institutions and international art fairs. Since 2004, AXA XL has proudly served as a Lead Partner of TEFAF Maastricht and, in 2025, became a Global Lead Partner of TEFAF, supporting both TEFAF Maastricht and TEFAF New York. Our partnerships also include Fondazione Luigi Rovati in Milan, ART SG in Singapore, and the National Gallery of Victoria in Melbourne. Discover our partnerships TEFAF Maastricht Empowering Artists We are committed to enabling the artists of the future. The AXA Art Prize shines a light on emerging artists from diverse backgrounds, offering them an unrivalled opportunity to have their work seen by educational institutions, major curators, and world-renowned artists. AXA Art Prize US AXA Art Prize UK Vincent van Gogh’s Almond Blossom has always been one of my favourite works. Probably the combination of Western and Japanese influence resonates deeply with me, who was born in France but of an Asian mother. TEFAF Maastricht was first held in 1998 and is widely regarded as one of the first truly international art fairs. From the ancient civilisations in Egypt, Mesopotamia, and Greece to the Han Dynasty in China, the Aztecs in Mes