Insurer stores damaged art for restoration
Friday, 10 19 2018, Category: Insurance and Reinsurance, Country: Germany
What happens to artworks which are too badly damaged to be restored once the insurer has paid out the claim?
Up to 300 of them - scratched, torn or punctured works by well-known artists including Gerhard Richter, Christo and Giorgio de Chirico - are stored in an AXA warehouse near the western German city of Cologne.
One of the world’s biggest art insurers, AXA receives claims every year for damage to paintings, sculptures and drawings. Some 80 percent of them can be restored.
The rest, which either cannot be or are to expensive to be repaired come to this warehouse.
“We store artworks, objects and collectors items by notable artists for which we have compensated our customers, we take ownership of them and keep them for the future,” said Kai Kuklinski, head of AXA Art Insurance.