Blog: Managing virtual business risk in the fine art market
Covid-19 has resulted in a rapidly evolving risk landscape for fine art organisations. Beazley's Simon Aitchison argues clients need to work closely with their insurance brokers and insurers to identify these new risks the face, and ensure that they have appropriate risk management and mitigation measures in place to manage them.
Covid-19 has devastated and revolutionised, the fine art world. Traditionally, a sector rather reticent to embrace e-commerce, galleries, auction houses and jewellers have demonstrated their resilience in the face of the pandemic and ‘gone virtual’, enabling collectors and visitors to view, buy and participate in auctions and exhibitions online. Their approach has been rewarded, both in financial terms and in the opening up of a new market for a younger generation. However, it has also created
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