Faced with the risk of vandalism or theft, works of art are insured... or not

2023-02-21T10:37:38.396Z

Jets of paint, flour, soup: recent targets of environmental activists, works of art in public museums are however not insured there except in the event of loan or displacement, unlike those exhibited in private institutions.

Stolen in 1911 from the Louvre by an Italian worker and found two years later, the famous Mona Lisa, considered "

priceless

", was placed under armored glass.

But other masterpieces exhibited in the largest museum in the world do not have such protection: in the event of depredation, destruction or theft, the State is its own insurer and is not compensated.

Public authorities do not generally insure their works, with the exception of deposits of private works

", confirms the Ministry of Culture.

In the event of damage in their usual place of exposure, it is “

the State or the community

” which implements “

the necessary expenses

”, explains this same source.

Read alsoEnvironmental activists sharpen their weapons to attack French museums

On the other hand, private institutions such as the Giacometti and Louis Vuitton foundations or the Pinault Collection, "

generally insure their collections

", indicated Irène Barnouin, head in France of the Arts branch of the insurance broker WTW.

It is then the private insurance companies - often "

specialized players from large known insurance groups

", such as Axa XL, Helvetia, Hiscox, Liberty specialties market, QBE - which cover the work, with "

different levels of 'insurance

“Extremely high” cost

For public museums, “

insuring (within their walls) works, often of inestimable value, would not make them less vulnerable and it would be an extremely high expense without correlation with the risk of depredation”, estimates the Ministry of Culture

On the other hand, in the event of loan or travel, there is no choice: the works of art must be insured by the institution that borrows them, whether public or private.

It is in the "

handling phases,
when the work is taken down from the nail, wrapped, put it in a means of transport and taken out to put it back on the nail

", that the risk is greatest. high from damaging it, explains Daphne de Marolles, manager in France of the Arts branch of Axa XL.

But the insurance also covers the work once installed in its host organization.

Fortunately for the collector who accidentally broke Saturday at a contemporary art fair in Miami a small glass sculpture by Jeff Koons, estimated at 42,000 dollars.

Read alsoWhat are the risks for activists who attack the masterpieces of European museums?

This “ nail to nail

” guarantee

fixes the value of the work as well as the amount of the insurance premium, which also depends on other parameters (nature of transport, exhibition conditions, etc.).

This premium can amount to "

several million or even hundreds of millions

", according to the Ministry of Culture, which estimates at "

more than one billion euros

" the "

cumulative insurance premiums for loans from national museums granted by the France at the
Louvre Abu Dhabi
(United Arab Emirates) for the exhibition on Impressionism

”, which is held until February.

Asked about their insurance policy, all the museums or foundations contacted declined to comment.