Magazine article Risk Management

$100M Art Warehouse Blaze

Magazine article Risk Management

$100M Art Warehouse Blaze

Article excerpt

Nearly $100 million worth of irreplaceable modern art was recently destroyed as an uncontrollable fire blazed for two straight days, completely leveling the warehouse in which the artwork was stored.

According to authorities, the fire broke out in the early morning at an industrial park full of small businesses before spreading to the warehouse operated by Momart, a company specializing in handling, storing and transporting art and antiquities.

Hardest hit by the fire was the renowned British collector Charles Saatchi, who is believed to have lost more than 100 pieces in the blaze, some of which were individually valued up to $1 million.

Most of the art lost by the Saatchi Gallery was created by the Young British Artist movement, which rose to prominence over the past two decades and is closely associated with Saatchi, one of the movement's top patrons. Many of the destroyed pieces were personal favorites of Saatchi, according to a gallery spokesman, and he sees the fire's destruction as irreversible damage that has been done to the history of British art.

For years, Momart has been known throughout England for providing the secure storage, transport and installation of artwork, and its client list includes Buckingham Palace, the National Gallery and the Tate Modern. Thankfully, the resulting monetary losses from the blare will be almost entirely covered by, insurance. "So far we have a very positive response from the various insurers involved," a spokesman of Momart's insurance broker, Heath Lambert, told fine BBC. And according the Heath Lambert, a catastrophe like this is "exactly why the insurance market exists. …

Search by... Author
Show... All Results Primary Sources Peer-reviewed

Oops!

An unknown error has occurred. Please click the button below to reload the page. If the problem persists, please try again in a little while.