Majority of HNW clients seek better protection for art collections

High net worth (HNW) clients are becoming more concerned about the protection of their art and collections, according to new research from Ecclesiastical.

The data, which was published today (1 October 2024), showed that 75% of HNW individuals feel they need to take greater steps to safeguard their possessions, up from 9% the previous year.

The rise came as more than half of those surveyed (55%) reported their collections had suffered accidental damage.

And almost half said their collections were impacted by theft (48%) and damage in transit (46%).

A third, meanwhile, reported that malicious damage and vandalism, fire, escape of water and burst pipes impacted their collections during the past year.  

A total of 250 HNW individuals were surveyed for the research. 

Counterfeits  

The research also revealed that three in five (57%) have purchased replicas during the past 12 months. Some 35% knowingly did this, while 74% said they use these replicas to protect their collections.  

However, 48% had unknowingly purchased counterfeits during the past year. They discovered their items were counterfeit by finding out from others with expertise, noticing the poor quality, or reviewing the details themselves.  

Dr James Lindow, underwriting director for art and private clients at Ecclesiastical, said brokers play a role in ensuring HNW clients understand the risks they face.

He added: “From an old master painting, to a modern sculpture, bottle of whisky, or wine collection, as a specialist art and private client insurer, we understand the importance of protecting art, collections and valuable possessions. 

”Brokers play an important role in helping HNW clients understand the risks their art and collections face and in ensuring they have the right cover in place should the worst happen.”