Christie’s, the leading art auctioneer, has joined forces with an insurance broker to offer the first comprehensive cover for collectors to insure their artworks, cars, homes and possessions in a single policy.

Launched today, Christie’s Insurance Services will be on offer to Christie’s private clients and is geared towards art collectors planning to store and transport valuable artworks.

Christie’s has teamed up with Heath Lambert and Chubb Insurance to tailor policies for collectors who want to combine cover for their artwork, homes and cars as well as jewellery, travel and legal expenses.

Analysts estimate that the top end of the art industry has seen prices drop by up to 15 per cent during the recession while insurance premiums have been increasing for collectors and galleries that store, transport and exhibit their art.

Adam Prideaux, an art insurance broker at Heath Lambert, said that private collectors and galleries were all having to shop around in the current climate to secure comprehensive cover for their collections.

He said: “Throughout 2009, since the economic downturn, there have been considerable problems for the art insurance market due to pressures on capacity against the exceptional prices of certain works.”

A spokeswoman for Christie’s said that cover would be tailored to the “sophisticated collector” hoping to avoid paying multiple premiums with different renewal dates for their cars, homes and art collections.

Christie’s Insurance Services will be added to the company’s existing valuation service and will offer risk management advice to help collectors safeguard the value of their collections as art prices diminish.

Global auction and private sales at Christie’s totalled £2.8 billion in 2008, and sales for the first half of 2009 reached £1.2 billion.

Large art fairs have this year been facing increasing insurance premiums and analysts at Heath Lambert have warned that fairs such as Maastricht and Basel will be in jeopardy if they cannot find affordable cover for their expensive collections.

The Christie’s policies will initially be available only to private clients and not to trade partners, and Christie’s will be approaching clients in London and those in Europe who are serviced from London.

Jussi Pylkkanen, President of Christie’s Europe said: “This high calibre insurance service has been requested by our clients for some time, many of whom buy, sell, store and transport works of art through us.

“In addition to our valuation services, Christie’s Insurance Services will ensure that their insurance needs are synchronised not only with these collection activities but with their entire lifestyle.”

The service will be aimed at collectors, but also at those who have purchased individual artworks. It will also cover the loaning and restoration of artworks and offers automatic cover on any new purchase through Christie’s.

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