As the world starts to see the effects of climate change on a magnified scale, works of art once considered to be stored safely are now at risk of being lost forever, a headache for collectors who are facing increasing premiums and unattainable insurance policies.
A recent example of the impact climate change has had on the insurance market was seen in 2017 in the US where the insurance industry lost more than $300bn due to a series of hurricanes that affected the Gulf Coast.
Flash floods, heatwaves and wildfires have dominated global headlines in recent years. As a result of these alarming weather patterns, the art world is paying increasing attention to how fine art and specie (high-value, portable items) must be handled, transported, displayed and stored.
Read the full article on The Art Newspaper here.
