Christie’s to cover collectors

Auction house Christie’s has teamed up with Heath Lambert to sell Chubb high net worth insurance to clients, the FT reports.

Christie’s declined to reveal its fee would be, or what business volumes or revenue it expected to gain from the venture.

Most of the Christie’s policies will be underwritten by Chubb, but some will be passed to other insurers, Christie’s said.

Requested by clients

Jussi Pylkkanen, president of Christie’s Europe, said: “[An] insurance service has been requested by our clients for some time, many of whom buy, sell, store and transport works of art through us.”

The Times suggested Christie’s was offering “the first comprehensive cover for collectors to insure their artworks, cars, homes and possessions in a single policy”.