Zurich, one of the world’s insurance groups, announced that it will sponsor Christie’s sales in Dubai to support collectors of art in the Middle East. Under the three-year agreement, Zurich will sponsor Christie’s bi-annual auctions in Dubai, with Zurich clients also receiving a range of additional benefits to help them protect their valuable assets.
Christie’s sales in Dubai are held twice a year, with auctions of Modern & Contemporary Arab, Iranian and Turkish Art in April and October. As part of the agreement, selected Zurich clients will be able to attend an exclusive presentation from Christie’s explaining how to buy and sell at auction, as well as attending a private preview of the pre-sale exhibition.
The alliance follows Zurich’s recent launch of bespoke insurance products created specifically for high net worth individuals, including a policy designed to cover art and valuables collections of this niche customer segment.
During its work with clients in the region, Zurich has observed that many underestimate the value of their collections. Accordingly, as part of the partnership with the auction house, Zurich clients will receive a 50% discount on Christie’s valuation service.
“Zurich shares Christie’s enthusiasm for fine art and collectables, and we are proud to help collectors across the region to protect their most valuable assets,” said Maroun Mourad, CEO of Zurich’s General Insurance business in the Middle East.
“Our three-year alliance with Christie’s is part of Zurich’s wider commitment to play an active role in the development of the art market in the Middle East.”
Michael Jeha, Managing Director of Christie’s Middle East, said: “Our Dubai auctions continue to act as a major catalyst in the development of the art market in the Middle East. Zurich has demonstrated a real understanding of the needs of collectors, and this partnership will further our efforts to grow the market here in the region.”
Zurich’s art and valuables insurance includes a number of impressive features, such as complimentary cataloguing by the company’s in-house experts and, taking market appreciation into account, coverage for up to 150% of the value of an artwork. Zurich clients also benefit from a range of additional services such as advice on storage and security arrangements, and provision of access to leading art valuation and restoration experts.
Jeremy Baggott, Head of Zurich Private Clients in the Middle East, said: “Zurich’s specialist team recognises that no two collectors in this region are the same. A common trait among many collectors, however, is a lack of awareness of the risks posed to their possessions by accidental damage. By working with organisations such as Christie’s, Zurich hopes to raise awareness among individuals to ensure their valuable assets are fully protected.”
Christie’s sale of Modern and Contemporary Arab, Iranian and Turkish Art will take place at the Jumeirah Emirates Towers Hotel in Dubai on Tuesday and Wednesday, April 17 and 18, 2012.