Art has evolved into one of the most intriguing asset classes globally, and uniquely, it is one of the few assets that can be fully insured. As part of ART.Cy 2025, Victor Ioannides, an international insurance broker and expert, will lead a compelling Masterclass titled "Insuring Art in Cyprus & Internationally" on Saturday, April 12, 2025, from 14:00 - 15:00.
This exclusive session will provide valuable insights into how art insurance works, the essential role of appraisals, and the criteria for selecting a reliable insurance provider. Designed for private collectors, galleries, and museums, the Masterclass will highlight key aspects of safeguarding valuable artworks from risks such as theft, damage, or loss.
Understanding Art Insurance
Art insurance is a specialized type of coverage that protects artworks against unforeseen incidents such as fire, vandalism, and accidental damage. However, securing adequate coverage requires an in-depth understanding of the artwork’s value, which is determined through professional appraisals.
The Importance of Appraisals
A critical step in insuring art is obtaining an accurate appraisal to determine its fair market value. Certified appraisers evaluate an artwork based on factors such as the artist’s reputation, historical significance, condition, provenance, and market trends. A well-documented appraisal not only ensures proper coverage but also expedites claims in case of loss or damage.
Choosing the Right Insurance Provider
Not all insurers specialize in art coverage. Victor Ioannides will discuss how to identify credible insurance firms with expertise in underwriting fine art policies. He will also outline how collectors and institutions can research providers, consult industry professionals, and assess financial stability before selecting a policy.
Claims & Risk Management
In the unfortunate event of theft or damage, insurers work closely with law enforcement, art recovery specialists, and databases like the Art Loss Register. Restoring damaged works or recovering stolen pieces is a complex process, and a knowledgeable insurer is vital in guiding policyholders through claims procedures.
To mitigate risks and manage costs, collectors can implement security measures such as climate-controlled storage, surveillance systems, and transit protection, which can reduce insurance premiums while ensuring comprehensive coverage.
About Victor Ioannides
Coming from a lineage of artists, Victor Ioannides earned a Bachelor’s in Accounting & Finance from the University of Warwick in 2002 and a Master’s in Finance from Imperial University in 2004. After gaining experience in accounting at Chantry Vellacot and advisory at Price WaterhouseCoopers, he took on the role of Director at Nicos Rossos Insurance in 2009. Since then, he has expanded the firm’s presence in Cyprus and the UK while pioneering innovative insurance practices.
Secure Your Spot!
Don’t miss this opportunity to learn from a leading expert in art insurance. Join us at ART.Cy 2025 on April 12, 2025, at 14:00, and gain valuable insights on how to protect your collection.
Victor Ioannides to Host Masterclass on Insuring Art at ART.Cy 2025
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