What is Fine Art Insurance Market Scope?
Many insurance companies insure works of art, but the choice of insurance depends on the size and value of the art collection, as well as the type of coverage that is required. Fine arts is the art that was primarily developed for aesthetics or beauty and is different from decorative or applied arts, which must also fulfill a practical function, such as ceramics or most metalwork. In the aesthetic theories developed in the Italian Renaissance, the supreme art was that which allowed the full expression and display of the artist's imagination without being limited by any practical considerations, such as those involved in the manufacture and decoration of a teapot play a role. It was also considered important that in creating the artwork, the work did not have to be split between different people with special skills, as might be required with a piece of furniture, for example. Even within the visual arts, there was a hierarchy of genres based on the amount of creative imagination, with history painting being ranked higher than still life. Anyone who has an “insurable interest” in the specified work of art can insure this. Future Art insurance is aimed at private collectors who are mainly wealthy individuals/industrialists who invest, collect and trade in art, as well as art dealers and galleries who act as intermediaries and conclude a deal between buyer and seller. Often times, they also take physical custody of the images on behalf of their customers and offer value-added services when closing a deal.
The Fine Art Insurance market study is being classified by Type (Property Insurance and Title Insurance), by Application (Private and Commercial) and major geographies with country level break-up.
There are various companies that are performing in the market, those companies are new geographic regions by adopting major strategic initiatives such as mergers & acquisitions, expansions, investments, new service launches, and many others. There are various key players are entering this market to capture market growth opportunities. Research Analyst at AMA predicts that Players from European will contribute to the maximum growth of Global Fine Art Insurance market throughout the predicted period.
Progressive Corporation (United States), CPIC (China), Chubb Limited (United States), Allianz SE (Germany), Ping An Insurance (China), Assicurazioni Generali (Italy), AXA (France), AIG (United States), Aon plc (United Kingdom) and Zurich Insurance Group (Switzerland) are some of the key players profiled in the study.
Analyst at AMA have segmented the market study of Global Fine Art Insurance market by Type, Application and Region.
On the basis of geography, the market of Fine Art Insurance has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico).
Influencing Market Trend
- Growing Awareness About the Fine Art Insurance
- Growing Interest in Art Works Such as Sculptures, Photographs, and Paintings
- Rising Emphasis on Art Development
- Increasing Number of Investors in Fine Art
- Emerging Talents in Art Works
- Short Term Restraint for the Market Due to Shutting Down of Operations & Process of Different Companies Across Different Parts of the World Due to COVID-19 Pandemic
- Stiff Competition Among the Major Players
Key Target AudienceVenture Capitalists and Private Equity Firms, New Entrants/Investors, Analysts and Strategic Business Planners, Commercial Health Insurance Providers, Government Regulatory and Research Organizations and End-Use Industries
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