Between the 1960s and the 1980s, a total of25 private collections were open to the public as museums. Butas the number of collectors has increased and the value of the fineart market has skyrocketed over the past four decades, so too hasthe number of private galleries. In fact, 70 percent of all private museums in the world have openedsince 2000.

As high-net-worth collectors increasingly buildprivate museums — whether for the desire to share their collectionswith the public, preserve a legacy or possibly receive tax benefits— many overlook costly property & casualty insurance risks.

If not addressed, these risks could negate some of theassociated financial benefits and lead to significant out-of-pocketcosts for clients.

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