By South China Morning Post | Created at 2024-11-29 03:21:21 | Updated at 2024-11-29 05:36:17
2 hours ago
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In the dynamic world of fine art, the need for comprehensive protection is growing both in Hong Kong and globally. The art insurance market itself is experiencing significant growth, having grown between 3% and 7% annually from 2012 to 2022. This expansion is being driven by the increasing value of artworks paired with the rising number of art collectors and investors worldwide.
As Hong Kong continues to reinforce its status as Asia's premier art marketplace, with rising imports and exports, new cultural initiatives, and the highly anticipated return of Art Basel Hong Kong at full scale, ARTE Generali found itself well positioned to support these developments.
With an impressive track record across Germany, Austria, France, Italy, the United Arab Emirates and the United Kingdom, ARTE Generali identified Hong Kong as its natural next step and recently launched a solution for private collectors in partnership with Generali Hong Kong.
A timely roll out
Data from Art Economics reveals that in 2023, China—including Mainland China and Hong Kong SAR—reclaimed its spot as the second-largest art market globally, achieving a 19% share by value and sales estimated at US$12.2 billion. This performance marked a recovery from a sales low in 2020 and highlights the region's strong appetite for fine art.1
