AXA ART announced that it has “joined forces with Brazil’s largest independent insurer, SulAmérica, to offer art insurance products and related services to insure the collections of a growing Brazilian art market.
“The alliance serves to make available a portfolio of art insurance products and related services to insure valuable, rare, and historical items of art for collectors, corporations, dealers, galleries, museums, and exhibitions in Brazil,” the bulletin continued.
AXA ART also noted that Brazil’s economy is the largest in Latin America, and over the last few years, “the country’s art market has skyrocketed to the forefront of global attention.”
According to art economist Dr. Clare McAndrew, “Brazil’s primary dealers and gallery sectors have been very dynamic and will continue to lead the internationalization of the market. The larger art fairs, SP-Arte and ArtRio are now firmly established on the global map for contemporary art fairs, and present a critical point of focus for the region.”
Both AXA Art Americas Corporation and SulAmérica expressed their goal to bring insurance protection solutions to insure a growing Brazilian art market.
“The art market in Brazil has been growing in the past years, however, the options for art insurance have not followed at the same pace,” said SulAmerica’s Vice President, Carlos Alberto Trindade. “Our goal is to combine the expertise of AXA ART with our distribution network, which is solid and well structured.”
Christiane Fischer, President and CEO of AXA Art Americas Corporation, commented: “Art insurance is an important part of managing a collection. We look forward to working alongside SulAmérica to offer Brazilian clients innovative solutions to care for their fine art and collectibles.”
AXA ART also noted that the tie up with SulAmérica “comes shortly after its announcement of the establishment “of a legal entity, AXA Art Americas Corporation, to facilitate and support its growth strategy in North and South America. The reach and scope of AXA Art Americas Corporation, combined with the distribution capabilities of SulAmérica’s vast and diversified network, will bring more than 50 years of insurance and art market expertise to service Brazilian collectors.”
Source: AXA ART