A conceptual artwork is mistaken for trash. A new fiber work unravels after a cat plays with it. A sculpture crashes to the ground after a housekeeper leans a broom on it. A bird flies off with a diamond earring. Believe it or not, these are all real claims.
Then there are the more mundane—yet equally costly—claims: artwork damaged by storage lacking climate control, or while in transit via regular mail. Many collectors only discover the limits of their coverage when it’s too late.
Private Client Select (PCS) is the go-to partner for serious collectors, because they offer more than just insurance. PCS’s Art Services team is comprised of experts who manage risk proactively and respond quickly when something goes wrong—coordinating conservators, shipping, storage, art handlers, appraisers, furniture restorers, and even carpet cleaners.
“As the world continues to evolve, protecting fine art and collectibles has become increasingly complex,” said Muys Snijders, Senior Vice President and Head of Art Services at Private Client Select. “A comprehensive evaluation of your collection through a specialized art risk management lens is essential to ensuring the preservation and protection of these often irreplaceable assets.”
Ocean Prism. 60 x 80 inches. oil on linen. 2024
Photo Courtesy of Private Client Select
Emerging Risks
Today’s collections face more threats than ever before, necessitating collectors to take insurance and risk management more seriously. Beyond theft and accidental damage, climate change is introducing new vulnerabilities, while social media exposure, financial complexity, even the materials used in contemporary art add additional layers of risk.
Location-based risks are getting harder to ignore, given the rising frequency and severity of natural disasters like wildfires, hurricanes, floods, and earthquakes. PCS can help collectors plan accordingly, advising against keeping works in high-risk zones and recommending protective upgrades like ember-resistant vents, hurricane shutters, impact-resistant windows, and even fireproof storage bunkers. Seasonal relocation can also reduce risk during peak weather seasons.
Financial risks also loom large. PCS tracks emerging art markets such as “wet paint” artists, monitors the impact of tariffs, and understands how collateral lending requirements can affect the valuation and insurability of artworks. They also help clients stay insured to value, working with appraisers who follow Uniform Standards of Professional Appraisal Practice standards to ensure accurate documentation.
For newer collectors—especially those acquiring sneakers, watches, spirits, or handbags—insurance gaps are common. PCS helps them understand what qualifies as insurable, how to schedule items properly, and how to avoid pitfalls like oversharing on social media, which can inadvertently increase risk of theft.
As collections pass from one generation to the next, PCS advises families on strategies for preserving both the value and legacy of a collection through estate planning and museum donations. Without proper succession planning, inherited collections may be mishandled, undervalued, or fractured.
Whirling Fire. 60 x 80 inches. oil on linen. 2025
Photo Courtesy of Private Client Select
Material-based risks are also emerging. Contemporary works increasingly use nontraditional or ephemeral materials—textiles, organic matter, industrial materials—that degrade over time. PCS can arrange proactive condition checks by specialized conservators to assess the vulnerabilities and recommend preventive care. They also help collectors understand exclusions for wear and tear and the long-term maintenance needs of certain pieces.
PCS not only helps clients protect what they have, but ensures they’re informed, prepared, and positioned to respond when the world changes around them.
Not All Insurance Policies Are Created Equally
That’s why collectors often need more than a homeowners policy. Dedicated collections coverage includes broader protections: no category limits, worldwide transit coverage, full disaster protection, and frequently with no deductible. It also covers newly acquired works—often for up to 90 days, even before they’re in your possession—and includes diminished value coverage up to 150% of the agreed value. It is important for clients to work with an experienced or specialized broker to help them find the right coverage for their collection.
The larger and more complex the collection is, the more customization is necessary. Beyond the collections policy, the PCS Art Services team works directly with underwriting to develop a bespoke approach, proactively managing risk in collaboration with broker partners to achieve better outcomes for collector clients.
Dew in a forest dreams of the sea. 18 x 24 inches. oil on panel. 2024
Photo Courtesy of Private Client Select
The A team in Art
You hire a professional to manage your financial portfolio; your art collection should be no different. What sets the members of PCS’s Art Services team apart is their decades of experience in the art world prior to gaining experience in the fine art and insurance market. Their team includes accredited appraisers, who provide guidance on appraisal methods and market insights; a gemologist; and former private collection managers, museum registrars, and auction rainmakers with expertise in post-war paintings, rare watches, wine, and more.
American painter Mark Rothko once said: “Collecting art is an adventure into the unknown, accessible only to those willing to take risks.” Collecting art is still an adventure, but Private Client Select lessens the risks and helps ensure your collection remains thoughtfully protected.
If you don’t already have a private collections policy, now is a good time to consider one.
