Speaker(s): Lawrence M. Shindell, Laura Patten, Ronald Fiamma, Mary Pontillo, Dennis M. Wade
Insurance & Risk Management
In today’s complex art industry, all stakeholders should consider whether solid risk management should now weigh in favor of using third-party risk transfer tools versus continuing to self-insure against such a risk adopt new ownership standards. This session will look at modernizing risk management in the art market and how the industry should apply forensic due diligence to transactions and ensure they view all business activities through a lens of strategic risk and reputation.
The panel will discuss:
- Applying a holistic data-driven approach across art work, counterparties and business practices
- The risk will never be zero but what is an acceptable and achievable level?
- Designing and implementing a business-wide risk management methodology
- Detecting, investigating and triaging anomalies
- Adopting best practices and lessons learnt from criminologists
- Reducing risk in art transactions
- Dealing with a conflict of interests and unbiased expert advice
- Dealing with different auction values: Insured value Vs fair market value
- Analyzing the litigation on loss and value issues
- Damage to work of art – how is this assessed?
- Mitigating the risks in provenance and titles in museum management & curatorship
This talk was originally filmed during The Inaugural Business of Art Observed.
Lawrence M. Shindell
Mr. Shindell heads LMI Group, an investment bank-like firm that underwrites the market release of major orphaned artworks. A lawyer by profession, Mr. Shindell holds licenses in a number of U.S. jurisdictions including admission to the Bar of the Supreme Court of the United States. Mr. Shindell served as the chief executive officer of U.S.‐New York‐headquartered ARIS Title Insurance...
Laura Patten leads Deloitte’s Art & Finance practice in the United States. She is a committed internationalist who advises C-suite clients in cross-border industries, and is an authority on risk management as a creator of value and source of competitive advantage in the global marketplace. Laura works closely with Deloitte’s tax, strategy, research, and technology experts, to provide...
Based in New York and with AIG since 2002, Ron Fiamma manages the firm’s global insurance portfolio for client collections of fine art, jewelry, vintage automobiles and wine. Among his responsibilities are the maintenance of underwriting and risk selection standards, reinsurance negotiations, new business development as well as oversight of the portfolio P&L. Prior to joining the Private...
In her current position as Senior Vice President and National Fine Art Practice Leader at DeWitt Stern/Risk Strategies, Mary handles and produces Fine Art accounts including Fine Art dealers, private collectors, and museums, artist foundations among others, along with the Property & Casualty policies associated with these accounts. In addition Mary consults on client Fine Art exposures...
Dennis M. Wade
Dennis M. Wade is a founding partner of WCM. For more than 20 years Dennis has handled fine art and specie matters for domestic and international insurers. His cases have taken him across the United States and to many parts of the world. Recently, for example, Dennis successfully defended a major art insurer against a 42 million dollar claim. That defense took Dennis from a New York Trial...