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In the ever-evolving world of fine art, the demand for comprehensive protection is on the rise, both in Hong Kong and globally. The art insurance market is experiencing significant growth, with an annual increase of 3% to 7% from 2012 to 2022. This growth is fueled by the increasing value of artworks and the growing number of art collectors and investors worldwide.
As Hong Kong solidifies its position as Asia’s leading art hub, with a rise in imports and exports, new cultural initiatives, and the highly anticipated return of Art Basel Hong Kong in full force, ARTE Generali has positioned itself to support these developments. With a successful track record in Germany, Austria, France, Italy, the United Arab Emirates, and the United Kingdom, ARTE Generali has identified Hong Kong as its next natural step and has recently launched a solution for private collectors in partnership with Generali Hong Kong. This timely launch is a testament to the company’s commitment to providing top-notch services to its clients.
According to data from Art Economics, China, including Mainland China and Hong Kong SAR, reclaimed its spot as the second-largest art market globally in 2023, with a 19% share by value and sales estimated at US$12.2 billion. This impressive performance marks a recovery from a sales low in 2020 and highlights the region’s strong appetite for fine art.1
With this in mind, ARTE Generali’s launch in Hong Kong comes at a crucial time, providing much-needed protection for art collectors in the region. As the art market continues to thrive, it is essential to have comprehensive insurance coverage to safeguard valuable artworks. ARTE Generali’s solution offers a range of coverage options tailored to the specific needs of private collectors, ensuring peace of mind and protection for their prized possessions.
In conclusion, the art market in Hong Kong is booming, and ARTE Generali’s launch in the region is a testament to its commitment to providing top-notch services to its clients. With the growing demand for comprehensive protection in the art world, ARTE Generali’s solution is a timely and valuable addition to the market, providing much-needed coverage for private collectors in Hong Kong.