Argo and the Art of the Deal
Bermuda speciality insurer Argo is venturing into a potentially lucrative new niche market — the multi-million dollar fine art world.
The Pitts Bay Road insurer’s latest venture is the subject of a major “New York Times” report because collectors, dealers and auctioneers are increasingly finding themselves embroiled in lawsuits stemming from disputes over who holds legal title to art treasures.
“The most obvious title disputes involve theft, and in the United States buyers who unwittingly obtain a stolen work often have to surrender it,” reported the Times.
“More commonly, though, ownership is muddy for more mundane reasons: an artwork may carry liens after being used as collateral for a loan, or a seller may not have full authority to sell the piece, as in a divorce … Dealers and auction houses have also found the insurance a useful tool”.
Argo chief executive Mark E. Watson III told the newspaper this new undertaking “presents the opportunity to do something no one else does.”
