ARTE Generali rolls out suite of solutions to meet Hong Kong’s growing need for personalised art insurance
- Forthcoming mobile app includes “My Art Market Trends” offering unique insights to help Hong Kong collectors negotiate and stay on top of artist developments.
- Digital tools to manage insured collections will bring needed simplicity to inventory management.
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In the dynamic world of fine art, the need for comprehensive protection is growing both in Hong Kong and globally. The art insurance market itself is experiencing significant growth, having grown between 3% and 7% annually from 2012 to 2022. This expansion is being driven by the increasing value of artworks paired with the rising number of art collectors and investors worldwide.
As Hong Kong continues to reinforce its status as Asia's premier art marketplace, with rising imports and exports, new cultural initiatives, and the highly anticipated return of Art Basel Hong Kong at full scale, ARTE Generali found itself well positioned to support these developments.
With an impressive track record across Germany, Austria, France, Italy, the United Arab Emirates and the United Kingdom, ARTE Generali identified Hong Kong as its natural next step and recently launched a solution for private collectors in partnership with Generali Hong Kong.
A timely roll out
Data from Art Economics reveals that in 2023, China—including Mainland China and Hong Kong SAR—reclaimed its spot as the second-largest art market globally, achieving a 19% share by value and sales estimated at US$12.2 billion. This performance marked a recovery from a sales low in 2020 and highlights the region's strong appetite for fine art.1
At the heart of ARTE Generali's Hong Kong debut lies a comprehensive range of solutions designed to meet the diverse needs of private collectors. Safeguarding cherished collections requires an ecosystem of end-to-end support, with personalised insurance offerings playing a key role.
ARTE Generali’s CEO Jean Gazançon says that it’s “important to not only provide tailored products but also expert guidance. This requires an intimate knowledge of the local ecosystem and connectivity to the full spectrum of art services – from valuation and packaging to transportation and restoration."
Initially focused on solutions for private collectors, ARTE Generali plans to roll out offerings for public institutions next year.
Today’s art market moves fast, which has created a need for simple and intuitive tools to help manage collections. Gazançon said that “ARTE Generali recognised early on that digital-led solutions were going to be key to delivering unique value and opportunities for collectors. For this reason, we’ve put a lot of effort into creating a seamless digital experience designed with the user in mind. From valuating to cataloguing to insuring, we’re developing tools that give confidence to users and drastically simplify inventory management.”
Among the digital solutions currently in development for Hong Kong is the ARTE Generali app, a comprehensive platform that caters to the diverse needs of art enthusiasts and collectors. Powered by AI specialist Wondeur, the app's "My Art Market Trends" feature provides a new digital standard in the art market, offering real-time insights into market developments of contemporary artists. This tool will empower users to make informed decisions and stay on top of need-to-know developments across the art world.
Despite strong growth in demand for art in Hong Kong, gaps in coverage are apparent. Part of the challenge is access to guidance on how to go about adequately protecting collections, which then requires the right solutions to be on hand.
By partnering with Generali Hong Kong, Gazançon is confident that ARTE Generali’s solutions will be well positioned to meet the prevailing needs in Hong Kong and integrate into the local ecosystem.
"We pride ourselves on a deep knowledge of our customers pain points and the challenges they face in acquiring and maintaining art pieces. Our solutions have been designed with these realities in mind because, ultimately, we want to give our customers peace of mind over their collections," he mentioned.
As ARTE Generali begins its journey in Hong Kong, its long-term vision encompasses the wider region. Rob Leonardi, Generali’s Regional Officer for Asia, emphasised that “Hong Kong is the perfect first step into Asia, given its storied art history, renowned institutions and growing attractiveness among collectors from around the world. It’s also the ideal springboard for advancing ARTE Generali’s strategy for the wider region, acting as a reliable base for capturing emerging opportunities in other key art markets in Asia.”
Given how quickly the art market is evolving both in Asia and globally, Gazançon summarised ARTE Generali’s next steps saying that “it’s necessary we remain adaptable to the behaviour and preferences of collectors. Continually revisiting where we offer our solutions and how we deliver these is and will remain an indispensable part of our Lifetime Partner promise to the art community.”