London, UK (6th October, 2011): Ahead of this year's Frieze Art Fair Hiscox estimates that the total value of art on show will be USD 350million. Robert Read, fine art expert at specialist art insurer Hiscox, comments:
"The wealthy are hoarding cash as the world's developed economies lurch from one crisis to another. It will be interesting to see if they will be tempted, at Frieze, to buy the cutting edge contemporary art on offer - in what has been and continues to be the most volatile and speculative sector of the art market."
Recent Hiscox estimates:
- Frieze 2010 - USD 375 million
- Maastricht 2011 - USD 3.2 billion
- Basel 2011 - USD 1.75 billion
For further information or to arrange an interview with Robert Read, please contact:
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Notes to editors
Hiscox, the international specialist insurer, is headquartered in Bermuda and listed on the London Stock Exchange (LSE:HSX). There are three main underwriting parts of the Group - Hiscox London Market, Hiscox UK and Europe and Hiscox International. Hiscox London Market underwrites internationally traded business in the London Market - generally large or complex business which needs to be shared with other insurers or needs the international licences of Lloyd's. Hiscox UK and Hiscox Europe offer a range of specialist insurance for professionals and business customers, as well as high net worth individuals. Hiscox International includes operations in Bermuda, Guernsey and USA. Hiscox Insurance Company Limited, Hiscox Underwriting Limited, Hiscox Europe Underwriting Limited and Hiscox Syndicates Limited are authorised and regulated by the Financial Services Authority.