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
Ends
For further information or to arrange an interview with Robert Read, please contact:
Hiscox Ltd
Johanna Boland
Group Communications
+44 (0)20 7448 6494
johanna.boland@hiscox.com
Saira Khan
CJP Communications
+44 (0)20 7074 1837
skhan@cjpcom.com
Notes to editors
About Hiscox
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.
Hiscox Ltd is a Bermuda-based diversified international insurance company. The Company is a holding company for subsidiaries involved in the business of insurance and reinsurance in Bermuda, the United States, the United Kingdom, Guernsey, Europe and Asia. The Companyâs segments include Hiscox Retail, Hiscox London Market, Hiscox Re & ILS and Corporate Centre. The Hiscox Retail segment includes results of the Companyâs retail business divisions in the United Kingdom, Europe, United States and Asia. The Hiscox UK and Hiscox Europe divisions underwrite personal and commercial lines of business. The Hiscox USA division comprises commercial, property and specialty businesses. The Hiscox London Market consists of the internationally traded insurance business, including lines in property, marine and energy, casualty and other specialty insurance lines. The Hiscox Re & ILS segment is the reinsurance division of the Company, combining the underwriting platforms in Bermuda and London.