Complex Made Simple

Zurich renews sponsorship of Christie’s Dubai auctions in Middle East

Leading global insurer Zurich extended its sponsorship of Christie’s Dubai sales, which began in 2012. Zurich provides advice to collectors on how best to protect their art and valuables when on display, in storage or transit.

Under the terms of the agreement, Zurich will continue to sponsor Christie’s bi-annual auctions in Dubai until 2017.

“Zurich shares Christie’s enthusiasm for fine art and collectables and we are proud to have helped collectors across the region protect their most valuable assets,” said Zahir Sharif, Retail Director for Zurich Insurance Middle East.

“The Middle East fine art market has undergone major transformation since we first partnered with Christie’s, and the art insurance industry that protects it is also thriving,” added Sharif. “It has been interesting to see the distinction between collector and investor blur as the market has matured. Consequently, art buyers are now more aware of the risks posed to their purchases. The sponsorship of Christie’s sales in Dubai provides us with a unique platform to continue this education process,” he continued.

Michael Jeha, Managing Director of Christie’s in the Middle East: “We couldn’t be more delighted to extend our existing relationship with Zurich. We thank them for their continued support of Christie’s at a time when the art from the region is recognized by an increasingly global audience.”

Zurich supports the region’s art collectors through its Private Clients division, which has specialized art industry knowledge to help collectors properly protect and insure their masterpieces.

Zurich’s Private Client team supports more than 250 art collectors in the region with artwork valued at over Dhs2.5n. It offers a number of exclusive services, including advice on storage and security arrangements, the provision of access to leading art valuation and restoration experts and complimentary cataloguing by the company’s in-house experts. Its insurance also provides unique benefits, such as coverage that allows for market appreciation of up to 150 per cent of the value of an artwork.

Christie’s next sale of Modern and Contemporary Arab, Iranian and Turkish Art will take place at the Jumeirah Emirates Towers Hotel in Dubai on October 21, 2014 and Fine Watches on October 22, 2014.