In 2025, more wealthy art collectors are making fine art a bigger part of their wealth, with about 20% of their portfolio invested in art, up from 15% just a year earlier. But as this interest grows, both collectors and insurers are becoming more careful about managing risks related to changing values and threats like climate disasters.
Blythe Hogan, vice president of arts and collections at Aon Private Risk Management, says things have shifted. Collectors are busier than ever, but insurers now want more than just basic security measures. They expect collectors to have clear, written emergency plans ready to act fast when trouble arises.
This is especially true in areas prone to natural disasters, such as Florida, California, and Colorado. In these places, insurers want detailed plans that explain who will protect the art, how it will be secured or moved, and what help is available during emergencies. For example, in Florida, some collectors store their most valuable pieces away during hurricane season. Wildfires bring a different challenge because they can strike with little warning, so the plans must balance protecting people and saving the art.
Insurers also want to know that collectors have steps in place after a loss. They need to see that damage can be documented quickly and that conditions can be stabilized before restoration experts arrive.
One of the biggest concerns is climate risk. Wildfires, smoke, and poor air quality can damage art even if the building itself is unharmed. Hogan shared stories of artworks needing to be moved due to smoke exposure alone. While insurers are cautious about areas like California and South Florida, they aren’t pulling out of these markets. Instead, they carefully check how much valuable art is concentrated in one location or storage facility to avoid too much risk in one place.
Brokers also play a key role in helping collectors avoid common mistakes. Many collectors do not keep their art’s values updated, which can cause problems when filing claims. Condition reports are essential, especially when art is moved or loaned, to avoid disputes about when damage happened. Moving art safely requires professional handling, using climate-controlled transport and careful documentation to protect pieces during transit.
Hogan pointed out a common misunderstanding: many collectors think their homeowners insurance fully covers art, but it usually doesn’t. Valuable items like art should have separate policies with higher limits and broader protection. Brokers help clients understand the difference between scheduled coverage—listing each piece individually—and blanket coverage that protects a group of items up to a total amount. This ensures that even smaller pieces or new gifts aren’t left out.
At the heart of it all, collectors see themselves as caretakers of culture and history, not just investors. They want to protect their collections for the future. Insurance is just one part of staying prepared. Having the right coverage, up-to-date paperwork, and clear action plans means collectors can recover quickly if something goes wrong and keep building their collections with confidence.