“We partner with galleries and dealers because we understand their unique challenges. Our commercial policies are built by collectors for collectors, ensuring businesses can focus on connecting art with its next steward.”
— Steven Bass, COO
Key risks faced by businesses – Commercial entities in the collectibles space encounter unique risks beyond those of individual collectors:
Property damage and theft – Galleries and dealers hold consignments from clients as well as inventory, increasing exposure to fire, flood, burglary and smash‑and‑grab theft. High‑value items may attract targeted criminal activity.
Transit and exhibition exposure – Works frequently travel between consignors, exhibitions, fairs and buyers. Transit is one of the largest sources of losses.
Consignment and bailment liability – Businesses are responsible for artworks and collectibles they do not own but hold on behalf of clients. Contracts must clarify who bears risk during exhibition or sale.
Professional liability – Dealers and auction houses can be held liable for misattribution, authentication errors or breaches of warranty of title.
Cyber and data risks – Auction platforms and galleries manage sensitive client information and online transactions, making them targets for cyberattacks.
WAX’s business coverage solutions
Dealer’s block policies – Cover inventory and consigned works in showrooms, offices, storage facilities and clients’ locations with high aggregate limits and low deductibles.
Transit & exhibition coverage – Provide “nail‑to‑nail” protection from the moment an item is removed from its wall or vault until it is safely installed at the destination. Coverage can include international fairs and museum loans.
Errors & omissions (E&O) coverage – Protects against claims of misattribution or authenticity disputes, including legal defense costs.
Cyber liability – Safeguards digital auction platforms and client data from hacking, ransomware and breaches.
General liability and workers’ compensation – Ensure that galleries and auction houses are protected against slip‑and‑fall claims and employee injuries.
Risk management support – WAX offers guidance on inventory management, security systems, packing standards and contract wording to minimize losses.
Real‑World Case Study
A dealer’s gallery was burglarized overnight, with several consigned paintings stolen. Because the inventory and consignments were covered under WAX’s Art Gallery policy, both the gallery and the consignors were reimbursed quickly, preserving relationships. Another auction house suffered a data breach that compromised client bid information; their WAX cyber policy covered notification costs and legal fees. Conversely, a small gallery lacking proper insurance was forced to close after a fire destroyed both their own inventory and consigned items.
Why choose WAX?
Unlike generic business insurers, WAX focuses exclusively on luxury assets and collectibles. Our underwriters understand market dynamics, offer flexible deductible and valuation options, and provide access to a network of fine art shippers, conservators and legal counsel. Businesses can manage policies digitally, obtain certificates on demand and adjust coverage as inventory fluctuates.
Frequently Asked Questions
Q: Does WAX insure museums and public institutions?
A: Yes. WAX provides coverage for museums, universities and public entities handling high‑value art and artifacts.
Q: Can we insure temporary exhibitions?
A: Yes. Transit and exhibition coverage can be arranged for short‑term shows.
Q: Are data breaches covered?
A: Our cyber policy covers incidents like hacking and ransomware.
Ready to protect your collection?
Businesses and brokers can request a quote through WAX’s digital portal or contact us for bespoke commercial coverage.
