London, UK (15th March, 2011): TEFAF's annual Maastricht Fair remains the pre-eminent heavyweight on the global fair circuit. Hiscox estimates the total value of the works on exhibition this year will be USD 3.2 billion. Robert Read, fine art expert at specialist art insurer Hiscox, comments:
The art on sale at this ten-day fair is equivalent to nearly 40% of the combined turnover of Sotheby's and Christie's in 2010. It is widely assumed that the top end of the secondary art market* is a duopoly of Sotheby's and Christie's, but Maastricht is proving just as significant. It is extraordinary that this obscure corner of the Netherlands has come to rival the art market hubs of New York and London."
Ends
For further information please contact:
Hiscox Ltd
Abi Clark 020 7448 6470 [email protected]
Notes to editors
* The secondary art market refers to dealers or collectors who are selling works already in the market. The primary art market refers to when art is being sold for the first time
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.
For further information, visit www.hiscox.com .
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