AXA ART

AXA ART

December 07, 2011 14:05 ET

AXA ART Recognizes Armstrong Fine Art Services

1st Canadian Art Storage Facility Receives artprotect™ Certification

TORONTO, ONTARIO--(Marketwire - Dec. 7, 2011) - Storage plays an important role in safe-guarding cultural properties for many museums, galleries, and private collectors worldwide. AXA ART is proud to recognize one of Canada's foremost art storage facilities, Armstrong Fine Art Services (Armstrong) as the first warehouse in Canada to achieve the coveted artprotectcertification, a rating standard of best practices.

The Armstrong storage facility was assessed for specific risk/safety factors against agreed criteria through AXA ART'S global risk management program artprotect. Armstrong's impressive results will be recognized by AXA ART's senior management at a special event in Toronto on December 7, 2011.

Ann-Louise Seago, Vice President of AXA ART in Canada acknowledged that, "In seeking this designation, Armstrong Fine Art Services exhibited the true meaning of stewardship. They took the time and resource to focus on what is paramount for the protection of valuable fine art and collectibles entrusted in their care daily".

One of the most devastating art warehouse disasters on record destroyed an estimated $100 million in fine art, including works by Damien Hirst and pieces from the Saatchi Collection. Beyond the financial loss, the London Momart warehouse fire in 2004 destroyed a vast treasure trove of cultural history that cannot be replaced. This event, coupled with additional losses at storage facilities caused AXA ART to carefully re-assess its assumptions about the fine art warehousing industry.

Further evaluation uncovered that the fine art warehouse industry operates without standardized safety regulations or even a loose set of best practices guidelines. Currently there are no known or recognized standards by which art storage facilities can be assessed to assure the optimal safety of their contents.

AXA ART Insurance Corporation hired Global Risk Partners to develop a web-based Global Risk Assessment Platform (GRASP) to create and manage a risk assessment system for evaluating different storage facilities. Today, GRASP is part of AXA ART's worldwide risk management initiative called artprotect™.

"AXA ART is working to redefine standards in the industry through its worldwide risk management initiative artprotect, a program which we believe reflects what is needed for the protection of increasingly valuable art", Seago concluded.

For more information on AXA ART and artprotectvisit www.axa-art.ca.

For more information on Armstrong Fine Art Services visit http://shipfineart.com/.

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