The Peter J. Tobin College of Business’ Center for Executive Education (TCEE) at St. John’s University hosted its first “Art at Risk” conference on February 25 at the university’s Manhattan campus. The event brought together more than 100 insurance professionals to discuss the challenges and changes in insuring art and collectibles.
Panel discussions covered a range of topics, including underwriting, value assessment, and loss control for rare collectibles. Alliant Private Client sponsored the conference, which addressed trends such as the growth of digital assets like non-fungible tokens (NFTs), pop culture items, fine wines, spirits, and other unconventional collectibles.
Muys Snijders, Senior Vice President and Head of Art Services at Private Client Select, shared an example illustrating these new challenges: “We were recently presented with a collection of live snakes,” she said. “We went through this in a very methodical way. First, we discussed how to price the snakes to make sure they are not over or underinsured. We figured that out. Then we had to account for the condition of the snakes, including monitoring their food and vet appointments. Lastly, we had to decide what to do if one escaped. Ultimately, we decided we were not going to insure this collection.”
Experts noted that younger collectors from Millennial and Gen Z generations have less traditional tastes compared to older collectors. TCEE organized sessions with industry leaders to examine how these preferences are reshaping risk management practices.
Manuel Padilla ’92TCI—Vice President of Risk Management and Insurance at MacAndrews & Forbes in Manhattan and Adjunct Assistant Professor at the Maurice R. Greenberg School of Risk Management—moderated two panels focused on art finance and estate planning as issues arise with baby boomer collectors aging.
Mr. Padilla highlighted that managing risks associated with art requires more than just buying insurance: “It requires more than simply purchasing insurance,” he said. “We brought together risk managers, insurance professionals, and leading art experts for a comprehensive look at how art risks are evaluated, structured, financed, and protected across the market.”
The conference took place six months after high-profile thefts such as the $102 million crown jewels stolen from France’s Louvre museum—a case still unresolved despite several arrests.
Panelists also discussed how insurers must adapt as collectors move toward alternative investments like handbags or memorabilia from music or Hollywood industries instead of traditional artworks or vintage wine collections from previous generations.
Liz Von Habsburg—Cofounder and Executive Chair of Winston Artory Group—commented on these shifts: “They are buying vintage whiskey rather than wine, sports memorabilia—not the game-worn Babe Ruth jersey but things from their own generation.”
According to Ms. Snijders, this shift creates valuation challenges for insurers when assessing new types of assets.
TCEE provides professional development opportunities in leadership and management skills for individuals and organizations. The Greenberg School is recognized nationally; it was ranked 11th among undergraduate insurance programs by U.S News & World Report.
Attendees were welcomed by Henry “Hank” Watkins—the Greenberg School’s Executive Director—who remarked: “Fine art has always been near and dear to my heart,” Mr. Watkins said. “It is fantastic that we have so many professionals here supporting this event. It is a very vibrant environment here at St. John’s and we are all proud to be a part of that.”
St. John’s University supports initiatives through its centers focused on multicultural efforts both locally and globally (official website). The university operates campuses in Queens and Manhattan along with international sites in Rome, Paris, and Limerick (official website). Affiliated with the Vincentian Community (official website), St John’s offers over 100 undergraduate majors across six schools (official website) as part of its Catholic liberal arts mission (official website). Rev. Brian J Shanley O.P., serves as president (official website).
