Hurricane Losses in Chelsea Total $40 Million

by Paddy Johnson on November 12, 2012 · 3 comments Newswire

David Zwirner after the hurricane. Image via Michael Neff

Our friends over at ARTINFO report that flooding damage claims in Chelsea currently total $40 million. This according to a statement sent by the art insurance company AXA Art this weekend.

That number excludes damages to gallery infrastructure including, computers, records, and the buildings themselves, not to mention damages incurred by non-AXA clients, so the real cost is likely to be much higher.

AXA’s CEO Christiane Fischer issued the following statement to AFC via email over the weekend:

Regarding questions whether policies will be cancelled automatically, the answer is a resounding no. However, in the post-Sandy environment at the time of renewal, AXA ART will look at each location and risk on its individual underwriting merit.

Looks like flood insurance might become a little pricier for those in Zone A in the months to come.

We wish the ADAA continued success as it aggressively fundraises on behalf of dealers and arts organizations effected by Hurricane Sandy. Chelsea needs the help.


WompinDavis November 12, 2012 at 4:04 pm

Oh no NOT THE ART!!! Forget everything else about the hurricane BUT NOT THE ART!!!! CALL IN THE HELICOPTERS!!! CALL IN THE RESCUE TEAMS WE HAVE TO SAVE THE ART!!!!

Brian Sherwin November 13, 2012 at 3:23 am

WompinDavis — Considering how much those galleries are worth to the US economy (art is kind of a big deal, yo)… um… it is a tad important to help them out. Paddy is not downplaying the problems faced by people outside of the art community. That said, I don’t see anything wrong with pointing out the problems faced by the NY art world…. the mainstream media dropped the ball on these issues.

Guest November 12, 2012 at 8:26 pm

You might want to know anything about the site before you act like a tool and make baseless assumptions.

Now go read this almost two-week-old article:

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