Zurich insurance group will sponsor Christie’s sales in Dubai to support collectors of art in the Middle East.
Under the three-year agreement, the company will sponsor Christie’s bi-annual auctions in Dubai, with Zurich clients receiving additional benefits to help them protect their assets.
Christie’s sales in Dubai are held twice a year, with auctions of Modern & Contemporary Arab, Iranian and Turkish Art in April and October. As part of the agreement, selected Zurich clients will attend an exclusive presentation from Christie’s explaining how to buy and sell at auction, as well as attending a private preview of the pre-sale exhibition.
“Our Dubai auctions continue to act as a major catalyst in the development of the art market in the Middle East. Zurich has demonstrated a real understanding of the needs of collectors, and this partnership will further our efforts to grow the market here in the region,”said Michael Jeha, MD, Christie’s Middle East.
The alliance follows Zurich’s recent launch of bespoke insurance products created specifically for high net worth individuals, including a policy designed to cover art and valuables collections of this niche customer segment.
During its work with clients in the region, Zurich has observed that many underestimate the value of their collections. Accordingly, as part of the partnership with the auction house, Zurich clients will receive a 50% discount on Christie’s valuation service.
“Zurich shares Christie’s enthusiasm for fine art and collectables, and we are proud to help collectors across the region to protect their most valuable assets,” said Maroun Mourad, CEO, Zurich’s General Insurance Middle East.
“Our three-year alliance with Christie’s is part of Zurich’s wider commitment to play an active role in the development of the art market in the Middle East.”
Christie’s sale of Modern and Contemporary Arab, Iranian and Turkish Art will take place at the Jumeirah Emirates Towers Hotel in Dubai on Tuesday and Wednesday, April 17 and 18, 2012.