Welcome to our latest news roundup, which combines industry news and views with interesting stories from the world of collections, luxury goods and other stories focusing on private clients.
Your feedback remains as important as ever to us, so please do tell us if there are other areas you would like to know more about.
We will be writing about the world of collectable sports footwear very shortly. Collecting sneakers (or indeed trainers!) is a global market and, as with many similar items, it is important that your insurance policy recognises the difference between shoes for regular use and a collection.
Whilst it is not uncommon for trainers to command prices into the hundreds of pounds, those worn by famous people command much higher prices – in some cases, a lot higher!
Sotheby's held their first luxury brands sale in Las Vegas at the end of October and among the lots were a pair of Nike Air Ship basketball boots worn by Michael Jordan during his fifth NBA game in November 1984. They are the earliest pair of shoes worn by the legendary player yet to be offered for sale and fetched an astonishing USD$1.47million. Surprisingly, this is not the highest price paid, as a pair of prototype Nike Air Yeezy shoes owned by Kanye West sold for a reported USD$1.8million earlier this year.
Excess baggage – and watch this space
News from South Korea next, with reports that Chanel and Hermes are to limit purchases of their most popular handbags to one per person annually, due to a growing shortage in supply.
Despite increasing prices three times already this year, Chanel has taken this step following a surge in buying (with many customers queuing for hours) to be sure of adding the latest bag to their collection. The policy applies to their Classic Flap and Coco Handle models, which are the most popular and small leather items will be restricted to no more than two per customer a year.
The news comes less than a week after Rolex took the unusual step of making a public statement on global shortages of its watches. You can read more about this here.
Whilst Chanel have made no comment about supply chain issues elsewhere in the world, it remains important that your insurance policy provides cover if a lost or badly damaged item cannot easily be replaced.
Another Old Master resurfaces
It is always exciting when news breaks of a work of art returning to the public eye, especially when it is a Van Gogh. Christie's in New York recently announced that it had brokered a deal for his watercolour depicting wheatstacks in a Provencal field, which was last exhibited publicly in 1905.
The painting was completed in 1888 and sold as part of a collection of three Van Gogh pieces in a complex deal involving three parties at an estimated USD$70m. The wheatstacks work is estimated to fetch between USD$20-30m.
Moving west to Las Vegas and eleven works by Picasso, that had been on display at the world-famous Bellagio hote,l sold for USD$110million. The collection, sold by Sotheby's, was started by the former owner of the hotel Steve Wynne and comprised nine paintings and two ceramic sculptures.
The most expensive piece was the 1938 painting 'Woman in a Red-Orange Beret'. The work featured Picasso's muse and partner Marie-Therese Walter. It sold for $40.5m, comfortably exceeding its pre-sale estimate of $20-30m.
Fine wine – a market overview
We have written about collecting and investing in wine before and the Cult Wines report recently caught our eye. This excellent overview summarises market trends, analyses performance by type and region and looks ahead to identify wines which are appreciating.
You can read the full report here.
Watching your Rolex
Thieves dubbed 'The Rolex Rippers' by the press appear to be targeting older men wearing expensive watches. They are believed to have struck more than twenty times across the South, usually at golf clubs and affluent areas and using the pretence of being charity workers asking targets to sign petitions, pretending to be lost and seeking directions, or simply resorting to forcibly removing watches from the wearer.
We have previously reported on the shortage in supply of luxury watches, notably Rolex. Police have urged vigilance and it is worth bearing in mind also that should you suffer the misfortune of a watch theft or loss, it may not be possible to immediately replace the item. Limited edition watches also tend to appreciate, so regular valuations are advised to ensure that you have sufficient cover should you need to claim.
Time to be careful
We are used to lighter mornings and darker evenings at this time of year as the clocks go forward but it is also worth remembering that longer hours of darkness offer criminals greater opportunity for illegal activity.
Police forces throughout the UK anticipate a spike in burglaries as autumn makes way for winter every year and we have created a brief checklist of things that you can do to reduce the risk to your home.
• Lights – thieves usually select properties which appear to be empty so leaving a light on when you go out can be a deterrent. Likewise, using a timer if you are away for an extended period is a good idea.
• Always lock all windows and doors when you go out – as temperatures drop, many of us will leave fewer windows open, but it is always worth checking before you leave the property.
• Make sure that valuable items are not on view and a target for an opportunist thief.
• Remove keys from view – house and car. There has been a significant increase in car theft using keys, where criminals either break into the property or 'fish' them out through a letterbox.
• Make sure that intruder alarms are in full working order and that maintenance contracts are up to date.
• Consider installing video doorbells or CCTV, preferably remotely monitored so that any attempt to illegally enter your property is picked up and police alerted.
• If you notice suspicious activity, then call the police on 101.
The name's Bond
As fans of the world's most famous spy finally get to see Daniel Craig's last outing as 007, the world of film memorabilia is a subject we will be putting under the spotlight very shortly, with a focus on items relating to the 25 Bond movies over an almost sixty-year period.
Bonhams have kindly given us some insight into what makes Bond memorabilia consistently popular with both collectors and movie fans and we will be publishing this article soon.
Cyber cover takes to the high seas
As superyachts become increasingly reliant on digital technology to improve safety, functionality and reliability, and with cyber-crime showing no sign of abating, Lockton is able to provide a cyber solution to owners of vessels which might be vulnerable to attack.
Beazley has launched a cyber policy designed specifically to protect superyachts with benefits including the following:-
• Affirmative service-led product to cover physical or threatened damage of the vessel.
• Additional cover for loss of use of vessel and, by endorsement, cover for extortion
• Defined cyber event peril including malicious and non-malicious events, not including crew negligence
• Service limits for temporary replacement yacht, emergency accommodation, privacy crises response
• Post-bind risk assessment preparation services
• Post-event 24-hour response services including forensic investigation & restitution
• USD$25m aggregate policy limit
• Crew training provided in partnership with Warsash Maritime School, part of Solent University.
Fire in the home
For most of us, the thought of a fire breaking out in our home is a frightening one. There are some things that you can do to reduce the risk of a fire starting and a number of common hazards that can lead to domestic fires.
• Candles – whilst they undeniably add atmosphere to any home, candles should always be placed on a fireproof surface, where they can't easily be knocked over and away from combustible furnishings and materials.
• Electrical items – wherever possible, unplug and switch off at the socket. Charging things like phones and laptops should ideally be done during the day and not overnight, particularly not in the same room that you or other family members sleep.
• White goods – some electrical items need to be switched on constantly, such as fridges, washing machines and televisions. Routinely check plugs and cables for any signs of damage and avoid overloading sockets. Clean items where necessary to avoid a build-up of contaminants which might cause the item to short circuit during routine use.
• Vehicles – we are increasingly buying electric vehicles, both for regular use and also around our properties (recreational vehicles such as scooters and all-terrain machinery for example). Follow the same safety guidelines as for any other electrical item.
Finally, you should always have electrical work in your home carried out by a qualified electrician.
Lockton is on hand to provide any further guidance or assistance you may require. We can undertake a review of any existing policies to ensure that all of the subjects we have outlined which are of relevance to you and your household are insured correctly. We can design simple and cost effective solutions to protect the things that matter.
Please contact us using the details below.