As the effects of the Covid-19 epidemic continue to spread, art market professionals are pinning their hopes on the cancellation cover. What do they cover? How can professionals invoke the guarantee? What are a gallerist’s rights if a fair is postponed?
The 33th Tefaf Maastricht closed on Wednesday 11 March, five days early, due to concerns related to the coronavirus.
The list of cancelled and postponed events grows longer every day. Meanwhile, gallerists see their turnover collapse. At the end of the chain, shippers are no better off. "One shipment after another is being cancelled,” says Axel Haddad, director of Fine Art at Grospiron. “But the lorry is already booked and the crates are already ordered and paid for. I won’t be refunded for any of these expenses. The cancellation of Art Basel Hong Kong cost me €150,000. Not to mention the problem of managing works stuck in transit and payment terms that are out of the ordinary, since the invoice arrives after unpacking." In this ominous context, everyone raises the cancellation cover spectre. But what does it cover? The cancellation cover is taken out independently on an annual or one-off basis. It can take the form of a "fully comprehensive except"…
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