AXA Art Insurance has handed a cheque for £7,000 to The Art Fund, the UK’s leading independent art charity.

This was the generous sum raised through a private auction of damaged artworks, which gave AXA Art’s business contacts the opportunity to own pieces for a fraction of their previously insured value.

Andrew MacDonald, Deputy Director of The Art Fund, was presented with the cheque.  He said;

“We are enormously grateful to AXA Art for its ongoing support of The Art Fund and our vital work to secure works of art for public collections.  The auction of broken and damaged art was huge fun and I’m delighted that the funds raised will make a real difference to enabling more people across the country to enjoy great art.”

In all, 56 lots went under the hammer – most the subject of claims arising from last July’s floods across central and northern England – and were enthusiastically bid for by the 100-odd guests at AXA Art’s London office.

‘Chouette’, an unrestored Picasso ceramic dish decorated with an owl, acquired through the settlement of a £4,500 claim, fetched £500 – even though smashed into pieces. Other lots included etchings by the wildlife artist Helen Fay, a designer silver pocket watch by Marianne Forrest, damaged ceramics and Bakelite radios.

The most expensive lot was a large and striking 4th century stucco head of Buddha - a victim of transit damage that went under the hammer without reserve, despite a £7,073 settlement figure. Although now incomplete, it was bought unrestored for around £1,000 by Pauline Gilbert of Archibald Reid Insurance brokers, after a bidding war with loss adjuster Mark Dalrymple that silenced the room. Afterwards, the victorious Pauline commented:

“I have always been fascinated by Buddhism and have a few bronze Buddhas. This is the first piece I have ever bought at auction but I had to have it. It is rare that a person has the opportunity to buy something that is that special to them.”

AXA Art handles around 400 claims a year, mostly arising from accidental damage. In cases where conservation is unfortunately either too expensive or simply not possible, we settle in full and collect the object as salvage. Wherever possible we then either sell these objects or donate them for research and training purposes to institutions such as West Dean College and the Textile Conservation Centre in Winchester. Even so, AXA Art UK has over the years amassed a variety of broken, chipped, ripped and stained works, which until last night were stored in our London office.

Last ‘summer’, water-damage from flooding resulted in the majority of our claims for 2007. All claims are handled expertly by AXA Art Insurance, which has a first-class reputation for dealing immediately with all losses. Nevertheless, AXA Art’s Chief Executive, Annabel Fell-Clark says:

“Don’t wait for a flood to happen. Floods can occur very quickly and if you aren’t prepared now, you may not have time to get ready once the flooding starts.  Make sure you are covered in the event of a loss. If you are interested in insuring your art collection, whether it is private or a museum, ask your insurance broker to contact AXA Art for a quote.