Peter Bownes-Johnson, Founding Partner of Vizion Art talks to May Walker-Wallis, Head of Marketing, to give an insight into the world of Fine Art insurance.
MAY: How did it come about that you joined Vizion?
PETER: Having been in the art world for 11 years and the insurance world for many years prior to this managing operations and underwriters, it was an obvious transition to look to the future and see where my talents could be utilised. The Private Client world was the obvious choice.
Previously, I had spent time working as a Fine Arts Consultant for a London Lloyd’s broker; this gave me both the experience and exposure to both the London and international markets.
MAY: You are an ambassador for London Art Week and New York Drawings Week. How does this work alongside your role at Vizion?
PETER: It is so important for clients to review their insurance requirements every year a minimum. Particularly for those who have art collections, it is vital to enlist the help of someone who has specialist knowledge in this field. As an ambassador to London Art Week and New York Drawings Week, I work with world leaders in the art world and am therefore uniquely placed to utilise my knowledge of this sector to secure the right cover for valuable pieces.
Indeed, to stay current, it is imperative to keep up to date with trends in the market and to be involved in what is happening in the emerging markets. I attend and follow the sales at international auction houses across various subjects and connect with galleries both in the UK and internationally.
MAY: Is there one period or type of artwork you enjoy the most?
PETER: I look at art in its many forms. More and more over the years, I see how the modern and contemporary artists take lessons from the Old Masters and subtly put those techniques into their compositions. I love to see both modern artists and the Old Masters sitting comfortably and enhancing each other in people’s homes and art collections generally. I love the Old Masters’ prints; this is an area where many people can look to start their collecting experience at the same time as looking at the artists’ techniques.
MAY: We have seen a huge increase in the price of jewellery in recent years. Is this the same for artwork generally? Is it important to have it valued?
PETER: Most people look as art as those pieces that hang in galleries, museums and people’s homes. This has changed and has continued to change over recent years where vintage cars, boats, jewellery and furniture are now seen as art forms in their own right.
Prices have risen extensively in these areas and people are embracing these forms generally. It is difficult to predict where the markets will go and therefore it is so important that you seek advice on valuations and review your insurance requirements regularly to confirm your precious items are both secure and are covered with confidence.
MAY: One of the areas of the art world which has not ceased in lockdown is online auctions. How do these work?
PETER: In these times of lockdown certain auction houses have maintained a presence in the art market and are running online auctions. People continue to have an interest in the markets that are moving all the time and buyers are always looking for their next purchase. The online auctions have to an extent filled the void left by the suspending of live auctions. Having spoken to the major auction houses, it is clear that they are working towards their end of year sales when both buyers and sellers wll be looking to a degree of normality.
MAY: As well as insuring artwork, you also help source it. Tell me about that.
PETER: As a compliment to my understanding and involvement in the art world, a Florida gallery has put their trust in me and I am now looking to source exceptional pieces for their clients. At the moment, I am in the process of acquiring pieces for clients which brings a new dimension to my work and with it brings its own challenges which is great to be involved in.
