It was so much fun to participate yesterday in the Private Risk Management Association (PRMA) session "Gearing Up: Trends and Insights in Collector Cars and Memorabilia", timed to the Greenwich Concours, alongside fellow panelists David Kinney (publisher of the Hagerty price guide), Erin Haydon, ARM of Markel International, and Kunal Kohli of Private Client Select -- and expertly moderated by Ashley Mehyo of Distinguished Programs! It was a lively conversation about topics such as the distinguishing features of collector cars, recent market trends, changing risk characteristics, and claims. Thank you ORNARE for generously hosting the event!
So often we are bound to our specialties (love the British word "specialisms") that we don't get a chance to engage in such profitable dialogue across sectors, but conversations such as these are precisely what enrich our knowledge and sharpen our tools. It's especially valuable for those of us who work largely in the HNW + UHNW space, which is largely and perhaps increasingly defined by a cross-sector approach to collecting.
For comparative perspective, prices realized in the high end of the collector car market are broadly in league with those in the highest tranche of the art market, even if the volume of trade for ultra-valuable collector cars is not as robust as it is for a similar strata of fine art.
The highest price ever realized at auction for a collector car is $143 million for the Mercedes-Benz 300 SLR Uhlenhaut Coupé at RM Sotheby’s in 2022, over $90 million higher than than the 2nd highest auction record for a collector car. This price level would be exceptional even for fine art and yet, that year, Andy Warhol's "Shot Sage Blue Marilyn" fetched $195 million at Christie's, i.e., $52 million *more* than the Uhlenhaut Coupé.
In 2025, the second highest auction price was realized for a collector car when the Mercedes-Benz W196 R Streamliner sold for $53.9 million at RM Sotheby’s. That year six works of art sold publicly above that level.
We also discussed the high end of the market for automobilia. Just last week, a helmet worn by the late Ferrari driver Gilles Villeneuve in his last Formula One race sold for $1.25 million, a world record for a racing helmet. In 2023, a Musgo Gasoline advertising sign sold for $1.5 million (15x its low estimate). Seen within the context of the surging market for collectibles (comics, trading cards, sports and entertainment memorabilia, etc.), one has to reason to expect further growth in this market subsector.
The Art Market, Appraisals and Insurance: What Brokers Need to Know Now
Please join me for a webinar on April 29 at noon (ET), “The Art Market, Appraisals, and Insurance: What Brokers Need to Know Now,” presented by the Pennsylvania Chapter of the Private Risk Management Association (PRMA).
Here is the summary:
As the art market continues to evolve, so too does the landscape of risk, valuation, and coverage. Join David Shapiro, AAA, of David Shapiro Fine Art Appraisal + Advisory, for an insightful session that begins with an art-market update—highlighting key trends, sales, and shifts shaping collector behavior today. From there, we’ll explore why these changes matter for brokers, underwriters, and insureds alike, examining the critical “nuts and bolts” of fine art appraisal for insurance purposes. You’ll gain a deeper understanding of how value is defined, the nuances of different appraisal types, and how accurate valuations support better coverage and claims outcomes.
PRMA blog post: The Art Market Is Moving Fast: Here’s Why Appraisals and Insurance Matter More Than Ever
Following my recent webinar, Private Risk Management Association (PRMA) summarized the program in a blog post, "The Art Market is Moving Fast: Here's Why Appraisals and Insurance Matter More Than Ever".
Their blog post covers topics in the presentation including:
-- A market of extremes
--The rise and fall of emerging artists
--The risk of underinsurance
--Appraisal standards
--The expanding world of collectibles
--The benefits of staying proactive
Drawing from the webinar, PRMA has also assembled an Art Market Volatility Watchlist, alerting brokers, underwriters, collectors, and their advisors to some key points regarding shifting values in the present market.
Recommendations in this Watchlist include the following, concerning what to look for in an appraisal report and when works of fine art should be reappraised for insurance purposes.
PRMA: East Coast Private Client Catastrophe Planning Session
It was a pleasure speaking to the East Coast Chapter of PRMA about partial loss-in-value appraisals at the Gallagher offices in New York. Below is a slide from the presentation that summarizes some of the factors that can affect the relative loss in value (LIV) sustained by a work of art that has been damaged.
PRMA, New York Metro Chapter: East Coast Private Client Catastrophe Planning presentation
I will be speaking about partial loss-in-value art appraisals in the Private Risk Management Association (PRMA), New York Metro Chapter's East Coast Private Client Catastrophe Panning presentation on March 19, joining experts in adjacent fields to address this important and timely topic. Sign up here. Full event description below. I look forward to seeing you there!
Please join the NY Metro Chapter of the Private Risk Management Association (PRMA) for an enlightening panel discussion focused on catastrophe planning within the private client insurance sector. This event promises to be an invaluable opportunity for professionals seeking to deepen their understanding of risk management strategies. During the panel discussion, industry leaders will address the unique risks faced on the East Coast and explore key considerations for effectively managing these risks on behalf of our clients.
In addition to the panel discussion, the event will feature a Risk Management Gallery, where subject matter experts will be available to share their insights and expertise on topics such as disaster mitigation, post-loss fine art appraisals, and textile restoration.
We look forward to your participation in what promises to be a highly informative and engaging event.
Space is limited. Please register as soon as possible to guarantee your spot.
We will be providing delicious food and drink for all attendees as well. Hope to see you there!
The NY Metro Chapter Committee Members:
Kurt Thoennessen, CAPI – Arthur J. Gallagher & Co.
Dana Acabbo - Make the Switch Insurance
Mike Smerkanich, CAPI, CPRIA – WTW
Kathleen Atkins – Hub Private Client
Jennifer Brown – Art Peritus
Hannah Noel Brudnicki – Nomadx
Hannah Iversen, CAPI, CPRIA – NFP
Kelley Beach - Marsh McLennan Agency
Alex Horowitz - Berkley One
Michael Kelly - Smith Brothers Insurance, LLC. USA
Kevin F. Madden - Amwins
Chris Martens – Assured Partners
Zyggi Nemzer, CAPI, CPRIA - USI Insurance Services
Phillip Rehg, CPCU, CPRIA - HUB International
David Shapiro – David Shapiro Fine Art
Alison Sweeney – Distinguished Fine Art & Collectibles
Jennifer Najeer – Arthur J. Gallagher & Co.
Jake Dimitro – Fabric Renewal
Podcast episode: PRMA edition
It is honor to be back on the Private Risk and Resilience Podcast today as the guest of Episode 34, speaking with Kurt Thoennessen, CAPI about trends in the art market and about the upcoming Private Risk Management Association (PRMA) summit in Arlington, Texas. Tune in here.