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art, risk management, & “rolling disasters” as the new normal

There is worry in the insurance industry that “rolling disasters” may become the new normal, the effects of climate change that many scientists believe have resulted in dryer conditions in the west coast and more intense hurricanes in the east coast. “Climate change is a great concern to the art insurance industry, particularly because of the hurricanes we are seeing,” Quinn said. Both AXA and Chubb are active in promoting research in climate change, recognizing that catastrophic natural events may prove to be an annual occurrence.

Insurers are concerned especially over works of art in private homes.

Insurers in areas such as California may seek to limit their risks. The extent of the damage in regions of California affected by the recent wildfires, for instance, may well increase the cost and limit the availability of fine art insurance.

See:

“As Natural Disasters Loom, What You Should Know About Insuring Your Art” | Daniel Grant, The Observer, 18 January 2018

#art #artmarket #collections #collectionsmanagement #insurance #fineartinsurance #climaterisk #risk #riskmanagement #fire #wildfire #hurricanes #flooding #risingseas #luxury #smartluxury #resilience #realestate #CO2 #H2O

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Houston, Harvey, & post-natural-disaster residential patterns

Sarah Zhang of The Atlantic spoke with Princeton University and UCLA economist Leah Boustan about Houston and Hurricane Harvey. They discussed to what extent the natural disaster that befell Houston might serve as an impetus for residents of Houston to migrate, to move elsewhere.

Dr. Boustan and her colleagues Matthew Kahn, Paul Rhode, and Maria Lucia Yanguas have tracked the effect of natural disasters on economic activity in US counties. Their study has included an examination of migration after 5,000 natural disasters in the United States between 1920 and 2010.

The following excerpts follow Ms. Zhang’s transcription of Dr. Boustan’s discussion.

Risk & infrastructure

Boustan: We do find a migration response to an event like that. But for a very severe disaster—and Harvey looks like it’s going to be in that category—the response is twice as large.

Part of that has to do with people learning about the risk factors. Maybe they didn’t know the area they’re living in is so susceptible to storms.

Part of it is watching whether the existing infrastructure really works. There’s discussions now about Houston not really having enough of a drainage system. People might have known, yes, there are tropical storms, but they may not have understood the tropical storm is going to be such a devastating effect.

FEMA & centralized disaster response

Boustan: FEMA started in the early ’70s, and it gets its own independent status as an agency in ’78. We looked at before and after the ’70s, there was a hypothesis, well—and I’ve heard a lot of this post-Harvey—that when you have centralized disaster response, there’s not really an incentive to move out.

Moral hazard

Zhang: This is the idea of “moral hazard”: When you’re protected from the consequences of your actions, you take more risks.

Boustan: Right, like there’s going to be big government payout, and that encourages people to stay put in places that are risky. You know you’ll get your FEMA payout. We actually didn’t have any difference of course in the migration response before and after FEMA.

Centralized government response & disasters are getting worse

Boustan: But of course, this is really just a before and after, and there’s a lot things about the ’40s, ’50s, and ’60s, that could be different about the ’80s, ’90s, and 2000s. In particular, you can really see the number of disasters and severity of disasters increasing. There are two things going on that could be kind of confounding. On one hand, there’s government response. On the other hand, disaster activity is getting worse. We can’t really separate those two things, but it looks like because disasters are getting worse, there’s just as much of a migration response more recently than there was in the ’30s, ’40s, and ’50s.

See:

“Will People Return to Houston After Hurricane Harvey?” | Sarah Zhang, The Atlantic, 3 September 2017

#Houston #HurricaneHarvey #Harvey #naturaldisasters #migrations #realestate #realestatemarket #market #risk #FEMA #economics #Princeton #UCLA

 

 

 

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a helpful guide to settling post-disaster insurance claims

If you have sustained a major loss from Hurricane Harvey, Hurricane Irma, or from a flood, tornado, earthquake, or fire, here is a useful guide to follow.

The guide was prepared by Bernice Ross with information from Scott Friedson. Mr. Friedson is a public insurance adjuster (PA) and the CEO of Insurance Claim Recovery Support. Ms. Ross sustained over $100,000 of damage to her house from the Northridge earthquake in 1994.

what does a public insurance adjustor do?

“‘a good PA will be your advocate with the insurance company and will negotiate on your behalf to settle your insurance claim’”

Be safe.

Immediately notify the insurance company that you have a claim.

“By filing your claim right away, you are more likely to settle your claim quickly and to find a quality, local contractor. The sooner your claim is settled, the faster you can get your life back to normal.

“To file your claim, contact your local agent, call the special 800 number the company sets up, log into your online account or visit a mobile claims center.

“Flood insurance is separate from your homeowner’s policy and can be issued through the National Flood Insurance Program (NFIP). If you have purchased flood insurance, your insurance agent will generally assist you in beginning the filing process.

“Unfortunately, if your home was flooded and you did not purchase flood insurance, you have no coverage. Nevertheless, there may be government assistance programs available. Visit DisasterAssistance.gov and FloodSmart.gov. for more information.

“The good news is that if you purchased “comprehensive” coverage on your vehicle insurance and your vehicles sustained flood damage, they should be covered.”

Establish the pre-loss and post-loss condition of your property.

Pictures, videos, documentation.

Know whether your policy requires you to mitigate damages.

To mitigate damage = to take steps to prevent further damage

Find out what the provisions for “loss of use” and “displacement” are in your policy.

When you contract to have work done, it is recommended that you only work with vetted local contractors who are willing to warrant their work.

Examine your policy: Do you have “cash” or “replacement value”?

“cash value” policy – pays on the depreciated value of your property

“replacement value” policy – provides you with the full cost of replacement

Avoid lawsuits.

Avoid bad apples.

See:

“Settling post-catastrophe insurance claims: What agents should know” | Bernice Ross, Inman, 5 September 2017

#Harvey #HurricaneHarvey #Irma #HurricaneIrma #hurricane #tornado #flood #catastrophe #insurance #claims #realestate #art #risk #resilience

 

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“blockage” & the valuation of damage to art for an insurance claim

Ronald D. Spencer, Chairman of the Art Law Practice at the New York law firm of Carter Ledyard & Milburn LLP, addresses the issue of the valuation of loss or damage to art for an insurance claim. He specifically addresses the use of, and questions the appropriateness of the use of, “blockage” and “blockage discounts” as applicable standards for interpreting the loss valuation provisions of an insurance contract.

The insurance coverage amount is the maximum amount the policy will pay. This amount provides the basis for calculation of insurance premiums. Most insurance claims do not involve claims for the full coverage amount.

The methodology used by the insurer to value a damage claim is a relevant variable for the insured. Most art insurance policies are vague, however, on the valuation method, “providing, simply, that in the event of disagreement on the value of the loss, the insured and insurer will each retain their own appraisers, and if the appraisers do not agree on the value of the loss, the dispute is to be submitted to an umpire or arbitrator, whose decision will be final.”

New York’s Bruce Silverstein Gallery suffered loss on October 29, 2012 caused by flooding during Hurricane Sandy. The gallery had an “All Risks Fine Art Dealers Floater” insurance policy with a “Basis of Valuation” provision stipulating that “consigned property shall be valued at the Agreed Net Consigned Value Plus 10%.” The concept of “blockage” was applied by the umpire representing the gallery’s insurance company. This was the first time the concept of “blockage” for art sales, which first arose in 1972 in the context of art valuations for estate tax purposes, was applied to an art valuation for purposes of calculating a loss for an insurance claim.

When valuing the loss of many artworks, the concept of “blockage” values works as they could be sold on one particular date, the date of the disaster (or death, in the framework of estate sales) on which the loss takes place. Blockage discounts the present value of the works of art based on future streams of income from sales over the period of time it would require to sell the art.

The application of blockage is considered to be consistent with USPAP Standard 6 which provides that when a large mass of property is to be valued as of a specific date, the appraiser is required to take into account that the value of the whole may be different from that of the individual parts.

Mr. Spencer observes that “by choosing to apply a blockage discount to an insurance loss valuation, an umpire, in effect, is deciding that the insurance loss should be determined by the price a bulk buyer of the art at the date of loss would be willing to pay.”

He observes, further, that “the art owner should understand that the result of a blockage discount for the owners’ insurance claim is that the more art the owner has lost, the less the insurer will pay per item—the larger the volume of art lost, the greater the blockage discount for each piece.”

See:

“Think Your Art Is Adequately Insured? Here Are a Few Insider Strategies to Help Minimize Your Risk” | Ronald D. Spencer, artnet.com, 8 September 2017

#art #artmarket #artcollections #collectors #galleries #insurance #fineartinsurance #blockage #blockagediscount #risk #hurricane #Sandy #Harvey #Irma #NewYork #Houston #MiamiBeach #appraisals #valuations #finance #tangibleassets #contractlaw

 

 

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company cash flows at risk due to climate change

Between 15% and 20% of company cash flows are at risk, on average, because of climate change.

This is according to an analysis developed by global asset manager Schroders. As of March 31 of this year, Schroders is responsible for the management of £416.3 billion (€486.7 billion, $520.6 billion) of assets.

Says Schroders’ Andy Howard, global warming “is a real problem, not just a societal one but a financial one.”

This month Schroders has introduced a tool, a Climate Progress Dashboard, to track, based on 12 indicators, climate change progress. The indicators include coal production, carbon prices, corporate planning, renewable capacity, oil and gas investment, and political ambition.

The Schroders Climate Progress Dashboard will provide a snapshot of likely temperature rises based on the indicators and will help its fund managers “evaluate the challenges ahead”.

The Schroders Climate Progress Dashboard currently predicts that global temperatures are on course to rise by four degrees above pre-Industrial Revolution levels.

PKA, the Danish pension fund, has demanded that companies take action to protect their business models from climate change. Such action would include reducing their reliance on fossil fuels or moving towards greener energy. PKA is divesting “from certain companies involved in energy and carbon-intensive extraction methods, which we do not believe fit in a low-carbon economy.”

See:

“Schroders Launches Climate Progress Dashboard, Tracks Current Course Of 4°C Warming” | Joshua S. Hill, CleanTechnica, 19 July 2017

“Schroders launches Climate Progress Dashboard” | Schroders, 17 July 2017

“Schroders issues climate change warning” | Attracta Mooney, The Financial Times, 15 July 2017

“Danish pension fund PKA dumps Canadian oil” | Attracta Mooney, The Financial Times, 14 April 2017

#Schroders #assetmanagement #globalwarming #finance #risk #PKA #Denmark #climaterisk #resilience #realestate #business

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coastal property, coastal property values, & flood risk

For those considering an investment in real property (residential or commercial) along the eastern seaboard of the United States, insights are offered in an article published in April by the New York Times, “When Rising Seas Transform Risk Into Certainty” (Brooke Jarvis, 18 April 2017).

Some highlights follow. The upshot? Conduct your discovery and due diligence carefully. Try to think long-ish term (what are your long-term investment investment horizons, when do you plan to exit, e.g., sell your house or property, etc.). Consider a  variety of numbers (not only interest rates, number of bedrooms and bathrooms, square footage, appraisals, etc., but also sea levels, projected sea levels, flood zones, insurance premiums, any projected rise of insurance premiums, etc.). Ask your lender (if you are financing), real estate professional, and insurance professional lots and lots of questions.

  • Economists aren’t sure if coastal property values will decline gradually, as the life expectancy of homes shrinks, or precipitously, “the first time a lender refuses to make a mortgage on a nearby house or an insurer refuses to issue a homeowner’s policy.” (Sean Becketti, chief economist, Freddie Mac)
  • “Hundred-year flood zone” | A hundred-year flood zone sounds like sounds like a factor of time, as if the land were expected to flood only once every 100 years. What it really means is the land has a one percent (1%) chance of flooding each year.
  • If the property that you are considering buying is in a “hundred-year flood zone,” then in order to get a federally backed mortgage, you will be required to pay for flood insurance through the National Flood Insurance Program (N.F.I.P.).
  • Congress created the N.F.I.P. (the National Flood Insurance Program) in the late 1960s
  • The N.F.I.P. was intended to encourage safer building practices
    • The N.F.I.P. offers insurance coverage, some of it subsidized, to communities that meet floodplain-management requirements;
    • People that want to buy a house in a flood-prone area are required to buy N.F.I.P. insurance coverage.
    • The N.F.I.P. provides grants for mitigation projects, like elevating houses, meant to reduce flooding damage.
  • Critics of the N.F.I.P. observe that N.F.I.P. flood insurance, by bailing people out repeatedly and by spreading the true costs of risk, incentivizes people to build, and stay, in flood-prone areas instead of encouraging safer building practices.
  • As storm damage becomes more costly, the N.F.I.P. is getting deeper and deeper (in the order of tens of billions of dollars) into debt. The expense of insuring coastal properties is increasing. Taxpayer-subsidized premiums are not able to meet the costs of insuring the coastal properties.
  • In 2012 and 2014, Congress responded to the N.F.I.P.’s troubles with bills known as Biggert-Waters and Grimm-Waters.
  • The Biggert-Waters bill of 2012 cut subsidies and phased out grandfathered rates so that premiums would start to reflect the true risk that properties face, achieving “actuarial soundness.”
  • Prospective buyers are disturbed less about the risk of high waters and more about the certainty of high premiums.
  • Insurance provides stability, both financial and mental, in an uncertain world, and implies “mastery of risk”.
    • As waters rise, flooding in low-lying places without sea walls will become more and more common.
    • The presence of water will become less about chance and more about certainty.
    • Few insurers are willing to bet against a certainty.
  • The math of the “collective hedge against helplessness” (insurance) in the face of climate insecurity will get harder.
  • AIR Worldwide models the risks of catastrophic events for insurance companies and governments.
  • According to AIR Worldwide, $1.1 trillion in property assets along the Eastern Seaboard lie within the path of a hundred-year storm surge.
    • $1.1 trillion represents only the risk on the East Coast under current sea levels.
  • According to a 2008 analysis by Risk Management Solutions (R.M.S.) and Lloyd’s of London, annual losses from storm surges in coastal areas globally could double by the 2030s.
  • In 2015, the N.F.I.P. asked R.M.S. and AIR Worldwide to update its modeling of financial exposure from possible storms to properties it insures across the country
  • In 2016 and 2017, the N.F.I.P. transferred some of its risk to large, private companies known as reinsurers (insurance for insurance companies)
  • A vote to reauthorize (or not) the N.F.I.P. is scheduled to take place in September of this year
  • Some believes it is time to start limiting coverage for properties that are flooded over and over.
    • Multiple losses “should force us to shift our position where we make an offer of mitigation to a homeowner, and if they do not choose to take it, we don’t renew their policy.”
  • Flooding is the most common, and most expensive, natural disaster in the United States.
  • Private insurers have long declined to cover flood risk.
  • Some private insurers are beginning to show an interest in covering flood insurance for the first time.
    • Again, prospective buyers are disturbed less about the risk of high waters and more about the certainty of high premiums.
    • The end of subsidized coverage and the possibility of higher premiums encourages private insurers
    • As flood insurance premiums increase,
    • private insurers have a greater incentive to compete.
    • Private insurers can seek and obtain private underwriting from companies such as Lloyd’s of London and A.I.G. subsidiaries.
  • More accurate risk analysis, with powerful computers running more simulations that include more variables, also incentivizes private insurers
    • Premiums from private insurers can now cost 30 to 35 percent less than those policies bought through FEMA
    • Yet, private companies issue such policies in the belief that the outcomes against which risk is covered will not occur
    • Private insurance is “of course” not interested in covering severe-repetitive-loss properties or buildings whose exposure is higher than what can be recouped in premiums.
  • Mike Vernon, an insurance agent in the Hampton Roads area of Norfolk/Virginia Beach, gets most of his business from referrals from real estate agents. He observes
    • “We’re often actually making the building worse to bring down premiums,” filling in basements, or preparing a house to let water flow through it instead of keeping it out (yes, the house may be damaged by moisture, but at least it won’t be pushed off its foundation). “Or we’re eliminating something good, like a sunroom on a slab.”
    • “People are getting killed. To an appraiser it’s still worth $300,000, but to the real world it ain’t worth nothing, because it’s not going to sell.”

See:

“When Rising Seas Transform Risk Into Certainty” | Brooke Jarvis, The New York Times, 18 April 2017

The National Flood Insurance Program (N.F.I.P.) | FEMA

“Biggert-Waters Flood Insurance Reform Act of 2012 Timeline” | FEMA

“H.R. 3370 – Homeowner Flood Insurance Affordability Act of 2014” | 113th Congress, Congress.gov

#realestate #risk #riskmanagement #propertyvalues #floodrisk #insurance #NFIP #FEMA #resilience #smartluxury #art #collections #collectionsmanagement

 

 

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climate risk, credit, bonds, & real estate: AAA is AAA? … or, move to high ground

For more than a century, rating companies have published information helping investors gauge the likelihood that companies and governments will be able to pay back the money they borrow. Investors use those ratings to decide which bonds to buy and gauge the risk of their portfolio. For most of that time, the determinants of creditworthiness were fairly constant, including revenue, debt levels and financial management. And municipal defaults are rare: Moody’s reports fewer than 100 defaults by municipal borrowers it rated between 1970 and 2014.

Climate change introduces a new risk, especially for coastal cities, as storms and floods increase in frequency and intensity, threatening to destroy property and push out residents. That, in turn, can reduce economic activity and tax revenue. Rising seas exacerbate those threats and pose new ones, as expensive property along the water becomes more costly to protect — and, in some cases, may get swallowed up by the ocean and disappear from the property-tax rolls entirely.

When asked by Bloomberg, none of the big three bond raters could cite an example of climate risk affecting the rating of a city’s bonds.

This is climate risk: risk to fundamental variables such as economic activity, property values, and tax bases caused by natural factors (such as storms and floods)  that may be exacerbated by our changing climate.

Climate risk has yet to be fully and sytematically incorporated into investigations into municipal creditworthiness.

Will your municipality will be be able to make timely and full payments on its then current debt load after a storm or flood, or repeated storms or floods, negatively influences economic activity?

What happens when the storms or floods are so severe that they “wipe out the taxation ability? I think this is a real risk” observes Bob Buhr, a former vice president at Moody’s who recently retired as a director at Societe Generale SA.

Predictions are imperfect, especially about the future; no one, no algorithm, no model can perfectly predict the future. The pace of climate change remains uncertain. What climate change, and concomitant effects on communities, community tax revenues, and the likelihood of any community being able to pay back bonds “is not a simple calculation.”

To date, the major ratings agencies are not asking questions about the expected effect of climate change on the economic activity and future tax revenues of US municipalities that look to “cheap money” (municipal bonds) to finance government.

Last September, when Hilton Head Island in South Carolina issued bonds that mature over 20 years, Moody’s gave the debt a triple-A rating. In January 2016, all three major bond companies gave triple-A ratings to long-term bonds issued by the city of Virginia Beach, which the U.S. Navy has said faces severe threats from climate change.

Investors, including 117 investors with $19 trillion in assets, say it would be prudent to include “systematic and transparent consideration” of environmental and other factors in order to identify systemic ESG risks in debt capital markets.

In other words, bond buyers should be warned. If storms and floods decrease property values and tax revenues while increasing spending on mitigating infrastructure such as sea walls, storm drains and flood-resistant buildings, pay back to bond buyers may be impacted.

Property owners – both residential and commercial – might take note.

Should your municipality meet a storm or flood that significantly impacts economic activity and the ability to collect tax revenues, it might be stressed and its ability to make scheduled payments on its municipal debt obligations might be impacted.

This will influence the municipality’s credit. If the credit is downgraded, the municipality will have to pay greater interest on its debt. To pay higher interest, it will have to collect more tax revenues. That means greater economic activity and/or higher taxes.

And/or, the municipality might have to reduce services. Municipal services include physical infrastructure (such as roads, bridges, water) and civic benefits such as fire departments and schools.

If such services are reduced, how prepared are you in your private capacity to initiate efforts and implement necessary steps towards the robust resilience (basically the ability to bounce back after a shock  or multiple shocks to the system) and operability of your real estate holdings (residential, commercial, …)?

Do you have the means (financial, intellectual, technical, etc.) and the time to “do it yourself” (e.g., water, energy, transportation)? How do you use your real estate holdings? How long do you expect to own them? What are your expectations of resale value?

Moving to high ground might help manage the risk.

Food for thought.

See:

“Rising Seas May Wipe Out These Jersey Towns, But They’re Still Rated AAA” | Christopher Flavelle, Bloomberg, 25 May 2017

“Credit ratings agencies embrace more systemic consideration of ESG” | PRI, Principles for Responsible Investment, 26 May 2016

#climatechange #climaterisk #creditrisk #risk #finance #municipalfinance #bonds #credit #realestate #resilience #luxury #smartluxury #urbanluxury

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Blackstone Real Estate is optimizing art as a targeted value-add initiative for its NY real estate portfolio

Blackstone Real Estate is optimizing art as a targeted value-add initiative for its real estate portfolio throughout New York City.

Blackstone is initiating a partnership Hunter College to recognize talented emerging artists while concomitantly giving visitors to its building portfolio throughout the city access to unique works of art.

Last week Jon Gray, Global Head of Real Estate at Blackstone, introduced a new exhibition featuring artwork by students currently enrolled in the Hunter College Master of Fine Arts program: Talia Levitt, Madhini Nirmal, Leonard Reibstein, and Andy Van Dinh.

These works of art, both paintings and large-scale works on paper, will be displayed for a year in the lobby of 5 Bryant Park.

Blackstone is the world’s largest real estate private equity firm with $102 billion of investor capital and $200 billion of gross assets under management.

Blackstone seeks to acquire high quality investments at discounts to replacement cost. The company improves the properties through hands-on management and targeted value-add initiatives.

The breadth of Blackstone’s real estate portfolio provides valuable real-time proprietary market data. Blackstone believes this information enables the company to identify mispriced and/or out-of-favor asset classes more rapidly than its competitors.

Blackstone real estate also operates one of the leading real estate finance platforms, including management of the publicly traded Blackstone Mortgage Trust (NYSE:BXMT).

See:

“Blackstone Partners with Hunter College for Student Art Exhibition at 5 Bryant Park” | Blackstone Blog, 12 June 2017

Blackstone Real Estate

#art #realestate #finance #risk #collectionsmanagement #portfoliomanagement #HunterCollege #HunterCollegeMFA #NewYork #Manhattan #Blackstone #privateequity #riskanalysis #risk management #collections

 

 

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smart art | preventive conservation in China

Based on a nationwide investigation of the current state of preservation of museum objects in China, around 51% of the 35 million museum objects show different degrees of deterioration.

In China’s present situation, preventing damage to museum objects is much more cost-effective than allowing damage to happen and then treating it.

By 2013, the number of museums in China had increased to 3354 from 3055 in 2012, among which the number of private museum is 811. The number of museum visitors annually is 600 million.

Based on China’s national long-term outline plan for museum development (2011‒2020), we expect that by 2020 there will be one museum for every 250 000 people, compared to one per 400 000 in 2014, and that 20% of museums will be privately funded.

Owing to the impressive number of museums opened in the twentieth century, a large number of objects has been accumulated and has often been left in unsuitable environments, resulting in irreversible damage. Treatment of individual objects cannot meet the ever-increasing demand.

Rather than treatment after they show signs of degradation, looking for preventive conservation solutions becomes the most important museum function.

See:

“Overview of preventive conservation and the museum environment in China” | Nan Feng, Research Center for Chinese Frontier Archaeology, Jilin University, Changchun, China, published online on 12 August 2016

#art #artcollections #smartart #smartluxury #urbanluxury #collectionsmanagement #China #museums #preventiveconservation #realestate #airpollution #climatechange #risk #riskmanagment

 

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art & smart engineering | protecting art from natural disasters

Architect Renzo Piano’s new Whitney Museum of American Art opened on May 1, 2015. Construction on the new museum building, located at the intersection of Gansevoort and Washington Streets in Manhattan’s West Village and Meatpacking District, began in 2010 on a previously city-owned site. The museum site marks the southern entrance to the High Line.

Reviews of the Whitney’s new design have been wonderful. One design feature, extraordinarily important yet perhaps most often not noticed, is the custom flood-mitigation system.

The flood-mitigation system was designed after Hurricane Sandy brought a 13-foot storm surge to the shores of Manhattan in October of 2012, flooding the museum’s construction site with more than five million gallons of water. The system includes a perfectly balanced,  15,500-pound, 14-feet-tall by 27-feet-wide door designed by Walz & Krenzer engineers who build water-tight latches for the U.S. Navy’s Destroyers.

The Whitney’s system, with its technical sophistication and aesthetic sleekness, is proving to be a model for other U.S. art museums asking the same questions.

While the country has been stuck in a surreal debate over the reality of climate change, disaster-preparedness has become a matter of pressing concern, and institutions in vulnerable areas are having to respond in real time.

The museum’s actions—turning to specialists in naval engineering, for example—augur an era of improvised ingenuity, of localized efforts to address a problem in dire need of a global solution.

See:

Whitney Museum of American Art

The High Line

Walz & Krenzer

“Protecting Priceless Art From Natural Disasters” | How Renzo Piano’s New Whitney Museum Protects Its Art From Climate Change, John Whitaker, The Atlantic, 27 May 2015

“Whitney Museum of American Art” | Wikipedia

#smartart #art #smartluxury #luxury #urbanluxury #artcollections #collectionsmanagement #museums #climatechange #risk #riskmitigation #realestate #resilience #theWhitney