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ARIS Title Insurance Corporation, a wholly-owned subsidiary of Argo Group International Holdings, Ltd. (NasdaqGS: AGII), and headquartered in New York, United States, announced today its formation of an International Advisory Board, whose purpose will be to advise ARIS, through independent insight, in addressing the increasingly complex and evolving legal ownership issues facing the art industry including the museum and non-profit community on a global basis.
The advisory board will be comprised of leaders from the international business and insurance industries, academia and the commercial and non-profit sectors of the art industry.
“The art world, which has now reached $125B in global sales annually, is in the midst of a fundamental shift in paradigm from a tangential market to a subsector of the global economy, where the recognition of art and collectibles as a formal asset class is changing the industry from the outside inward at lightning speed,” said ARIS Chairman Lawrence M. Shindell, who will serve as Chairman of the International Advisory Board.
“We have witnessed a core shift in transactional attitude in the art and collectibles market worldwide to one where guaranteed clear legal title or ownership is the defining issue. We have seen this through the inquiries we receive from leaders in the international museum community; leaders in the global risk management, auditing and financial advisory sectors serving the art and collectibles markets; the fiduciaries serving the burgeoning investment sectors that focus on this alternative asset class; and from governments that are increasingly concerned about the regulation of international trade of collectible personal property,” added Shindell. “For these reasons, we have very deliberately shaped our advisory board to include thought-leaders from both the business world and the art world.”
Non-executive members of the ARIS International Advisory Board at inception are (in alphabetical order):
Dr. James M. Bradburne, Museum Specialist (former Director General, Museum für Angewandte Kunst, Frankfurt, Germany, and currently Director General, Palazzo Strozzi, Florence, Italy)
Dr. Ulrich Guntram, CEO, AXA Art, Cologne, Germany
Mark Fehrs Haukohl, President, The Vero Group, Houston, Texas, United States
Britt Newhouse, Chairman, Guy Carpenter & Company, LLC, New York, New York, United States
“We are discussing membership on the board with a number of additional key business sector, art industry and academic leaders and expect to complete the composition of our board, capped at twelve, by year-end,” said Shindell.