Zilkens'
News Blog

Zilkens' News Blog 48 2025

Christmas is in four weeks – the first Sunday of Advent is next Sunday, and one would like to believe in the beautiful and peaceful aspects of life. After the latest proposal negotiated by the USA, in particular a coward named Wittkoff, with the Russian president who is wanted by the International Court of Justice in The Hague, one wonders how this is supposed to work. I see this as a call for Ukraine to surrender. It is admirable how the Ukrainians and some European heads of government are responding calmly and tirelessly making their position clear to a dealmaker. Remnants of an old European set of values remain palpable, which in 1945 prompted the Americans in particular to enforce the principle of the rule of law against the representatives of a murderous, dictatorial regime with the Nuremberg trials. The rule of law is no longer high on the American government's agenda. But the independence of the courts is not only under threat there. And the American president knows why the independence of the courts bothers him. His compass is the grim face of early 19th-century capitalism. Economics is war, and all means are justified to achieve short-term profit. This includes negotiations with a dictator who has civilians bombarded daily, destroys vital infrastructure and lives, and contributes to a massive brutalisation of the world order. This whole development is deeply disturbing to Europeans.

The art trade, and especially the auction business in the USA, seems to be dancing on the volcano. Record prices for Klimt, Kahlo, Chagall and even the completely overrated Cattelan. The fairs in Miami at the beginning of December will show whether the dance will continue across the board. We wish the European auction houses holding their auctions this week and next week solid, market-driven results and a few white gloves.

In the petty jungle of Berlin's city administration, a bear that has been adorning the forecourt of the Zion Church since Corona, delighting young and old alike and created by Stefan Rinck, is to be removed. It is scheduled to be removed on 28 November. We had insured the transport there, but as the return transport is an official order that can be seen as an intervention by the authorities for which there is no insurance cover, we decided not to make an offer.

In the GDR, Dresden and the Elbe Sandstone Mountains were considered the ‘Valley of the Clueless’ because Western television could not be received there. Today, there are courts there that give insiders the feeling that not much has changed, at least when it comes to the assessment of the job profile of an insurance broker and his independence. Just because, with the exception of fee agreements, which mainly occur in large companies with a turnover of EUR 100 million or more, the turnover of insurance brokers is remunerated as commission from the premiums, they are not independent and are no longer allowed to advertise this characteristic. Of course, anyone who believes that employees or civil servants can be bribed with gifts worth as little as EUR 5 and will therefore break the law considers any form of commission to be bribery. Poor Germany.

DUAL was once the name of a great record player, and an underwriting agent belonging to the HOWDEN Group also bears this name and has been trying to boost the art insurance business in Europe over the last three years. Last week, Dual's management made the rather surprising decision to close the business with immediate effect and lay off the staff employed for this purpose. In some countries, this happens in a flash – for example, in Italy, where the person responsible for Europe has already left. Dietmar Telschow, who had the job in Germany and was already well on his way, can now also look for something new. Dual wants to invest in other business areas that are growing faster. There are always considerations in the market to bundle the art insurance business differently. Rumour has it that risk carriers are keen to have the business managed by underwriters at higher costs. This does not release them from their obligation to have their own expertise.

Today is the BVDG general meeting in Munich. Hopefully the weather won't spoil things for the participants.

Have a great start to the week, everyone!

Stephan Zilkens and the team at Zilkens Fine Art Insurance Broker in Solothurn and Cologne