Zilkens' News Blog

Zilkens' News Blog 31 2024

The next typhoon to hit the Philippines, also causing deaths, was around the time of the opening of the Olympic Games in Paris, which took place in pouring rain – so we were lucky again. The weather does not seem to be on our side – climate change is everywhere, but there is little constructive action to combat it. What is often forgotten is the exponential development of the world's population. When I was born, there were just 2 billion people in the world. It took 1000 years to go from one to two. And now, in just under 60 years, we have gained around 6 billion more people, all of whom have the same right to drinking water, food and appreciation. And most of them live in Asia and Africa – and it is there that the measures that help the climate and bring prosperity must be implemented. The latter turns the pension function of children - but as long as religions make it a taboo, it will remain difficult for Mother Earth.

Raimund Thomas, one of the founding fathers of Art Cologne and co-founder of the Griesebach auction house, is no longer able to cover the costs of running his gallery. His company has filed for bankruptcy. This is little consolation for his potential heirs.

Speaking of heirs and last wills: many galleries are partnerships, i.e. they belong to the operators of all genders and thus form part of their active assets, which are taxable in the event of inheritance. The company is then valued according to relatively simple keys: results of the last three years divided by three times multiplied with factor 8 - 10 = company value. This means that a gallery can quickly reach a company value of more than 400,000 and thus exceed the tax-free amount. Before you turn down the inheritance, you should perhaps talk about solutions first - the insurance industry can also offer something here, and we are happy to advise you.

Despite the massive increase in holiday time, Stefan Kobel has again found a lot to report. And even if Lempertz is not mentioned in some reports: with a turnover of 27 million in the first half of 2024, they are roughly where they were in the first half of 2023. With all the doom and gloom and the figures that international houses are showing at the moment, that's not too bad.

A storm-free week to everyone and art enjoyment wherever you encounter it

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