artnet recently covered common mishaps that can occur when shipping fine art. We spoke with Borro Blog’s logistics team to get an understanding of how the company ensures that clients’ assets are transported safely and securely.
Dedicated Logistics Team
The logistics team has specialists in the New York and London offices with decades of experience. The team ultimately has the duty of caring for all of the assets that Borro handles.
Working with Top Tier Storage Partners
Borro works with storage suppliers that provide appropriate services for each of Borro’s asset classes. The team completes due diligence on each provider before they become an official storage partner. Jewelry partners must utilize top rated vaults while partners for cars, wine and fine art must have climate controlled facilities and shipping trucks to protect the condition of the assets. Trucks must also have air suspension and facilities to secure items and minimize the impacts of bumpy roads.
Partners must be financially solvent and the company prefers partners with global reach. For example, Cadogan Tate, provides shipping and storage services in London, New York and Los Angeles regularly. They’ve also handled special jobs in Paris.
Transporting 63% of Asset Value
Making sure that assets are shipped with care is incredibly important considering that 63% of the asset value that Borro handles is transported to storage partners. The process starts at the valuation stage, the team explains. Borro’s valuers speak to the clients to understand the nature of their assets. They check the asset’s condition and make suggestions about the best form of transporting it. Borro’s logistics team provides storage partners with the details of each asset so they can prepare for the move accordingly. They’ll know if they need gloves for an artwork or mechanical handling equipment for a heavy sculpture.
Borro’s policy is to have condition reports for assets at each step of the process. From the time assets arrive at Borro’s door to the time they are being picked up or shipped back to a client after the redemption of the loan, assets are photographed and a full write-up is completed. This helps to ensure that the asset is returned in the same or better condition than it was when it was received.
Catering to Unique Cases
Occasionally there is a case that requires an extreme amount of care. Artworks from artists like Piero Manzoni are very delicate and any sudden movements can destroy the piece. These unique characteristics are identified in the valuer’s report. All of Borro’s fine art storage partners provide custom-made crates that can appropriately enclose the most delicate pieces. Merely bubble wrapping an asset is not an option.
The safety of assets in Borro’s care is taken very seriously. All of our storage partners have CCTV, alarm systems and specialized security practices. For example, jewelry storage partner, Malca Amit utilizes a fleet of armoured trucks. All of the trucks have GPS and can be remotely shut down if the headquarters is alerted of an emergency situation while in route to a destination. For extremely high-end cases, Malca will use decoy vehicles to transport the jewelry from Borro to their storage facility. Clients can rest assured that their precious assets are protected from danger.
The last piece of Borro’s logistics operation is insurance. It is incredibly important for Borro to have an insurance policy that fits the company’s level of service and covers damages up to £12 million. Policies must be bespoke since the company’s needs are incredibly specific. Borro spends hundreds of thousands of pounds a year on insurance.
Clients can be at ease knowing that their assets are in capable hands with Borro and that shipping mistakes are avoided at all costs.