Italian insurer Generali seeks art market leadership

Italian insurer Generali has tapped contemporary artist Maurizio Cattelan as it launches a program to cover art works

Italian contemporary artist Maurizio Cattelan is an apt poster boy for a new business by Italian insurer Generali to cover art works.

Cattelan appears on the campaign for the new business launched Tuesday, called Arte Generali, with only a gold-covered toilet for cover.

The toilet is a work of art – valued at 2.4 million euros and called “America” – and the original was stolen last year from Blenheim Castle in England, where it was on loan from the Guggenheim. Cattelan said he just got the money back – but from another insurer.

Generali CEO Donnet Philippe Donnet wants to take on his former company, AXA, which is the leader in the art market. Generali aims to achieve 50 million euros ($55 million) in revenues in five years.