ePaper
Subscribe
Newsletters
Search
Profile
The Year Ahead: 2023
Art market
Museums & heritage
Exhibitions
Books
Podcasts
Columns
Adventures with Van Gogh
Russia-Ukraine war
Subscribe
ePaper
Newsletters
The Year Ahead: 2023
Art market
Museums & heritage
Exhibitions
Books
Podcasts
Columns
Adventures with Van Gogh
Russia-Ukraine war
News
archive

Momart bought by Falkland Island Holdings

The shipping and storage company has been in hot water since the east London fire

Melanie Gerlis
31 March 2008
Share

The art shipping and storage company, Momart, which stores and transports art for customers including Tate in London, the UBS collection, and artists Damien Hirst and Antony Gormley, has been sold to Falkland Islands Holdings (FIH) for £10.3m ($21m). FIH is the parent company of several retail outlets in the Falkland Islands that sell items ranging from cornflakes to cement and Land Rovers. It also operates a ferry service in the UK. The group is to retain Momart’s key management and staff (the main beneficiaries of the cash and shares deal) and plans to expand the business overseas. In 2004, a fire at Momart’s storage facility in east London destroyed works by artists including Gillian Ayres, Damien Hirst, Jake and Dinos Chapman and Chris Ofili, many of these from the collection of Charles Saatchi. Insurance claims against the company, mounted in a group legal action that alleged negligence, were believed to amount to around £20m ($37m) and were settled out of court in 2006.

NewsMomartMomart fireArt shipping
Share
Subscribe to The Art Newspaper’s digital newsletter for your daily digest of essential news, views and analysis from the international art world delivered directly to your inbox.
Newsletter sign-up
Information
About
Contact
Cookie policy
Privacy policy
Terms and conditions
Advertise
Sister Papers
Sponsorship policy
Follow us
Facebook
Instagram
Twitter
YouTube
LinkedIn
© The Art Newspaper