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HE EVENTS of Sept. 11 crystallized for the international arts community the importance of issues relating to risk and security in an age of global terrorism. It is safe to say that risk management was not the top priority for most art world insiders prior to the terrorist attacks on the World Trade Center and the Pentagon. Typically, collectors, dealers, and museum directors and their advisers concern themselves with protecting collections against routine hazards, such as fire, theft and damage. During the 1990s the big new threat to valuation in the art market was the danger of inadvertently acquiring a looted or stolen work; worse was the discovery that a tainted work with defective title could already be in the collection.

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