NEW YORK — Crozier Fine Arts, the nation’s leading art storage and logistics company, has agreed to the acquisition of art storage and handling company Fairfield Fine Arts through an asset purchase agreement. With the acquisition, Crozier will take on all of Fairfield’s customers and its state-of-the-art 10,000 square foot storage facility in Ridgefield, CT. Financial terms of the deal were not disclosed.
Located in Fairfield County, Fairfield Fine Arts is a specialized art storage and handling company serving the greater southwestern Connecticut artistic community. A local industry leader in moving and rigging of fine art, Fairfield Fine Arts provides prominent artists, art collectors, art galleries, auction houses, private dealers, and museums with unmatched levels of expertise and service in protecting their fine art assets. Their Fairfield County facility exceeds all fine art standards, making it an approved and recommended storage facility by insurance companies worldwide.
“This acquisition of Fairfield Fine Arts is a logical step given our shared focus on impeccable service as well as the geographic overlap in parts of Connecticut, New York state and adjoining areas,” said Simon Hornby, president and CEO of Crozier Fine Arts. “This acquisition gives us a first class storage facility with room to expand in the heart of Fairfield County, where we have an existing client base, plus it brings us a team of professional art handlers that adhere to the same high standards as Crozier. We look forward to welcoming Fairfield’s customers into the Crozier family and delivering them the same high levels of service they have come to expect.”
The $1 billion (US) fine art storage industry is a growing, but fragmented industry marked by increasing international interest and changes in acquisition and purchasing habits by collectors and museums. The rise (and availability) of contemporary art as a focus for collectors has caused a spike in storage needs, while the increase in private sales and auction “turnover” – the rate at which collections and individual pieces are made available for auction – has heightened the need for transportation, shipping, and related services. Taken together, these factors have the fine arts storage industry poised for significant growth.
Crozier Fine Arts was acquired by Iron Mountain in late 2015, part of Iron Mountain’s strategy to acquire adjacent businesses consistent with the company’s core storage business and delivering on its brand promise position as the trusted guardian of its customer’s most precious assets.