In 1975 when Gough Whitlam opened the Manet to Matisse exhibition at the Art Gallery of New South Wales (AGNSW), which had come to Australia from the US, he proudly proclaimed it was only possible as the Australian government had indemnified the owners of the works comprising the exhibition against loss or damage to a total amount of US$70 million. Without this support the exhibition would very likely have not been possible, because of the prohibitive cost of normal insurance cover.
Four years later the Art Indemnity Scheme was formalised. It is the policy that makes exhibitions like Magritte and Pharaoh possible.
