INSURING FINE ART
We understand that having a collection of artwork involves not only an emotional relationship with the pieces, but a monetary obligation to protect that connection. There are several preventative methods which can be exercised in order to protect your artwork - one of the most important being appraising and then insuring works in your collection.
Insurance is about being able to place a clear monetary value on your property. Despite your own feelings about the value of your work, unless you have proof and a documented track record that your work commands, a certain value in the market place, you will run into difficulty convincing an insurance agent that the price of your piece is worth receiving compensation for the amount you dictate.
You don't have to insure for every last dollar of the total value of your collection as loss or damage rarely affects an entire collection. You'll find that in the majority of cases, even partial coverage will reimburse you for a substantial percentage of the dollar amount involved in most occurrences.
Whether we keep our artwork safely in storage, or we display it in our homes for everyday viewing and enjoyment, artwork is always susceptible to a variety of exterior factors which may compromise the value or longevity of our artwork. The following are tips obtained by the leaders in art insurance. When considering a policy that is right for you and your artwork, it is important to consult with a reputable insurance company* that understand the art market, art service providers, and your passion as a fine art collector.
*The Art Cellar Exchange advises that art collectors perform due diligence when choosing a carrier for the appropriate coverage of an individual artwork or collection. Each company and policy will serve different needs based on the artwork and the owner. This article is intended to be used for informational purposes only and does not directly or indirectly endorse or recommend these services. Art Cellar Exchange assumes no liability whatsoever for any products or claims made by these companies.