Insuring Your Art Collection: A Practical Guide

Fine works of art can be of very high value and are one of a kind, and collecting artwork often is a good investment. According to Larry’s List, about 53% of art collections contain at least 500 works of art per collection and often more. The types vary, from paintings to sculptures and much more. You likely don’t have that many pieces and might be a novice at collecting. Whether you are new to collecting or have been at it for many years, here is how you can protect your financial investment with insurance with the help of a certified art appraiser.

Show Proof of Ownership

You will have to show proof that you actually own the piece before you can insure a piece. An insurer will need proof of ownership to prevent it from enabling fraud and especially to protect against paying a fraudulent claim. You will need at least a receipt for the purchase that describes the artwork. You also should provide photographic evidence of the piece and maintain it while the insurance policy is in effect.

Authenticate the Artwork

Just about anything that is collectible and holds a potentially high value could be forged. Insurers need to see proof of authentication so that they can more confidently insure your prized artwork against theft or destruction. A certified fine art appraiser can examine and determine its authenticity. The appraiser should be fully qualified to authenticate and appraise the value of particular types of artworks. For example, you will want an expert in pottery if you have a piece of pottery for appraisal, while an expert in abstract art would be more qualified to authenticate a Jackson Pollock painting.

Determine Current Market Value

You can ensure a work of art for its market value with the help of a certified fine art appraiser who can determine its value based on many factors. One factor is what pieces from the same or similar artists are selling for at art auctions and through art houses. Another factor is the condition of the artwork. Any damage or restoration work will detract from its value. The presentation also can make a difference in the value.

If you’re looking to obtain the services of a certified fine art appraiser, then get in touch with us. We can provide support for you as you try to get your art insured. Give us a call today!