The First Art Newspaper on the Net Established in 1996 United States Wednesday, April 23, 2014


Serious Art Collectors Appraise their Fine Art For Insurance Purposes
Unlike a car, which is easy to replace with the same model, most fine art pieces are, by definition, unique.

By: Ruth Kleis

SCOTTSDALE, AZ.- It was a lazy Sunday afternoon as I dozed off on the couch watching one of my favorite television shows. I awoke two hours later when I heard the soft trickling sounds of rain -- inside my house! I immediately ran downstairs and watched as water poured down through the walls from the second floor bathroom onto the first floor. Apparently a pipe had broken and the house was flooding at an amazing rate. My heart raced as I scanned the house to save my valuables. I felt a heavy weight in my chest as I noticed one of my favorite paintings had been ruined.

Did I mention what I do for a living? Yes, I’m an art appraiser. At that moment, I was able to step into my client’s shoes and really see the importance of properly insuring your fine art.

Have you ever read your homeowners insurance policy? I confess prior to becoming involved in the appraisal industry, I was guilty of scanning over my policy and just knowing enough to get by. Sure, I knew the basics of my policy, but not the details concerning my personal property and what exactly was covered, to what extent, and in what situations.

The purpose of insurance is to “indemnify” the insured for a covered loss. Indemnifying is basically putting things back the way they were prior to a loss. Because most regular home-owners insurance policies have limitations as to the amount that will be paid in the event of a loss on fine art and collectables, it is important to carefully review your policy for adequate coverage.

Due to these limitations, many insurance experts recommend a supplementary insurance, also known as a "floater", policy that specifically lists fine art items. These supplemental policies insure the full value of a specific item, such as a diamond ring, Persian rug, and/or fine art that a standard home insurance policy does not cover. To ensure that your item is appropriately insured, properly scheduled on the policy, and that you don't pay too much in premiums for over-insuring an item, you must have an appraisal prepared by a qualified appraiser.

Unlike a car, which is easy to replace with the same model, most fine art pieces are, by definition, unique. Thus, it's especially important to have an independent appraisal based on market research and accepted principles of valuation to estimate its value. An appraisal will also document ownership of the appraised item.

Serious art collectors should work with insurance companies that specialize in fine art and collectables, some of which include Chubb Group, Atlantic Mutual, AXA Art Insurance Corporation, and AIG. To minimize coverage disputes in the event of loss, insurance companies require appraisers to be properly qualified and to adhere to the Uniform Standards of Professional Appraisal Practice which requires, among other items, significant educational experience and regular continuing education.

The art market constantly fluctuates so what you paid for an item likely does not reflect its current value which is why many experts suggest updating appraisals every 3 to 5 years to ensure proper coverage. It's best to make up a list of what you want insured and then speak with your insurance agent about appropriate coverage. By the way, I learned in my situation that water damage is excluded from my homeowner’s insurance policy but coverage would have applied if I had a supplementary policy. Gee, good to know.

Scottsdale | Art Market | Fine Art and Collectables | Insurance Companies |


Last Week News

May 31, 2010

Exhibition of Drawings by Pablo Picasso Opens in Argentina for the First Time Since 1934

Old Master Paintings from a Private Collection to Be Offered at Sotheby's

Sale of Southeast Asian Modern and Contemporary Art Realizes HK$44.5 Million

Collection of Italian Paintings Exhibited in Its Entirety for the First and Only Time

New Book "Leo and His Circle" by Annie Cohen-Solal Tells the Life of Leo Castelli

Works to Go on Display at the 37th London International Fine Art Fair at Olympia

Carefully Curated Ensembles of African & Oceanic Art to Be Offered at Sotheby's

American Academy in Rome Awarded 2010 McKim Medal to Miuccia Prada

Caravaggio's Friends and Foes Opened at Whitfield Fine Art

Exhibition Between IMMA and Art Alongside Opens at Wexford Arts Centre

Comic Hero Tintin Nets $1.3 Million in Auction at Drouot-Montaigne

Moderna Museet Presents Paintings from the Last Five Decades by Ed Ruscha

Gothic Art Collection Back at Popular Rhode Island Mansion

Hans P. Kraus Jr. to Show Landmark Works from the Early History of Photography at Art Basel

Gesellschaft für Aktuelle Kunst Opens One Fine Morning in May...

Artist Anita Glesta Creates CENSUS Public Art Project

The Vader Project Helmets to Be Sold at Auction

Silver Forged Mexican History Exhibited

Phillips de Pury & Company to Launch New Uptown Space in New York

May 30, 2010

Hamburger Bahnhof Opens First Major Exhibition of American Artist Bruce Nauman in Berlin

Diana's Daring Black Dress Goes on the Auction Block

Actor, Filmmaker and Artist, Dennis Hopper Dies at 74 in California

Advanced Technique, RTI, Used to Decipher Maya Glyphs

Exhibition Offers Unique Opportunity to Enter Mike Kelley's Studio

Museum Langmatt Celebrates Anniversary by Swiss Video Artist Pipilotti Rist

Alexandra Exter Retrospective Opens at the Moscow Museum of Modern Art

Candid Photographs from 1950s-1970s at the Art Gallery of South Australia

New Paintings by Mark Harrington at Edward Cella Art + Architecture

Whitney Announces Exhibitions of Artists Working with Performative Actions

Christie's Sale of Asian Contemporary and Chinese 20th Century Art Totals $39 Million

Offerings to Tlaltecuhtli to be Exhibited at Moctezuma II

American Artist Eduardo Kac Presents an Exhibition at Gallery [DAM]Berlin

Glastonbury Paintings by Kurt Jackson Auctioned for Charity

Liverpool's Slavery Museum Expansion Plan Approved

Sotheby's Presents Furniture, Silver & Old Master Paintings Formerly from the Collection of Madame Antenor Patiño

David Bomberg Burton-on-Trent Bomb Store Picture to Sell at Bonhams

Lowave Releases New DVD on Experimental Film and Video Art from the Middle East and North Africa

Regency Caricatures Saved for Brighton's Royal Pavilion

May 29, 2010

The Global Art World Gathers in Hong Kong for the City's Third International Art Fair

Albertina Opens Major Survey of Printed Works by Alex Katz

Christie's to Present Magnificent Gustav Klimt Portrait in London

Cuban Voodoo-Variant Art Tops Sotheby's Latin American Sale

New York Judge Urges Settlement in Obama Poster Dispute

New York Public Library President Receives Spanish Civil Order

Tiffany's Dazzling Designs at the Virginia Museum of Fine Arts

Group Exhibition of Street Art on View at Affirmation Arts

Internationally Renowned Director to Lead The San Diego Museum of Art

Christie's to Present an Important Auction of Orientalist Masterpieces

Exhibition of Voyeurism, Surveillance and the Camera Opens at Tate Modern

Miniature Chinese Art Makes World Record Prices at Bonhams

Artist Fred Tomaselli to Have Solo Exhibition at the Brooklyn Museum

Athens' Parthenon Scaffold-Free for First Time in Years

Amon Carter Museum Exhibits Ansel Adams Photographs

New Book Features Candid Photographs from Ivy League Universities by Teruyoshi Hayashida

Europeana Public Domain Charter: Libraries, Museums and Archives Support Europe's Heritage

Most Comprehensive Exhibition of Work by Atlanta Artist Radcliffe Bailey to Premiere at the High

Phillips de Pury & Company's Africa Auction Totals $1,401,038

INAH, Candidate to Win Prince of Asturias Award

May 28, 2010

Contemporary Art Museum Designed by Iraqi-Born Architect Zaha Hadid Opens in Rome

Seattle Art Museum to Close for Two Weeks to Balance Budget

Long-Unseen Painting by Frida Kahlo Tops Latin America Art Auction

Kimbell Art Museum Unveils Final Design by Renzo Piano for New Building

Van Gogh Museum Acquires Exciting Painting by Louis Anquetin

Eight New Paintings by Christopher Wool at Gagosian in Rome

Phillips de Pury Announces Details of Halsey Minor-Design Sale

Canadian Museum Mounts Major Angela Grauerholz Exhibition

Timothy Taylor Gallery Presents New Work by Sean Scully

Sir Michael Caine Opens the New Galleries of Modern London

Spencer Museum of Art Taps I.M. Pei Firm to Produce Expansion Plan

Natural History Museum Exhibition Takes Visitors 11,000 Metres Down

Raphael's Cartoons and Tapestries for the Sistine Chapel Announced at the V&A

When You Wish Upon a Tsar - Romanov Photos at Bonhams Book Sale

An Impressive Gold Coin from the Reign of Napoleon III was Discovered.

AOL Celebrates 25th Anniversary with Chuck Close's Project on Creativity

Climate Capsules: Means of Surviving Disaster at the Museum für Kunst und Gewerbe

Exhibition of Masterpiece Prints by Albrecht Dürer Opens at Lade Lever Gallery

Aga Khan to Launch New Museum in Toronto, Canada

Metropolitan Museum Announces Departure of Concerts & Lectures General Manager Hilde Limondjian

May 27, 2010

Georg Baselitz Visits His New Exhibition Space at Galerie Neue Meister in Dresden

Whitney to Break Ground on New Downtown Building in 2011

Oldest Unpublished Votive Painting Exhibited in Coyoacan

Marilyn Monroe's Gown From "Diamonds Are A Girl's Best Friend" for Sale

ROMA: The Road to Contemporary Art Offers 8,000 Square Meters of Art

Sabine Breitwieser is New Chief Curator of Media and Performance Art at MoMA

Six Million Pounds of Victorian Paintings to Be Offered at Christie's

Fall Focus on Spanish Art through Two Frick Presentations

Exhibition of New Paintings by Medrie MacPhee at Von Lintel Gallery

Yale Showcases a Century of Exceptional Poster Art from the London Underground

Richard Hamilton Curates an Exhibition of His Own Work at Alan Cristea Gallery

Crystal Bridges Announces Work by Leading Landscape, Pop Artists

Christie's to Offer Syd Levethan: The Longridge Collection in London

NYPL Takes Giant Step In Preserving Its Digitized Collections

New York City Community Board OKs Ground Zero Mosque Plans

Google Earth Tool will Provide Online World Trade Center Access

Morris Museum Executive Director Steven H. Miller to Retire

New Portrait of Channel Four News Reader Jon Snow on Show at the National Portrait Gallery

Corcoran Gallery of Art Director Paul Greenhalgh Resigns

May 26, 2010

Exhibition of 100 Masterpieces from the Collections of the Musée d'Orsay Opens in Tokyo

Sale of Impressionist & Modern Art at Sotheby's in Paris

Long-Unseen Rivera, Kahlo Works at Latin American Art Sales

Germany's Ozeaneum is the European Museum of the Year

Holland's Largest Contemporary Art Fair, Art Amsterdam, Opens

Art Gallery of South Australia Announces New Director

John Zurier, Jason Fox, and Richard Allen Morris at Peter Blum Gallery

Unprecedented Partnerships Bring Drama to Life at AGO

Denver Biennial of the Americas Announces Inaugural Exhibition

Rare and Beautiful Treasures at Christie's Sale this June

Unpaid Greek Workers Heckle Culture Minister on Acropolis

A Magnificent Pagan Altar was Exposed at the Barzilai Hospital Compound

Dallas Museum of Art Receives Certification to Ship Works of Art

Foundling Museum Exhibits the Finest Works Submitted through the Flourish Programme

Frank Auerbach Painting of His Lover to Be Auctioned at Bonhams

Auction of World's Greatest Collection of Snuff Bottles Illustrates a Chinese Emperor's Personal Taste

Alexander Melamid's "Oh My God" Opens at Phillips de Pury & Company

Ex Hacienda Where Emiliano Zapata was Gunned Down to be Restored

Bank of America Merrill Lynch Announces Unique Art Conservation Funding Programme

Peter Max and Annette de la Renta Receive 20th Anniversary, the Black Alumni of Pratt Awards

Most Popular Last Seven Days



1.- 'World's oldest message in a bottle', tossed in sea 101 years ago, reaches granddaughter

2.- East-West/West-East: Qatar unveils desert sculpture by American artist Richard Serra

3.- Ming-era 'chicken cup' sells for $36.05 million breaking record for Chinese porcelain

4.- United States pastor Kevin Sutherland convicted over Damien Hirst fake paintings

5.- Major exhibition at Pinacothèque de Paris explores the myth of Cleopatra

6.- Fondation Vincent van Gogh Arles opens with inaugural exhibition "Van Gogh Live!"

7.- Landmark exhibition opens in New York exploring the ancient kingdoms of Southeast Asia

8.- Palm-sized scroll that mentions Jesus's wife is ancient: Harvard Theological Review

9.- Hitler's wife Eva Braun may have had Jewish ancestry: British television documentary

10.- Bonhams to sell Madame de Pompadour's favourite porcelain which surfaced in Devon after 350 years



Museums, Exhibits, Artists, Milestones, Digital Art, Architecture, Photography,
Photographers, Special Photos, Special Reports, Featured Stories, Auctions, Art Fairs,
Anecdotes, Art Quiz, Education, Mythology, 3D Images, Last Week, .

 

Founder:
Ignacio Villarreal
Editor & Publisher: Jose Villarreal - Consultant: Ignacio Villarreal Jr.
Art Director: Juan José Sepúlveda Rmz. - Marketing: Carla Gutiérrez
Special Contributor: Liz Gangemi - Special Advisor: Carlos Amador
Contributing Editor: Carolina Farias

Royalville Communications, Inc
produces:

ignaciovillarreal.org theavemaria.org juncodelavega.org facundocabral-elfinal.org
Founder's Site. The most varied versions
of this beautiful prayer.
Hommage
to a Mexican poet.
Hommage
       

The First Art Newspaper on the Net. The Best Versions Of Ave Maria Song Junco de la Vega Site Ignacio Villarreal Site