The Importance Of Art InsuranceSome day in the not-too-distant future you will take a long fond look at your collection and realize that you have quite a valuable assemblage. You will also recognize that it is therefore subject to risk. But this is a cloud with a bright silver lining. It is a worry you can readily turn over to better worriers than you. Just call on an art insurance company to protect you against fire, theft, damage, or breakage. Today fine art insurance is being written not only for museums and dealers, but for a great number of private collectors. Virtually any of the articles you have carefully selected can be so guarded. This includes pictures, sculpture, ceramics, books . . . and whatever is eligible for what the insurance companies term "articles of virtu." This mixture of Latin and English means only that the possession itself must possess definite artistic quality.
Occasionally there is some question as to exactly what is required to endow an object with the nebulous quality which makes it worth more than its utility value. It means only that it will appeal to many people because of its beauty and that your evaluation is not based on sentimental attachment of a highly personal kind. If you have saved your grandfather's mustache cup because of your affection and respect for the esteemed gentleman, it will actually be worth no more than any mustache cup should you someday place it on the auction block. The insurance companies also base their definition of "virtu" on how rare your painting or sculpture is, and on its possible historical significance. You can readily see that a letter from Benjamin Franklin is not only hard to come upon, but has importance because of the history behind it. It is only a scrap of paper in the purely pragmatic sense, but it will fetch a high price at an auction or a private sale. The most important thing to do in insuring your collection is to establish the value definitely when you take action to insure it. If you wait until a possible mishap occurs, many problems will pile up. The insurance company may insist on appraisals and here personal opinion may well influence the final decision. You could well find yourself out of pocket, as a result of not setting down the values at the outset. I have already discussed the fact that one of the joys in collecting is the constant change and shifting about of the things that you buy through barter, exchange, or resale. Your own collection will probably undergo many metamorphoses. For this reason it is important that you make your listing with reasonable attention to detail, and that, as you acquire new pieces, you immediately advise your art insurance company or broker. If you are insuring a painting, give the title, the artist, and any other information that would make the piece easy to identify. For example, in the case of a ceramic object, provide color, size, type, age, and any other identifying facts. If you have pieces which are quite similar in appearance, make sure that you distinguish carefully between them so there will be no question about what was destroyed or damaged should the time ever come for you to claim a loss. |