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Three Insurance Experts Explain the Intricacies of Insuring Your Art Collection I am often asked by clients if they should cover their art under their homeowner’s insurance (HO) or if they should investigate insuring their art with a separate fineart collectors’ policy.
Recently I wrote an article for Worthwhile Magazine™ titled “A Consumer’s Guide to Insurance Appraisal Reports: Do You Need One and How to Get One?” In my own appraisal firm, I answer many questions from potential clients who are unsure if they need an insurance appraisal report or what the process is to get one.
One question you should ask yourself is “am I properly insured if something catastrophic happens?” ” Insurance companies often require an appraisal before providing coverage for fineart and jewelry.
The term collectionor more specifically, art collectionoften evokes thoughts of fineart and antiques. According to the insurance firm Marsh McLennan , luxury assets have grown in value by 123% over the past decade, establishing themselves as a meaningful asset class. This makes it critical to secure proper coverage.
Some of the most common questions advisors hear from clients about their fineart and collectibles are, “Does my homeowner’s insurance provide coverage for my artwork? A typical homeowner’s insurance policy affords you a little bit of coverage. Do I need a special rider?”
Create a disaster response checklist that includes: A list of priority artworks Instructions for emergency packing and transport Contact information for art conservators, insurers, and professional art handlers Safe evacuation routes and storage locations 2. Email, call or click HERE to see how we can assist. ###
Desantis Should You Consider Insurance? Surprisingly, many collectors of “passion assets” don’t think to protect these valuables with insurance. However, in truth there is no “minimum value” to mandate insuring one’s treasured valuables and virtually ALL collections can benefit substantially from being insured.
Value matters and an art appraisal completed by a qualified art appraiser can save you substantial money by not selling too low, insuring too low, or paying too much in estate tax or equitable distribution. In this article, we will explore the key indicators that suggest you may need an art appraisal.
By Ray Nugent FineArtInsurers require more frequent valuation updates for FineArt items than other less dynamic markets. With FineArt the event is a secondary market auction hammer price. We have all seen the sensational headlines of “a new record auction price” for work of art.
When Might You Need a Contemporary Art Appraisal? Art Acquisitions Art collectors, museums, galleries, and private individuals interested in purchasing contemporary Paintings, Sculpture, Photography, or FineArt Prints might seek an appraisal to ensure they make an informed investment.
FINEART APPRAISERS Our staff of experts certify the value of hundreds of pieces of fineart every month. The post Lost FineArt: ‘Medicine’ by Gustav Klimt appeared first on ValuePros Appraisal Services.
There are numerous reasons to seek a professional appraisal, including planning insurancecoverage, charitable donations, probate of an estate, or simply determining the value of your tangible assets. Whether you're dealing with art, antiques, furniture, jewelry, or other possessions, an appraiser can give you a valuation.
FINEART APPRAISERS Our staff of experts certify the value of hundreds of pieces of fineart every month. The post Missing FineArt: Portrait of Dr. Gachet by Vincent Van Gogh appeared first on ValuePros Appraisal Services.
FINEART APPRAISERS Our staff of experts certify the value of hundreds of pieces of fineart every month. The post Lost FineArt: The White Duck by Jean-Baptiste Oudry appeared first on ValuePros Appraisal Services.
It’s crucial to have an accurate understanding of their replacement cost, especially when it comes to insurance purposes. In this blog entry, we’ll discuss whether a person should get their antiques appraised for insurance purposes.
As a personal property appraiser, my role encompasses tangible property including fineart, antiques, furniture, and collectibles. Reasons of valuations for tangible property can include estate and probate purposes, equitable distribution, insurancecoverage, charitable donations, dissolution of marriage, and bankruptcy.
A client recently called us to update an insurance appraisal for original Andy Warhol prints. A previous appraisal from two years ago was available, however, the insurance company insisted on a new appraisal. You might wonder why insurance companies, such as Pure Insurance ( [link] ) or Huntington T.
Art holds immense value, both sentimental and financial, and protecting your art assets is paramount. In this blog post, we explore the crucial role of insurance appraisals in safeguarding your art collection, providing insights into why this process is indispensable for every art enthusiast and collector.
An appraised value for insurance may be significantly higher than an appraised value for planned future sale, which can be baffling and difficult to comprehend without a familiarity with the different levels of the market. It can sometimes be present in insurance policies, although in my experience it is much less frequently encountered.
Since 2019, AMM has been partnered with HUB International, one of the world’s leading risk management service providers, to provide member museums of all sizes access to individualized insurance programs for their buildings, collections, operations, and more. Based in Kalamazoo, Michigan, Eric has eight years of experience insuring museums.
Written by Kirsten Rabe Smolensky, JD, ISA CAPP As an appraiser, I have worked on a lot of insurance claims , including losses due to fire, theft, transit damage, and flood. The number one mistake most insureds make is not being prepared in advance. The insurance company requests an inventory of EVERYTHING inside.
Art Peritus recently sat down with Katja Zigerlig, Vice President, Art, Wine and Collectibles Advisory at Berkley One, a Berkley Company (WRB) to discuss the nuances of collecting and insuringFineArt. It’s also important to use a professional appraiser, like the staff at Art Peritus. K: Yes indeed.
If your insurance provider has asked you to get your artwork professionally appraised, or you need it evaluated for some other reason, How Do I Get My Art Appraised will help you find a qualified appraiser, fully understand all aspects of the appraisal process, and prepare you for what a professional fineart appraisal is likely to cost.
For insurance replacement purposes, appraisers should consider where the client typically shops, which, in most cases, falls under the retail market. The insured needs to be made whole by replacing the 1925 Cartier ring with a comparable ring of similar qualities. Note that the definition of replacement cost comparable mentions age.
Whether you need a quick valuation for possible re-sale of your items, or you are looking for a more in-depth assessment for insurance or estate planning purposes, discovering a professional nearby is crucial. Reasons to Seek and Antique Appraisal There are various reasons that someone might need or want an appraisal: Insurancecoverage.
As you might imagine, this small percentage of the population makes up a considerable proportion of our clientele at Signet Art ; we work with individuals, museums, attorneys, shipping companies, insurance carriers and adjusters. Displays FineArt Services has become the go-to business for dealing with monumental sculpture.
Others, such as ArtInsurers and those whose job it is to protect cultural patrimony, see it in another light-one of a threat to something they value and hold dear. I was hired to protect the organization against loss, including both employees and the FineArt. Both sides feel the stakes are high.
I have always believed that it is not only the exhibition of works of art that makes our lives richer but also the opportunity to hear from the artists, experts and scholars who have dedicated their lives to understanding and appreciating fineart.
Your insurance agent has suggested that you need your art or jewelry appraised in order to put them under rider coverage. FineArt appraisers normally handle all paintings, prints, photographs, drawings, sculpture, tapestries and art glass. For what types of pieces would you be considered the ‘go-to’ expert?
If you’re seeking insurancecoverage, the valuation may focus on replacement value. Whether you’re looking to insure your collection, plan your estate, or explore selling a piece, I’m here to provide professional guidance and expertise every step of the way.
Understanding an artwork’s value aids in insurancecoverage, estate planning, and equitable distribution. Their primary goal is to provide an unbiased, expert assessment of an artwork’s value, whether for insurance, estate planning, or other purposes.
Ela | ASA, FineArts, MBA | President | Comprehensive Art Services, LLC Patrick Ela, ASA is the President of Comprehensive Art Services, LLC, and has 20 years of experience in valuing fineart. He public art consultant.
As an appraiser, my role is to provide an unbiased, well-researched valuation tailored to your specific needs, whether for insurance, estate planning, donation, or sale. Many insurance companies require a professional valuation to determine an appropriate coverage amount.
The morning session was attended by 39 people and featured four in-depth 30-minute presentations that covered various topics, including contracting essentials, legal entity setup, business insurance, and taxation. Caseys presentation broke down insurance essentials alongside various types of insurance T Block offers.
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