article thumbnail

Ron Perelman's $410m insurance trial is testing the limits of art valuation

The Art Newspaper

That is, presenting findings from Jennifer Mass, the president of Scientific Analysis of Fine Art, his lawyers argued that damage from fire or damp could shorten the “lifespan” of a painting through damage to compounds which are as yet invisible. It’s a challenge that is familiar from authenticity and attribution cases.

Insurance 178
article thumbnail

Passion Assets: A True Love of Collecting

Art Peritus

The term collectionor more specifically, art collectionoften evokes thoughts of fine art and antiques. However, the qualities that make passion assets so precious to collectors also expose them to unique risksrisks often not covered by standard homeowners insurance policies.

Insiders

Sign Up for our Newsletter

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

article thumbnail

Office Hours Information from March 2025

International Society of Appraisers

The insured ends up with a comparable, used property and not a new property. Replacement cost comparable is generally used for antiques, collectibles, fine art, period jewelry, among other types of property. Since the client is a publishing firm, their insurance policy is likely different from general homeowners.

article thumbnail

Why do you need to have extra insurance coverage for fine art & jewelry?

International Society of Appraisers

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 fine art and jewelry.

article thumbnail

How To Determine If You Need An Art Appraisal

Art Appraisal Resources

You should check with your insurance provider to see what is and is not covered by your homeowners or rental insurance policy. You do not need a formal written appraisal to sell most fine art. The IRS Requires a formal written appraisal by a Qualified Art Appraiser for any fine art donated with a value over $5000.

article thumbnail

A Consumer’s Guide to Insurance Appraisal Reports: Do You Need One and How to Get One?

Artifactual History Appraisal

I’ve included a short excerpt below and the entire article can be read online here ( [link] ) “Many people are familiar with the concept of insurance coverage in the context of car insurance or travel insurance, but knowledge about insurance coverage of personal property such as fine art or antiques is much less widespread.

article thumbnail

Why Art Collectors Need the Right Insurance

Veritas Art Appraisals

Some of the most common questions advisors hear from clients about their fine art 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?”