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At the heart of the case are five paintings, allegedly worth over $410m, by Cy Twombly, Ed Ruscha, Andy Warhol and others, which Perelman claims were significantly damaged in a 2018 fire at his East Hampton estate. The insurers dispute the damage, as well as Perelman’s claim that he never attempted to sell the works afterward.
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. Fine Art Policy Even with the best precautions, disasters can still happen.
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.
Art appraisals are a crucial step in determining the value of your art, whether for insurance, donation, resale, or estate planning. Different appraisers may have expertise in specific types of art, such as paintings, sculptures, or antiques. It is essential to have an accurate valuation of your fine art.
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. Insurance Purposes: Artwork can be a valuable asset, and it is essential to ensure that it is adequately insured.
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.
You’ll need a fair market valuation and a suggested asking price. Do you want to include your item on your homeowner’s insurance policy, or do you want to donate it and/or write it off your taxes? Then you’ll need an insurance or replacement valuation. Do you want to sell it? Changed your mind?
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 insuring Fine Art. It’s one of the most important documents a collector can have, along with purchase invoices, and an insurance policy of course.
Recently, a client contacted us for an insurance appraisal. She was remodeling her home and wanted to make sure that her paintings were insured to the proper value in case there was any damage during the remodel. An insurance appraisal serves several purposes, and thinking ahead provides peace of mind.
The market value of artworks can fluctuate, making periodic appraisals essential to ensure that your collection is adequately insured. This is particularly crucial for accurate valuation, minimizing potential issues during estate settlements or when claiming tax deductions for charitable contributions.
Read on to learn how to identify an antique item and discover how much it is worth The Different Valuations of Antiques Something that surprises new collectors is that antiques are like any other asset of value—it depends on the specific market. The basic steps to finding a valuation start with identifying the item.
These may include imagery, goldsmithing and painting or even more modern items such as automobiles, collectibles or residential contents. This is also pivotal to present insurance claims if the situation arises. Tip # 2: Find out where it comes from It is always good to know where the pieces come from or how they became your property.
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 fine art collectors’ policy.
We are also well known for the damage and loss appraisal work we perform for insurance claims. We first vet the pieces by checking for authenticity and condition, then we photograph and complete the valuation before listing them on our site and other third-party sites such as Incollect.com in return for a commission.
They can look at an old painting or a piece of jewelry and tell you how much it's worth. Valuation: Finally, the appraiser decides on a value. Dealing with Money Stuff: Appraisals can also help with boring but important things like taxes and insurance. An appraiser is someone who knows a lot about these kinds of things.
I recently helped a client with a resale valuation of his painting, and based on the research, I came up with the best options to resell. The painting sold recently for almost double the resale valuation and auction estimates. As appraisers, we do much more than appraise art.
Your insurance agent has suggested that you need your art or jewelry appraised in order to put them under rider coverage. You just moved across the country and your favorite painting arrived with a gash through the canvas. The standards include the need for the appraiser to have no financial interest in the outcome of the valuation.
Whether you inherited a painting, purchased a piece years ago, or are considering donating to a museum, there are many reasons why an appraisal might be necessary. This guide will help you determine if your artwork needs a professional valuation and why it matters. What Is an Art Appraisal?
TK : Art lawyers work with appraisers in a variety of contexts in which their clients require a reliable, accurate valuation for objects in dispute. Likewise, if an object is stolen, lost or destroyed, an accurate value is needed to support a theft report, claim for compensation against the wrongdoer or an insurance claim.
4 Saturday, November 16, 2024 Morning Session Summarized by Alice Craigie , Modern Painting Fellow National Gallery of Art, Washington D.C. The seminar opened with Casey Wigglesworth , Vice President of Fine Art Insurance with Huntington T Block, who presented insights into fine art insurance for conservators. Naval Lodge No.
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