[intro] Many people invest in artwork, both for its atheistic value, but also because in today’s declining markets, artwork as opposed to other forms of investment such as property, often retains and even increases in value. Whether you have invested in a particular artist, inherited or simply appreciate fine art, then the primary reason for insuring all pieces has to be the necessary peace of mind. [/intro]
All artwork is designed to be seen, so here are five tips on insuring expensive works of art that will let you display, enjoy and appreciate your artwork with confidence.
Valuation and Authentication
In the event of a claim it is the obligation of the claimant to prove the worth of any particular piece to the insurer. Therefore be sure to keep any professional valuations and authenticity certificates in a safe place, preferably with the bank or solicitors.
In the Event of Death
Should the artist pass away, then modern works of art and sculpture can increase in value by up to a staggering 200%. If this happens to an artist you have invested in, be sure to renew the sums insured within 12 months with your insurer.
Make sure you get the Correct Level of Cover
It sounds obvious, but be sure that you have the correct level of insurance for your collection. Depending on the value of the artwork concerned, you may be covered by a comprehensive home insurance policy, such as High Value Home cover by Highworth Insurance. This policy covers individual pieces up to the value of £15,000 without the need to specify.
Defective Title Cover
If your collection warrants specialist art insurance, it is worth taking our defective title cover. This will insure you for the amount you paid should it come to light that the piece has been previously stolen.
If in Doubt…
When it comes to treasured works of art it always pays to speak to your insurer. If possible choose an insurer for your art insurance you trust and preferably have dealt with previously. Insuring expensive artwork need not be complicated, for example Highworth Insurance’s easy to buy online policy automatically covers artwork up to the value of £25,000, but with a simple call to 0844 225 4025 it’s possible to insure pieces in excess of this value easily over the phone.