Art has values that one cannot believe and insuring the pictures, ceramics and objet d’arts that constitute the broad term art is a specialist business. One only has to watch programmes such as The Antiques Roadshow to know that a painting that is hung on someone’s wall that they belief is just a family heirloom can have a five figure value. A Chinese vase that has stood on the mantelpiece for many years and has held dried flowers can have a value in the six-figure range. So how do you arrange insurance?
Valuation
It is always interesting to note that when a valuation is undertaken on The Antiques Roadshow that there is first the value, and then the insurance value, which is always higher than the value given for auction. The insurance value will include the buyers premium that will be payable should you need to replace at auction. It is not an exact science as the markets are constantly moving but an expert will be able to give a value that will be accepted for insurance purposes. The insurance company will possibly seek a letter of authentication from an expert also, as some people will seek to insure a painting as something it is not and then the painting will mysteriously be damaged, destroyed or stolen and then a claim will be made.
Ceramics and objet d’arts
These can be identified normally by a maker’s mark and then a good valuation can be placed on it according to the current market. The problem is that unlike pictures ceramics etc. are in a volatile market so the value for insurance purposes can go up and down and effect valuations and premiums/
Insurance
Insurance can be on an all risks basis and this will cover water damage, fire and theft. These art items will on occasions have to be kept in a secure place and the insurance company will dictate how they are kept. There are specialist brokers who can assist you in the insurance and can place you in touch with Lloyds should the risk be deemed of such a nature as to need to be underwritten.