One of the difficulties of valuing works of art is that their importance goes beyond the simple object, what makes them deserving of special protection. For this reason, insurance companies are increasingly offering products that make out of the art their main object. In the valuation of art pieces play factors such as:
Detail of Monet’s painting, damaged by a visitor in 2012 during its exhibition at the National Gallery of Ireland. Photo by Christie’s.
֎ Recognition and fame of the author
֎ Appertaining to a particular work style and historical era
֎ Artistic classification of the piece, technique, size, age
֎ Inclusion of the work within an artistic period featured in the productive career of its author
֎ Author’s appreciation in the market
֎ Single or serial nature of the work
֎ Absence in the market of similar works or exclusivity in production by its author
֎ Condition, submission to restorations and quality of reconstructions
֎ Workpiece belonging to a set and conservation of the entire ensemble
֎ Price paid in previous transactions or belonging to famous collections
֎ Integration of the piece in a collection
In insurance, it is necessary to consider the following questions:
► Type of coverage and risks: deterioration, depreciation, destruction, etc.
► Scope of compensation: total value of the work, compensation for depreciation, coverage of restoration expenses, damage to the support, etc.
► Insurance of complete collections or particular pieces
► Consideration of the market value of the work or other agreed upon
► Extension of home/premises insurance to the works of art contained therein
► Insurance for professionals: art fairs, art galleries, exhibition halls, museums, etc.
► Transport insurance:
■ Private transport in the case of moving
■ Transport delivering work to a buyer
■ “Nail-to-nail” insurance
■ Insurance in case of an international move