For emerging enthusiasts and seasoned connoisseurs alike, the actual purchase of a piece is only the beginning of what it means to actually own art. Many art lovers may not realize that their fine art collections face significant risks, such as damage from poor installation resulting in a piece falling off the wall or damage during transportation. It is crucial to understand the risks associated with art ownership and how to mitigate them. So, what do you need to know before you head to any art fair or gallery?
Below, find key takeaways from our team of seasoned professionals.
As an avid art collector, NSI CEO Oscar Seikaly possesses a deep understanding of the art world, enabling him to provide expert insights tailored to the unique needs of collectors and institutions. Supported by NSI’s extensive experience in insuring museums and robust private collections, our team of trusted experts provide a holistic approach. This comprehensive service includes assessing risks specific to various art mediums and environments, offering insights into market trends, and providing tailored advice on storage, display, and transportation.
Key Considerations for Art Collectors
Gallery Reputation Matters
When exploring art fairs or galleries, the reputation of the establishments you engage with is paramount. A reputable gallery not only provides a roster of vetted artists but also offers valuable expertise and guidance. Research the galleries beforehand, looking into their history, artist representation, and participation in notable exhibitions. Don’t hesitate to ask fellow collectors for recommendations, as word-of-mouth can be an excellent resource for finding reliable galleries.
Established galleries provide authenticity and provenance, ensuring that artworks are accurately researched and cataloged. Their professional handling and documentation reduce the risk of damage during transit and facilitates claims processing. Insurance companies often view pieces from reputable galleries as lower risk, potentially leading to better coverage terms and lower premiums. Ultimately, purchasing from a trusted gallery not only protects your investment but also simplifies the insurance process, making it essential for new and seasoned collectors alike.
The Vulnerability of Art in Transit
Artworks are particularly vulnerable during transportation, facing risks such as theft, damage, and accidents. Many collectors overlook the importance of insurance during shipping. If you already have a comprehensive fine art insurance policy, it may cover transportation at no additional cost. Art transit insurance covers damages and includes provisions for restoration should a piece require repair after an incident. This can save you significant money, as transportation companies often charge hefty fees for insuring artwork during transit.
Before opting for shipping services directly from the art gallery, it’s crucial to consult your insurance provider and review your policy as some existing fine art insurance policies may already include transit coverage.
Choosing the Right Art Insurance Policy
When selecting a fine arts insurance policy, it’s crucial to ensure that the coverage limits align with the total value of your collection. Insuring art is relatively affordable and can be done without significant cost. However, maintaining accurate and updated documentation is key. Cataloging your collection and keeping detailed records will help verify the artwork’s value, provenance, and condition—crucial elements for both claims and peace of mind. Regular assessments will ensure your coverage remains appropriate as the value of your art evolves.
