Art fair season is upon us, bringing together an extraordinary concentration of artworks, private dealers and galleries. The question between collectors attending these fairs is “what did you buy?”.
Well, we have a more important question to those art buyers… how did you insure it? Having a knowledgeable fine-art and collectibles insurance broker to guide you in the process of managing your risk is an integral part of the art buying process. Insuring art requires an experienced broker that knows how to navigate the often-confusing details of art insurance.
From an insurance standpoint, fairs represent a high-risk time for galleries, dealers and, of course, clients. Traditionally, the gallery or dealer covers the delivery of the piece to the new owner. But it’s important to know what questions to ask so you understand the details and/or can negotiate conditions to reduce risk, for example:
- Who’s responsible for the piece at what stage of the transaction – is it yours once it is paid for, when the title is transferred, or when it’s in your possession?
- Who’s responsible for packing and shipping – the gallery or a third-party fine arts vendor? Make sure professional fine art packers & shippers are used!
- Is the appropriate packing or crating (in some cases, customized) being used for the type of piece? Think about size, fragility, composition, etc
- If you’re at an international event, or a fair with international galleries represented, will the piece need to go through US Customs and, if so, what precautions will be made and by who?
Once home, how do you protect your investments?
Being a newcomer to the art scene can be intimidating. Someone starting to collect may not necessarily purchase very expensive pieces initially, so they may not think their art is valuable enough to warrant an insurance policy. We provide new collectors with the same coverage, service, and claims handling as someone with a higher collection value. And they are also protected against exposures they are vulnerable to in their day to day lives.
There is no reason a collector of any size should feel their investment isn’t enough to be insured properly. When your collection grows, so will our partnership with you. The limits can be increased and we can continue to provide support and peace of mind over the years.
At ArtInsuranceNow.com / Bernard Fleischer & Sons Inc. we know art, and what it takes to insure it properly. We are your resource and can answer any questions you may have regarding the protection of artwork, tools, studio space, museums or galleries.