The reasons for art being shipped varies greatly, a collector may move or place artwork in storage while their home is being renovated, they often sell artwork at popular art fairs and even lend pieces to museums.
A dealer or gallerist may sell artwork to a collector from out of town or even another country, the working artist sends their commissioned works to buyers, galleries, etc. Auction houses frequently send and receive works of art. There are many different reasons for art transit, including shipping art out of harms way in cases of hurricanes and wildfires.
Other than hauling that hidden ‘masterpiece’ in the attic down to the Antiques Roadshow, artwork should be handled with care, shipped by professionals, and most importantly insured.
Transit insurance is extremely important to the safety of your investment. If you have the opportunity to talk with anybody in the insurance world for fine art, most of the losses by frequency — something like 70% — are caused by damage while it’s being handled through transit. Even so, not all insurance policies cover works of art.
Standard homeowners insurance likely won’t extend to cover your art collection, which is why most artists, collectors, dealers, and auction houses purchase a stand-alone policy that often includes protection for new works while they are being shipped to your home or business but it’s important to speak to knowledgeable art insurance professionals like Bernard Fleischer & Sons Inc. (ArtInsuranceNow.com) and understand what’s covered and what is not.
It is important to know that most transporters limit their liability and folks are often quite surprised at how low their liability is. So, make sure your insurance policy covers the work of art as it’s being shipped.
Whether buying or selling at art fairs be sure that your work or investment has the maximum coverage with minimal headaches by using the Trusted One Stop Art Insurance for the Art Community since 1949, Bernard Fleischer & Sons Inc. Visit artinsurancenow.com or call 800-921-1008 we can help you with all of your Art Insurance requirements.