A British man has been accused of slashing a multi-million dollar painting in an art gallery in Aspen, Colorado, last year.
Surveillance footage shows a bearded man in a hat and sunglasses saunter into the Opera Gallery, lay down a plank to block the doors from shutting fully, head straight toward the painting, then slash its bottom-right corner twice.
In May, Aspen Police identified Nicholas Morley, a 40-year-old British businessman, as the perpetrator. He has been charged with felony criminal mischief and a Colorado judge has issued a warrant for his arrest.
Morley flew from London to Denver with a false name a day before the slashing, rented a car from the airport, and flew back to London two days after committing the crime, The Aspen Times reported, citing court documents.
As It turns out, Morley’s father, Harold, owned the $3 million painting through a holding company in Barbados that traded art.
In a situation like this what is covered? what is not? Fine Art’s risk exposure while on display is something that all artists, gallerists, and collectors should consider and insure accordingly.
William Fleischer, CIC and Principal of Bernard Fleischer & Sons Inc. explains further: “Most Art Insurance policies will cover Vandalism, but, how the values are determined is what I’d like to focus on here. If you are an Art Dealer, Art Collector or an Artist, the consignment agreement drives the answer to this question.”
- Almost all Art Dealer Policies value the art based on the agreed net consignment amount to be paid if sold +10% for the dealer’s commission. The check is made to the dealer.
- If you are a collector and have your own Insurance policy, then the valve would be either what is scheduled on your policy or the Market Value at the time of loss either way you would receive a higher payout than the dealer’s policy would pay out.
- If you are an Artist, and purchase our special artist’s policy, your Art is valued, better than a dealer’s policy, not at net consignment amount, but Market value minus 30%
When displaying art in public spaces, know your exposures and insure for them accordingly. A knowledgeable art insurance broker like Bernard Fleischer & Sons Inc. / ArtInsuranceNow.com can guide you to peace of mind and help protect the things you are passionate about.
Call us at 800.921.1008 or visit ArtInsuranceNow.com for a free quote to protect your artworks.