Category Archives: Collectibles

Six things you should know about Art Collection Insurance

As collectors, one of the most important things to understand is art collection insurance. Many collectors out there tend to overlook this often-essential part of keeping their valuable pieces safe. Whether you own expensive paintings, sculptures, or artifacts, having art collection insurance allows you to rest easy, knowing that in the event of theft or damage, you have some form of coverage and can recoup some of the loss. In this blog post, we dive into the ins and outs of this insurance so that you know exactly where you stand should something happen to your beloved artwork.

1 Understanding Art Collection Insurance

Art collection insurance is a special type of insurance that helps protect an art collection against damage, loss, and theft. Any artwork collector should have this coverage to secure their valuable pieces. With that in mind, various types of coverage are available to collectors. These may consist of

  • Transit coverage covers pieces in transit from the point of purchase to their home or exhibition venue.
  • Valuation coverage covers variations in value due to fluctuations in market values.

Package policies are another option at your disposal. This type of collection insurance covers multiple risks within the same policy, such as fire and uncontrollable conditions. It is a must if you plan to keep your pieces safe in storage. With that in mind, getting the right kind of insurance protection is important no matter what type of art collection you have. But more on that later. 

2 Determining the Need for Art Collection Insurance

Before determining the need for art collection insurance, it is essential to assess the total value of your collection. This involves considering all its components. This includes tangible and intangible items, such as individual objects, framed displays, and any shipping or administrative costs associated with moving a piece from one location to another. Furthermore, to identify any potential risks that may cause harm or loss to your valuable pieces, it is helpful to consider the environment they are stored or displayed in and any regular activities they may be subjected to. Finally, it is essential to evaluate existing insurance policies – ensuring adequate coverage exists against any perils your art collection may face.

3 Appraising Your Art Collection

Appraising your art collection is a critical step to estimating the value of each piece in your collection. You can hire a professional appraiser to look at your collection. A professional appraiser will thoroughly examine each piece you own and research similar pieces to determine their market value. This process will consider the condition, quality, materials used and historical significance. Furthermore, an appraisal will provide documentation with information regarding the artwork so that insurers and other interested individuals can also make educated decisions on any purchases that may occur in the future involving pieces from your collection.

4 Preventive Measures and Risk Management

Just because you want to purchase art insurance doesn’t mean you shouldn’t take preventative measures yourself. According to experts at Heart Moving Manhattan, NYC, first and foremost, you should ensure the artwork’s security by storing it in a controlled environment. Additionally, you should document artwork properly. This includes maintaining proof of purchase, authenticating any certificates of authenticity, and photographing items as proof. Furthermore, conserving artwork is important to keep them safe – this includes regularly inspecting storage conditions and avoiding handling them excessively or forcefully.

Similarly, collectors must use cushioned packaging materials when transporting valuable art objects and utilize proven couriers for reliable delivery. All these preventive measures can save money by lowering insurance premiums. Not to mention that they will bring peace of mind that your valuable collection is safe from harm.

5 Art Collection Insurance for Artists and Galleries

Art collection insurance is essential for artists and galleries to protect their investments. Not only does it protect them in the case of any physical damage that may occur to their pieces, but many insurers also provide coverage for lost or stolen artwork. Additionally, it is an invaluable tool for dealing with issues such as legal disputes and disputed authenticity. Therefore, obtaining appropriate insurance for a gallery or artist’s collection is a wise decision that could ultimately save them from great financial difficulty should the unexpected happen.

6 Choosing the Right Insurance Policy

Selecting the appropriate insurance coverage for your art collection is essential in guaranteeing the collection’s safety and security. When choosing an insurance plan, there are several aspects to consider. The most important of them are available coverage choices, policy limits, deductibles, and the insurer’s reputation and level of expertise. In addition, it is vital to carefully consider the benefits and drawbacks of each kind of coverage. This entails taking into consideration the requirements and threats that are connected to your collection. If a claim is made against the policy, the limits of the policy should be enough to cover the overall worth of your collection, and the deductibles should be reasonable.

Conclusion

With art collection insurance in place, you can rest assured that you can cover any financial losses due to theft, vandalism, or damage caused by natural disasters like floods or fires. It is also essential for artists and galleries to procure art collection insurance because having a good policy in place gives them peace of mind and protection when exhibiting their artwork. To find the right amount of coverage for your needs, it is crucial to evaluate all options carefully before deciding.

Are Your Art and Collectibles Covered for Disaster?

Fires, floods, tornadoes, super-storms, and even man-made disasters like construction accidents can cause havoc to your home, gallery, or studio. Many are prepared with emergency plans and supplies but unprepared when it comes to keeping an up to date inventory on precious belongings, art, and collectibles in the case of a claim.

Trying to create an inventory after the fact can be just as stressful as enduring the event itself. Before starting an inventory, contact your insurance agent to ask what kind of documentation is required if you ever need to file a claim. It can be as simple as creating a spreadsheet and supplement it with photos and receipts, the more info the better. Keep a copy off-site or in your email and not near the location where the art is housed, this can be a lifesaver and prevent delays in getting the replacement value.

The most valuable tool in ensuring everything goes smoothly is having a knowledgeable fine-art and collectibles insurance broker to guide you in the process of managing your risk. Insuring art requires an experienced broker that knows how to navigate the often-confusing details of high-value insurance. At ArtInsuranceNow.com / Bernard Fleischer & Sons Inc. we know art, and what it takes to insure it properly so you don’t have to. We are your resource and can answer any questions you may have regarding the protection of your art, tools, studio space, or gallery.

Even if you never need to file a claim, an inventory pays off. A complete inventory can help you purchase the right amount of insurance and should the unforeseen happen, you can focus on rebuilding rather than scrambling for the details on what you may have lost.

Visit us at ArtInsuranceNow.com to live chat with a professional or call us at 800-921-1008 to speak to a friendly voice that can guide you through the process of risk management.

 

When Fine-Art Meets Comic-Art

The influence of Comic-Art

It’s a trend that’s reflective of our times, with the record-setting box office of Avengers: Infinity War at a total of $1,813,732,959 in only 4 weeks! Comics as an art form is hugely popular, and we want to help protect those collections.

Most people debate whether to go with a painting or a photograph when filling an empty wall space. But lately, people are turning to something that reflects their pop culture interests, opting for art that depicts superheroes both well-known and obscure.

The appeal of these characters has gone mainstream in a big way, ensuring that vintage comic collections will continue to increase in value. With this increased popularity, there has also been more interest in collecting original comic book art. A popular cover of “Amazing Spider-Man” #328 pitting the title character against the Hulk by Todd McFarlane fetched $657,250 at auction in 2012, and a Sotheby’s Comic Art auction fetched $4.1 Million in 2015.

With the increasing values of this American Art Form comes the increasing exposure to theft and loss due to fire, floods, and damaging weather. We at Bernard Fleischer & Sons Inc. / ArtInsuranceNow.com provide Fine Art & Collectibles Insurance to give peace of mind to the avid collector and with over 60 years of experience under our belt, we can Insure your collection properly to fit your particular situation.

Art Insurance Now Signature image

 

Could buying art make you rich?

One man’s trash is another man’s treasure.

For one investor that dream came true. The painting ‘Salvator Mundi’ believed to be painted by Leonardo da Vinci purchased for £45 just sold for $450 million. So, is investing in art a good way to get rich quick? And how should you proceed? “with extreme caution” say financial advisors.

While stories like the recent Leonardo da Vinci sale and endless Antiques Roadshow episodes make it seem very attractive to invest in paintings and objets d’art, such cases are relatively rare. What you get back is based on supply and demand and there are big movements upwards or downwards if particular works or artists come in or out of fashion.

Attending a neighborhood garage sale or popping into a local thrift store can leave a lot to be desired. After sifting through dented furniture, chipped ceramics, and strange art, one is often left feeling that the presented merchandise is worthless. But if you are lucky enough, you may just find a diamond in the rough.

Some Top Garage Sale Finds:

  • $3 for a Ceramic Bowl, Sold at Auction for $2.2 million
  • Andy Warhol Sketch Purchased for $5, Valued at $2 Million
  • 50 Cents for a Painting worth $10,000
  • Tiffany Mirror Purchased for $2, Valued at $25,000

 

Photo of Salvator Mundi (Leonardo da Vinci)
Salvator Mundi (Leonardo da Vinci)

The high sale price of the Leonardo painting was not typical, a recent academic study, based on examining data from 1.2 million auction house sales of paintings, drawings and prints, concluded that art appreciated in value by a modest 3.97% per year, in real US dollar terms, between 1957 and 2007.

Given the current environment of low interest rates, that’s still a better return than many savings accounts will give you. Paintings are seen as attractive investments because it’s very clear what you’re buying. Part of this is driven by investors’ desire for “real assets”.

Many investors lost money in the financial crisis by investing in products they did not understand, they are turning back to things such as art. Wealthy clients spend an increasing part of their wealth on art and collectibles.

You don’t necessarily have to be super-wealthy to invest in art.

Affordable Art Fair photoThe ArtInsuranceNow.com sponsored 2017 Spring Affordable Art Fair was an excellent example of great works of art that are accessible.  There are a growing number of art fairs and online marketplaces such as Artfinder aimed at buyers with a more modest budget.

The Affordable Art Fair (AAF), which started out in London’s Battersea Park in 1999, now holds fairs in more than 10 cities around the world. But while it may be becoming more affordable, just don’t bet on becoming a millionaire yourself.

With a keen eye and a lot of luck you may come across a valuable find but most art industry experts suggest that you buy a piece of art because you like it, not because you want to get rich. “If it goes up in value that should be just an added bonus.”

Protect your valued finds by visiting us at ArtInsuranceNow.com, voted a 2017 Top Broker and listed as the “Cream of the crop” in our respective area of Art Insurance by Insurance Business Magazine. We can help with all Art related insurance requirements. Apply here or Contact William Fleischer CIC at 800.921.1008 to discuss your unique situation.

Marvel Exec’s $240,000 Collection Stolen, Is Entrusted Property Covered?

A contractor was hired to repair water damage at a Sparta N.J. Township home, he was just arrested charged with theft and burglary of a $240,000 collection.

 

The contractor snatched art and Rare Comic Books, valued at more than $239,000, from Joseph Quesada, Marvel Comics’ chief creative officer and former editor-in-chief.

Authorities said Quesada hired a contractor as a handyman earlier this year, and asked him to repair damage caused by a burst water pipe. But the handyman had other ideas, he covered the property’s security cameras with towels, then he moved himself and his girlfriend into Quesada’s house.

Soon after, a friend called Quesada to ask why he was selling a portrait of his wife. Quesada didn’t know what his friend was talking about, but he did recall he kept that specific portrait in Sparta.

Fearing the home had been burglarized; Quesada and his wife went to the house and found their art collection missing, including original comic book art. This is where a separate Fine Art Collectible Policy makes the difference.

 

Theft by a person you entrust with your property is covered by the AXA Fine Art Collectible Policy, Are you covered for any fraudulent, dishonest, or criminal act or acts by employees, dog walkers, home attendants, contractors, or trusted individuals?

 

Contact us today to help insure your Valuable Fine Art and Collectibles.

 

Visit www.ArtInsuranceNow.com to learn more, apply here or feel free to contact William Fleischer, CIC at 1.800.921.1008

Corporate Art Insurance 3 trends

As a leading Art Insurance Broker, I have seen a rise in 3 types of  policies focusing on the Art Corporation are showing in their  businesses.

  1. The rise of using  Art leasing/ renting companies for a short time, rotating exhibition space. These new type of lending services,  fill a niche by adding style to an office by using a wide range of art, Prints, Sculptures, Paintings, Glass and tapestry.  I have insured the works in Doctors’ offices, hospitals, corporate offices and temporary spaces, not to mention in all types of residences.
  2. Pure old fashion Corporate Art insurance. Art can make a space interesting and appealing to visitors or staff. Manny CEO Private Collections are starting to show off their collection. I design policies to insure the art while in the office, in storage or enjoyed at home.
  3. Exhibition Insurance. Many curators are able to assemble a strong show, using a common theme or thread to enhance the corporate culture creativity. They invite Artist or ask Collectors to loan works fulfilling the vision of the project.

 

EZ to apply at  www.artinsurancenow.com

Insuring Art Work at Market Value

Collecting Art is fun, but maintaining values fluctuate a lot on an insurance policy.  All homeowners policies where fine art is a part of the policy are written on a scheduled basis.

To add these artworks to your schedule, the company requires a current bill of sale or a current appraisal.  The value is locked based on the schedule, good if the value goes down, bad if the values goes up.

Here is an endorsement which I feel the collector should consider when they are insuring an art collection.

It’s the Current Market Value 150.  With this endorsement, the company will pay the amount shown on the Schedule for which the item is insured. However, if the market value of the itemized article immediately before the loss or damage exceeds the amount of itemized coverage for that article, we will pay its “current market value” immediately before the loss or damage up to 150% of the amount of the itemized coverage for that article. Of course, if the item market value decrease you will get less.

For a quote on Fine Art, Collectibles and objects of value click here for the collectors application on my website.

 

 

How is your Art being Insured?

Every day, I am helping to insure art collections.  art collections, Gun Collections, Rug Collections, Rare Books Collection, Prehistoric Art collections, Samurai Swords, Bibles,

In the past few days, I have insured rare books, Bibles, Photographs, Manuscripts Antique guns, and furniture. click here for applications

Your homeowner’s policy excludes perils like Roof leaking, wind-driven rain, back up of sewers and drains, Breakage, transit Loss of Value due to a loss.

Most fine art policies have these coverages included. If there is something which is valuable to you and your family, I can insure it.

Call Me 800-921-1008

William G. Fleischer, CIC
President
29 Broadway, Suite 1511
New York NY 10006
T. 212 566-1881 ext 111
F. 212 566-1615
wfleischer@bfbond.com
www.ArtInsuranceNow.com

American Collectors Insurance policy, Quote and Bind Instantly

Call me 800-921-1008 or click here to visit American Collectors web site for a quote:

cLICK HER TO GET A REALTIME QUOTE

If it's worth Collecting, it's worth Protecting
If it’s worth Collecting, it’s worth Protecting

How to Insure Prehistoric Art properly.

Prehistoric Art is Art from Ancient Near East, Ancient Egyptian, Greek, Roman, Islamic Art, etc was created on many different types of Median, Ceramic, Gold, Silver, Tapestry, Bronze, wood, stone. etc. over the years these work of art have become scarce, fragile and valuable.

I am insuring a dealer in Indian Art who specializes in Prehistoric Art.  He reminded me that Long Island in NY had one of the largest concentrations of Arrowheads.

Addressing the Insurance coverage for those Art items which you care for, I have a very special understanding of the risk of damage, theft while in the home or in a Exhibitions.

Art Insurance policies are not all the same. Some are written through LLOYD S of London, AXA Art, Travelers Insurance Company to name a few players.  The Art Insurance company will include Transit by Sea, Air & Land. Coverage is usually extended to a Storage facility or the final destination.

To have these items insured, the underwriters in most cases will require a condition report if in long-term storage or if newly purchased, a bill of sale or appraisal.
Visit ArtinsuranceNow.com to complete the Collectors application to cover your prehistoric, Modern and contemporary art.

William

art insuranceart insurance  art insurance

 

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