Professional and Collector get what they want, the Insurance of Good title, but what they lack, is the Authenticity of the Valuable object.
Were you once the proud owner, and then it went missing?
With theft an increasing risk in the art world, it has become easier to unknowingly buy stolen artwork or valuables, even if you check the stolen Art register websites.
Just imagine the nightmare of a collector and fellow enthusiast sitting down to dinner, and there the painting or the Victorian candlesticks on the table that was previously stolen from their home?
By law, the new owner has no right to the item and has to return it. He will be out of pocket for the amount that was paid. In such events, defective title cover will cover the unaware owner up to the specified sum insured.
Some of the William Kentridge works that were recently stolen would give rise to defective title cover towards the new owners purchasing them.
Forgery remains prevalent. Last month five people in Chicago were indicted for forging and selling prints by a range of major artists including Dali, Lichtenstein, Warhol, and Haring.
Read all about it!
Presently, Aris Insurance Company has begun a new Insurance program that will Guarantee the Authenticity, the works are original and actual made by “the Artist”.
They will work with the production of dead and alive Artist. Usually, they will develop an arrangement where a certificate of Authenticity would accompany the art. This way moving forward and through history. Unlike many Foundations, who have the final say if it is real, actually made by the artist.
Recently, I received an email from a new Art Gallery in Texas. She and the partner have been in the prereferral part of the art business. Their experiences were in promotion and advertisement of Artist. A few years past, they had an opportunity to open a pop-up gallery selling prints, Paintings and non-fragile sculptures in a busy section of Galveston. They were at the stage of having the first show in a permanent location; this is when, they turned to me, for their Art Insurance needs. I was able to secure a great Fine Art Insurance policy for $1,300. This covered $50,000 on location, unnamed locations and $20,000 transit.
So I rode into the sunset feeling good about the terms, cost and turnaround time, for my new client.
Call me Anytime 212 566-1881 ext 111 for ART Gallery Insurance
www.artInsuranceNow.com for applications
If you are involved in the art world, I can insure your exposures.
• Commercial Art
• Art and Antique Dealers
• Restore and Conservators
• Private collectors
• Large or Small inventories.
• Domestic or International.
• Art Fair transportation, while at fair,
shipped to collectors
• Art loaned to Museums or non- profits,
• Art being shipped or carried on board,
• Coverage for special events, Parties,
• Non-profit organizations and more
There are special policies so broad that besides the standard theft or breakage coverage’s it actually includes mold and devaluation of the art pieces due to a loss.
The premiums begin around $2,500 for about $250,000 worth of protection.
Recent successes: An Art dealer who brings works to various fairs and sells from her private gallery just purchased this policy
$300,000 premises limit
$300,000 unnamed location
$300,000 while in transit
We set the unnamed location limit and transit limit as matching limits to avoid any gaps in coverage.
Premium is $3100 with $1,000 deductible.
for applications Click Here