Protecting your Art Collection

There are obvious dangers for an Art Collection. Fire, water, theft and even light is also a big threat, and the damage it can cause is irreversible. Even certain framing methods can destroy a work over time. What are the best ways to make sure your art is safe, secure, and displayed to its utmost advantage? ArtInsuranceNow.com has some helpful tips.

Thieves once robbed the home of an avid collector. The police asked for photographs of the stolen items but had to settle for dinner–party pictures in which several of the works appear incidentally in the background, often cropped and out of focus. This is not a good way to document your art.

You should continually evaluate your art collection, particularly when art values are high. Collectors should document their holdings and store the information (or a copy of it) off-site, not attached to, or near the works themselves. When properly insuring an item, the more documentation the better.

Technology can help organize your collection with easy to use inventory management software and apps. There is a variety of both free and paid “cloud” software (which means you can access it from any device anywhere you can connect to the internet). These applications can allow users to store an image of a work, as well as such information as price, appraisal value, purchase date, location, description, condition, and provenance. Collectors with many objects and multiple residences who don’t keep track of where everything is might not notice for months that something is missing.

Another way to protect your collection is to have a reliable alarm system for the art locations. From the stories we hear as a fine-art insurance agency, the amount of poorly maintained or even unused alarm systems at valuable properties is quite surprising. Also, if collectors get a series of phone hang–ups—six or more in a short period of time we advise you to call the police, because your house is possibly being cased. Crooks can be trying to look for a pattern to see when you’re home and when you’re out.

While there are many art heist stories to be told, transit and the environment remain the two biggest risks to works of art. We advise not to skimp when packing and shipping a work—and consider carefully where you display it. If you hang a painting in direct sunlight and it fades, most policies won’t cover it. Over 60 percent of claims are related to losses incurred in transit, including moving art around the collectors’ own homes. Bad packing and handling are avoidable problems and professional art packing and shipping have become more affordable.

No one wants to lose a piece of art but it happens, more often than we’d like to see so the best way to protect your collection is with due diligence and a fine art policy from ArtInsuranceNow.com / Bernard Fleischer & Sons Inc. We can guide you in obtaining the right fine art insurance for your unique requirements at great rates. For more info visit www.artinsurancenow.com and live chat with us, call us at 800.921.1008 or apply for a free quote below.

 

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Brazen thief snatches 19th century painting, and calmly walks out

 

A man who stole a painting off the wall of Moscow’s Tretyakov Gallery over the weekend has been arrested. The suspect took a Crimean landscape by Russian artist Arkhip Kuindzhi and carried it through a room filled with visitors on Sunday evening while posing as a gallery worker, the footage aired on Russian state television showed.

This is the second incident to hit the Russian capital’s gallery in less than a year. The first was vandalism against a painting of Ivan the Terrible, which was severely damaged when slashed by a visitor. Each year, art thefts account for around four to six billion dollars of losses worldwide. Due to the magnitude of the problem, the International Criminal Police Organization, commonly known as Interpol, continually collects data about the many art thefts and recoveries. With 192 member countries, the international police organization catalogs around 50,000 stolen works of art.

While the Arkhip Kuindzhi artwork has been recovered, sadly many stolen pieces are not, and vandalized artwork often times is declared a total loss. This may be heartbreaking to the owner but the financial hit is also devastating. The good news is you can acquire the proper art coverage to recoup your investment in the eventArt of a loss. We at Bernard Fleischer & Sons Inc. / ArtInsuranceNow.com are true art lovers and we put the Artist, Collector, and/or Owner first when designing a custom policy.

Not every art owner is the same, there are different circumstances, building structures, security systems etc. We ask the right questions and evaluate them to get you the best policy at the best premium. Our online applications are tailored to your requirements and created for your convenience. For example, artists can apply for and bind a policy to cover their studio, art, art in transit, tools, and materials all while having their morning coffee at home.

Learn how you can protect your art while on public display, at home, in studio, or in transit. Visit ArtInsuranceNow.com to live chat with an agent or call us at 800.921.1008

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5 Star Service for Art Insurance with ArtInsuranceNow.com

Are you an artist, art dealer, collector, exhibitor, or gallerist that requires asset protection? ArtInsuranceNow.com / Bernard Fleischer & Sons Inc. has provided insurance services for the art community for 70 years. We love educating our customers and giving them the right tools to create or maintain a successful art business or collection.

Many artists surveyed do not have the proper insurance or coverage for their situation, the numbers are quite alarming. Our goal is to educate and provide resources that the art community requires to mitigate the unique risks they face.

As the global art market expands, risk also increases. Artists, auction houses, and art dealers often display art at multiple locations to discover a larger number of buyers, including a growing number of art fairs around the world like Art Basel.

The high volume of art exchanging hands increases the risk of improper handling, accidental damage during transit, and theft. Therefore, this increases the number of fine art insurance claims. If your art studio or location is not properly covered, you could be headed for a loss.

We at ArtInsuranceNow.com / Bernard Fleischer & Sons Inc. take pride in our stellar customer service. (Don’t take our word for it, check our 5-star ratings on Google HERE) We will walk you through the process step by step and get you insured fast, and with great rates via our user-friendly online applications. We are uniquely qualified to handle all art related risk management solutions due to our extensive experience in the field, and to put it simply, we just love art!

Call us at 800-921-1008, apply online at ArtInsuranceNow.com and live chat with us, or visit our offices at 29 Broadway, Suite 1511 New York, NY 10006

Houston Art Studio Destroyed in Fire.

Smash Design, the Popular Houston Art Studio behind some of the city’s most recognizable art pieces has been destroyed by fire. The devastating blaze is suspected to have been ignited by a recently added LED light panel, destroying everything of value including several hundred thousand dollars’ worth of pneumatic tools and supplies. Also destroyed in the blaze were some commissioned works already sold to other businesses.

The family-owned art studio has conceived and built sculptures for popular brand displays for

James Harden and Adidas, as well as sets for comedian Gabriel Iglesias. Their impressive sculptures also adorn places like the Toro entrance at the Houston Texan’s fan shop.

Smash Design Portfolio
a selection from the Smash Design Portfolio

Artist Steven Ramirez, the creative force behind the shop has said that due to his type of business, the art shop was never covered by insurance. This is a great loss for an artist whose heart and soul goes into the work they develop which is why the first thing we do at Bernard Fleischer & Sons Inc. (ArtInsuranceNow.com) is to educate artists on the pitfalls of insurance and how to avoid them. In this case, it appears that the issue was not the type of business that caused the coverage exclusion, it was the type of insurance policy. Our standalone artist’s policy covers the studio, tools, and of course the art whether in the studio, during transit, and art exhibitions.

Many artists surveyed do not have the proper insurance or coverage for their situation, the numbers are quite alarming. The goal is to educate and provide the resources that working artists require to mitigate the unique risks their businesses face.

Call us at 800.921.1008 to receive a competitive quote for comprehensive coverage that includes transit, multiple locations and more.  You can also visit us at www.ArtInsuranceNow.com to learn more and live chat with an agent or apply for your free quote below.

 

Rare Art Destroyed in “Stampede”

 

Denver police have arrested an 18-year-old man charged with destroying several pieces of historic Chinese and Mayan rare art that were part of an exhibition depicting animals through the ages at the Denver Art Museum.

Jake Siebenlist was arrested for alleged felony criminal mischief. He’s accused of shattering valuable figurines and damaging rare Mayan vessels and Chinese vases, Siebenlist allegedly shoved museum patrons out of his way while grabbing and throwing the rare and fragile sculptures, and pushing exhibits over, causing them to shatter, according to an arrest warrant affidavit.

The suspect, Jake Siebenlist at his court hearing.
The suspect, Jake Siebenlist at his court hearing.

The museum is currently in the process of examining the art pieces to determine which pieces can be repaired and which ones are beyond repair. The suspect’s motive is not yet known.

The weirdly coincidentally titled “Stampede” exhibit has paintings and objects depicting animals in artwork throughout the centuries and in different cultures, including Deborah Butterfield’s horse sculptures and artwork by Frederic Remington and Georgia O’Keeffe.

Police say 10 Pieces of art were damaged or destroyed, causing over $20,000 worth of damage to the exhibit. Siebenlist allegedly tried to damage two paintings that were protected by plastic display cases but was unable to damage those artworks.

These are the risk exposures when an exhibition is open to public view. Something to keep in mind when loaning or exhibiting fine art. Even when loaning to reputable museums you should always have your own coverage. ArtInsuranceNow.com / Bernard Fleischer and Sons Inc. helps to mitigate those risks by providing comprehensive coverage to Artists, Museums, Galleries, Collectors, and Dealers.

Call us at 800.921.1008 to receive a competitive quote for comprehensive coverage that includes transit, multiple locations and more.  You can also visit us at www.ArtInsuranceNow.com to learn more and live chat with an agent or apply for your free quote below.

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The Art World comes together at fairs, Insurance keeps it glued together

This is the time many Galleries, Dealers, and Artists move inventory away from their premises to many different art fairs. Over the last few years art policies have changed, when was the last time you checked to see if you have the right coverage at the right cost?

Preparing for an art show/fair creates additional perils, which we address below;

  • Transit for Dealers, Artists and Collectors: Make sure your policy covers the art while in transit by truck, airplane and boat. There are some policies in which you must notify your Insurance carrier when shipping or attending any art fairs. There are better policies that have these automatically built-in at no additional cost.

 

  • Beware of transporters selling you insurance coverage: Many motor truck cargo policies or inland marine policies from truckers exclude art or when included, there are limitations like the maximum they will pay per complete conveyance, meaning all of the items including other people’s property, so there may not be enough limit to pay you in case something happens.
    • Another limitation is the cause of damage, exclusions of car, train, and plane accidents.
    • Valuation variants: Many of these policies will be based on the price not at current retail value but on what you paid for the item or net consignment.
    • Partial Damage: Many transport company’s insurance policies require you to use specific restorers or conservators without the option of declaring the art a total loss.
    • No payment for devaluation of damaged art.
    • Valuation is based on weight not value. Check the bill of lading before you sign anything.
    • Packing and crating issues: The companies have this condition in almost 90% of the policies. As long as the art is packed in a manner that other dealers would have packed, you are in the clear.
    • Payment: Most transporter insurance polices will pay the transporter who will then pay you. But they can deduct storage, transport and other expenses from the money received from the loss. These polices are in the transporter’s name not yours, hence checks are made out to the transporter not you, unless you are a “loss payee” under their policy.

 

Be sure to buy the right coverage so you can focus on selling your art.

Call us at 800.921.1008 or visit ArtInsuranceNow.com and live chat with a professional to answer any questions you may have regarding your particular situation.

 

Fine Art Storage: A Cautionary Tale

The continued strength of the contemporary-art market and the growing need for secure, climate-controlled art storage space is increasing as more and more art is created, purchased by collectors and acquired by museums.

Art storage facilities are supposed to be forward looking to make sure that property entrusted to them for safekeeping remains protected and unaltered while in their custody. Elements such as temperature, humidity, and pest control are vital to preserving artworks from any damage or total loss. Certain mediums like paper, canvas, plaster, metal, and clay are of course particularly vulnerable to temperature and humidity fluctuations. Yet sometimes things go wrong even with the best of intentions.

For example, a well-known storage facility received multiple lawsuits for damage, incurred during 2012’s hurricane Sandy. Ultimately, artworks in many studios, galleries, and storage facilities were severely damaged when Sandy, a tropical storm that was updated to a hurricane, hit the tri-state area.

In lawsuits resulting from those damages to art stored, the point of contention is the manner by which liability is allocated in storage contracts. Some contracts between the storage facility and its clients required clients to obtain an art insurance policy. In other instances, there may have been waivers of subrogation or a limitation of liability clause.

In addition to mother nature, accidents also happen, but not that often. A fire at Momart’s east London warehouse in 2004 destroyed hundreds of works by such noted artists as Tracey Emin, Damien Hirst, and Chris Ofili. A fire at Artex’s warehouse in Dedham, Mass., in 2005 destroyed and damaged many pieces. In 2004, Fine Art Logistics, a storage company in London, mistakenly left out for trash a 1984 sculpture by Anish Kapoor.

This is why it is so important to perform due diligence and speak with Art Insurance professionals like Bernard Fleischer & Sons Inc. (ArtInsuranceNow.com) for a clear picture on insurance coverages, to allow the art owner the ability to make well-informed decisions on obtaining insurance.

Call us at 800.921.1008 to speak with an Art Insurance Professional and visit us at ArtInsuranceNow.com to apply for a free quote and live chat with an agent.

Art in Transit: Why we insure

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.

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Fair Market And Insurance Value For Works Of Art

Fine-Art Insurance valuations aren’t so complicated, as some may think. Here is the breakdown. The IRS defines fair market value as the price that property would sell for on the open market, as agreed upon between a willing buyer and a willing seller, with neither being required to act and both having a reasonable knowledge of the relevant facts.

Usually, this means the auction market (buyer’s premium included), because auction is the predominant market of open exchange. If the property in question sells predominantly or exclusively at retail (i.e. in a gallery), however, retail is the market used by the appraiser. All IRS appraisals are fair market value appraisals.

Insurance appraisals have a different criterion for valuation. Here the assumption is that the insured item needs to be replaced in a timely manner. Waiting for a similar item to come up for auction could be unreasonable and impractical. So instead of a valuation based on the auction market, retail replacement is the most appropriate valuation.

This is the price that one would expect to pay for the same or similar item in a retail setting at the present time. Oftentimes the insurance value is even a bit higher than retail to accommodate for shipping and other costs related to the purchase.

Also, check out our informative article on Schedule VS. Blanket Coverage for an in-depth look at how policies are written in terms of valuation.

As a knowledgeable Art Insurance broker, I can guide you through the process of navigating the often confusing insurance industry and properly protecting your Art. Give us a call at 800.921.1008 or Live Chat with us at www.ArtInsuranceNow.com you can even get a free quote by following the link below.

 

Art Collector’s Tips on Protecting your Artwork

As Art Collector’s, you have spent considerable resources and countless hours curating the perfect art collection the last thing you want is for that collection to be compromised due to environmental hazards or improper care.

We have some pro tips provided by one of the largest privately owned galleries in America on how to care for your artwork and retain its value.

1. AVOID OR LIMIT DIRECT SUNLIGHT.
Exposure to direct sunlight can fade the color of almost anything, including your new work of art. Avoid hanging your artwork anywhere where it will receive regular exposure to direct sunlight.

2. KNOW WHEN TO FRAME WITH ACRYLIC PLEXIGLASS, NOT GLASS.
What if you specifically wanted to hang that perfect picture in your sunroom? If you don’t want the sun dictating your design choices, just make sure that your picture is framed with a UV filtering acrylic rather than glass. It’s actually lighter than glass and will protect your art from fading or yellowing in direct sunlight.

3. PAY ATTENTION TO HUMIDITY.
The amount of water in the air can have a huge impact on the overall health of your art. Make sure to monitor the humidity level in your home and, ideally, keep it around 55%. (You can track your home’s humidity with a simple hygrometer.)

4. WATCH YOUR HANDS.
Always avoid directly touching your paintings or acrylic framing surfaces without wearing cotton gloves. If you do, you risk damaging them by exposure to your fingerprints and natural oils.

5. KEEP YOUR GLASS OR ACRYLICS SQUEAKY CLEAN.
When cleaning the glass or acrylic panel protecting your artwork, always use a soft non-abrasive cloth or microfiber towel. You should also consider purchasing an acrylic or ammonia-free glass cleaner.

6. DUST—DON’T CLEAN—YOUR PAINTINGS.
If you have a unique painting that’s not behind glass or acrylic, don’t use any cleaners or solvents on the surface to clean the painting…EVER. Instead, just lightly dust off the artwork with a soft feather duster or sable brush.

HOW TO PROTECT YOUR ARTWORK, IF IT’S UNFRAMED:

7. DON’T LEAVE YOUR ART IN A TUBE.
If you’re not ready to hang your art yet, definitely do not leave it rolled up in a protective cardboard tube. You always want to store your art flat. Acrylic paint or embellished paintings stored in tubes can become stained, cracked, or dried up if they’re left rolled up for too long.

8. KEEP YOUR STORED ARTWORK SEPARATED.
When you’re storing multiple works of art, always keep something in between each work while they’re laying flat. Place a 2- or 4-ply rag or conservation matboard cut 2 inches larger than the artwork in between each work. This will help protect the artwork from acidic damage, curling, and potential creasing.

9. STORE ART IN A COOL, DRY, DARK PLACE.
Pantry rules apply when you’re trying to protect the unframed artwork. The best way to avoid damage from sunlight, humidity, and temperature fluctuations is to keep your art somewhere cool, dry, and dark.

10. CONSIDER A SOLANDER BOX.
If you want to be sure that your art stays protected, you might want to invest in a solander box. These are acid-free print boxes with hinged front panels that can be purchased from conservation suppliers.

After acquiring Art, protection and conservation are important steps in keeping its value and beauty intact so you can enjoy it for many years to come, and pass it on to future generations.

Bernard Fleischer & Sons Inc. (ArtInsuranceNow.com) cares deeply about your collections, provides resources to help you mitigate risk and with our comprehensive Art Collector’s Policies, you can be assured that you have all the bases covered.

Give us a call at 800.921.1008 with any questions about your specific situation on how to properly protect your artwork. We can also be reached via live chat at www.ArtInsuranceNow.com or click below to get a free quote online with our user-friendly application.

 

 

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