Largest Warhol Collector’s Art Damaged in Storage, is it Covered?

Largest Warhol Collector’s Art Damaged.

Renowned Mugrabi family which owns the largest private cache of Andy Warhol pieces says its business has been brought to a standstill by a company that’s holding its entire $100 Million, 1,300-plus-piece art collection “hostage” at a New Jersey storage facility.

 

In a lawsuit filed in New York City, David Mugrabi accused Mana Contemporary of preventing the family from removing any art from its storage facility in Jersey City since last month.

 

Mana Contemporary had agreed in 2014 to store the collection in exchange for the Mugrabis’ recommendations of Mana’s services to their clients, Mana now wants more than $500,000 for storage fees, according to the complaint, and the company has also damaged 11 works of art in its custody — including pieces by Frank Gehry, Richard Prince and Jenny Saville, according to the suit.

 

Would our Collector’s policy cover the damages?

 

YES! Our Collector’s policy covers Art owned by the Collector and covers damages while in storage. The main focus would be the loss settlement. Restorers and appraisers would evaluate the work to determine the “Current Market Value”, the “Loss of Value”, and the value of the art if scheduled.  Once all information is established, then the insurance company would pay the claim.

 

A Total Loss: the company will pay “current market value” of the property at the time of “loss” or damage occurs. The “loss” or damage shall be ascertained or estimated according to such current market or schedule values.

 

A Partial Loss: The company will pay the Collector an amount mutually agreed upon based on the following:

 

(a) The cost to repair the property to its value immediately before the “loss”; or

 

(b) The difference between the value of the property before and after the “loss”; or

 

(c) The cost to restore the property as nearly as possible to its condition immediately before the “loss”. If the restored value is less than the value immediately before the “loss”, the company will pay the difference between the restored value and the value immediately before the “loss”.

 

Having the right policy in place with the right coverages help to rebuild and or restore amazing collections. The purpose of Insurance is to indemnify and restore the Insured to the situation prior to a loss. Sadly, Art is one of those objects which is very difficult to return to its original grandeur.  Nothing lasts forever, but one would hope, through proper insuring of a collection, it could be rebuilt with similar works or genres.

 

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

How Editions and Negatives are Valued

The value of Editions and Negatives vary.

I was recently reading an appraisal trying to establishing values on Editions and Negatives for a sale of the collection.  I then started to read different policy forms to see how insurance companies would payout if there was a loss. How art is valued varies, read on.

  • Current market value is the present day value.
  • Future value on a single item is an unknown, hard to project the future.
  • The original from which multiple proof editions are made has a value from being the original #1, but each type of edition and sequence has a value.
  • If all editions are printed and no future editions are ever made, then that inventory is fixed so a total can be calculated accurately. Now, if that inventory does not sell in 2 years for example, then the inventory is overvalued and total should be lowered.
  • A photo negative has value and each copy has a value, but unless the negative is destroyed the copy has little value.
  • With digital photos and copies, there is no degradation in future copies and unless it is hand numbered by the artist then there is little value.
  • If you have the Getty photo library, then all photos have a future value based upon licensing fee and there is no physical loss but there is a Business Interruption loss

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

Glass Artist Loses ‘Every Single Piece’ in Napa Valley wildfire; Our Exclusive Artist’s Insurance Policy Pays Off.

Napa Valley is typically a peaceful, relaxing place but not for Glass artist Clifford Rainey who lost his home, his studio and most of his work in the Atlas wildfire. The wildfires Fueled by powerful winds have scorched more than 200,000 acres including the beautiful homes of artists and collectors.

 

On Friday morning, Oct. 13, as Rainey surveyed the damage for the first time after his Mount George home and studio burned, said “Every single piece of artwork I own I’ve had since college was lost”.

 

Rainey’s life’s work is far from all lost. His work has exhibited extensively, featured in numerous public collections, including the Victoria and Albert Museum in London, the Corning Museum of Glass in Corning, New York, the M. H. de Young Memorial Museum in San Francisco, and the Los Angeles County Museum of Art, as well as in the permanent collections of the Museum of Arts & Design, New York, Museum of Fine Arts, Boston, the Irish Museum of Modern Art, Dublin, and the Montreal Museum of Fine Arts.

 

The emotional value cannot be replaced but having an artist’s policy to cover financial losses prevents having to start from zero. Our Artist Insurance Policy is designed for the active Artist. Your Art is covered while in the Studio, in Transit, while at Exhibitions and when in storage along with Your Materials, tools and reference library.  No more worrying about, Theft, Fire, Water Damage or Vandalism. These coverages and more are covered in our Artist Insurance Policies.

 

For more information or to discuss your particular situation contact me, William G. Fleischer CIC | Principal.  T: 212 566-1881 ext.111 or visit us at www.artinsurancenow.com to fill out a quick EZ application for a fast, free quote.

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

Art Fairs and Protecting Art in Transit

Underwriting the transportation of fine art can be tricky. Using an experienced, trusted agent is important to protect yourself from the pitfalls.

 

Artists, Art Dealers, Collectors and Institutions use art transport services regularly, but insurance in particular, is a gray area in which most losses occur. Shippers charge high rates with high deductibles and with hidden exclusions. Pay close attention to the bill of lading and understanding the fine print. The standard form limits the exposure of a claim on the art to weight, not value. Our policies are written either as a schedule or market value less a percentage. Either way your art will be protected while in transport, in storage and while exhibited.

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. www.artinsurancenow.com or call 800-921-1008 Ask for William Fleischer, CIC.  so he can help you with all your Art Insurance requirements.

apply online here

Upcoming Art Fairs

 

viennacontemporary underlines it’s significance not only as a marketplace but as a location for the presentation of young and established artists and for the information on the development of the art scene in the focus countries of the program.

Apply for Transit Insurance Here

 

a contemporary art show in the heart of southern California featuring an international slate of artists and galleries. The show features over 500 leading contemporary artists, museum exhibitions, Art Labs, events, and Art Talks focused on collecting. Now in its ninth year, the four-day event attracts over 15,000 high-net-worth collectors. Join us for an unforgettable four days of cutting-edge art, entertainment, and special events.

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FOTOSEPTIEMBRE USA SAFOTO 2017 runs from August 26 through October 30 across various galleries and other venues in San Antonio and the Texas Hill Country.
October 2017 Art Fairs

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Frieze London features more than 160 of the world’s leading galleries. View and buy art from over 1,000 of today’s leading artists, and experience the fair’s critically acclaimed Frieze Projects and Talks programmes

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Frieze Masters features more than 130 leading modern and historical galleries from around the world, showcasing art from the ancient era and Old Masters to the late 20th century.

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Now in its 8th year, Moniker Art Fair aims to spotlight emerging and established talent from a burgeoning and increasingly diverse contemporary art movement forged by its subversive and innovative spirit. Staged during London’s most important art week in October, Moniker Art Fair attracts some of the most talked about artists, galleries and collectors from the finer side of the street art movement and its related subcultures.

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  • Art Silicon Valley (San Mateo, CA)

    October 5 – 8, 2017

Art Miami’s International Contemporary and Modern Art Fair on the West Coast, centrally located between Silicon Valley and San Francisco.

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Texas Contemporary, Houston’s leading contemporary and modern art fair, brings top galleries to the area’s discerning collector base.

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  • FIAC (Paris, France)

    October 19 – 22, 2017

For its 44th edition, which will be held from 19 to 22 October 2017 in Paris, FIAC hosts at the Grand Palais a selection of the most important galleries on the international art scene. The fair reinforces the presence of the leading galleries, covering the modern and contemporary periods, and renews its support for the emerging galleries through a 2017 promotion of the Lafayette Sector which will not fail to surprise by its freshness, diversity and relevance. The fair, an unmissable event this autumn, confirms the attractiveness of the Place de Paris on the market.

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October 27 – 29, 2017
CLIO ART FAIR 2017 focuses attention on the kinds of contemporary art and interventions that are being created by independent artists the world over. Without the constraints and usual concerns of the art business, these artists have no set boundaries – using different materials and media to deviate from accepted art practice definitions in the gallery space. The works exhibited seek to foster a dialogue that transcends prescribed geographies, hierarchies, and markets, expanding the opportunities for greater expression of new media and groundbreaking content.
November 2017 Art Fairs

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The IFPDA is an organization of expert art dealers who champion

the work of artists in the artistic medium of printmaking.

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Paris Photo, the first international fair dedicated to the photographic medium, will present its 21st edition from 9 to 12 November 2017 at the Grand Palais in Paris.

A must-see for collectors, professionals, artists and art lovers, Paris Photo focuses on the diversity and quality of the artists and works presented and proposes an ambitious and demanding public program.

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The Salon Art + Design welcomes the world’s finest galleries exhibiting historical, modern and contemporary furniture, groundbreaking decorative arts, and late 19th and 20th century fine art. Visitors will find designs by the great 20th century masters, as well as creative works by today’s most innovative young artists.

Apply for Transit Insurance Here

Jewelry Insurance A to Z

In the jewelry insurance business, the word jewelry includes different sorts of adornment, such as bracelets, necklaces, rings, earrings, watches, etc. However, the meaning is often more precious than its price; a symbol of love, unforgettable memory or a significant moment in the past. Considering these invaluable meanings, jewelry is priceless. Hence, you may feel devastated if you lose such a possession. Usually what happens, when placing jewelry on a standard homeowner’s or rental policy, their items are not covered properly. Thus, it is better to sign up for a standalone personal jewelry insurance policy. This policy enhances and provides higher limits while a homeowner policy only covers jewelry up to some point. For instance, if you have a $15,000 ring that has been stolen a typical homeowner policy only covers from $1,000 to $1,500 due to the sub limit within the policies.

What kind of coverage is there in jewelry insurance? There are two types, itemized coverage and blanket coverage. Itemized coverage is a schedule of items describing what will be insured including the insurance value. Some companies require appraisals that value and descriptions are written in. In the event of loss, the insurance company will pay based on the value in the schedule. The appraisal is used to verify authenticity, so that payment would be made without any dispute. When insuring multiple items of lesser values, blanket coverage is the suitable option. It covers multiple pieces under certain total policy limit; some policies have a maximum per item value and a maximum per loss limit. This can be positive if you own many types of valuable articles that are relatively under $25,000 but cumulative into hundreds of thousands.

Then how does jewelry insurance work? There are two ways that insurance companies can handle this. First is to compensate what they have been claimed. The insurance company will pay you cash and the amount depends on which compensation valuing method the company chooses, between replacement cost and actual cash value. According to the Insurance Information Institute, replacement cost is to pay the amount of cash required for replacement but limited by the maximum dollar amount shown on the declaration page of policy. Actual cash value pays the dollar amount of replacement cost minus depreciation. The second one is to repair or replace the valuable articles rather than receiving cash to replace the item. With this option there are no worries as to how much you will get reimbursed, since the insurance company will repair or replace the jewelry with the same quality of the original one.

Since there are many insurance carriers with different terms, it is difficult to find the best suitable insurance without speaking to a knowledgeable Insurance Broker. Here are two tips for choosing the right company for personal jewelry insurance. First, look for a policy that does not mandate you replace an item to receive the full value of the settlement. Second, select a company that makes it easy to insure your jewelry by requiring appraisals only on high value pieces. Here is information on several companies dealing with separate jewelry insurance.

Bernard Fleischer & Sons Inc has teamed up with AXA Insurance Company to provide a countrywide insurance product with worldwide coverage, in other words, the coverage travels with the policyholder. It covers many kinds of losses including accidental breakage, fire, theft and mysterious disappearance. No appraisals are required on items under $50,000 and in collaboration with fine art insurance, the coverage can be as much as $2,500,000 and more. They use a blanket policy up to $250,000 and then switch to Schedule as the value increases. The most significant item is that for your coverage, you will get compensated with cash, rather than the repaired or replaced pieces.

Jewelers Mutual, one of the historic companies in jewelry business, provides worldwide personal jewelry insurance. They cover various losses, similar to AXA, from theft and damage to mysterious disappearance. Their coverage is different because it is based on the repair / replacement insurance, which the company pays directly to the jeweler and the insured is responsible for his or her deductible. Some of the customers are happy with their service while others are dissatisfied with their policies. For instance, not covering wear and tear peril and not insuring the replaced jewelry. Nevertheless, the company shows consistent concern for their customers, since every review has comments from Jewelers Mutual on it.

Chubb, another historic insurance company, has worldwide insurance for valuable jewelry articles. They provide worldwide all risk coverage for most causes of loss and mysterious disappearance. Also they provide automatic coverage for newly acquired items which are up to $50,000 for 90 days on the premise that customers have already itemized jewelry on Chubb policy. New appraisals are not required for jewelry under $100,000 and offer an endorsement paying up to 150% of the amount itemized on the policy to protect customers from inflation.

Another big insurance company, Travelers provides jewelry insurance along with valuable articles. These valuable items include jewelry, pedigreed dogs and guns. There are two options that customers can choose. One is Personal Articles Floater, which can be purchased separately and it is for more expensive valuables that exceed the coverage provided by residential policies. With this policy, every item should be listed with its description. The other is Valuable Items Plus, which is available as an add-on coverage to homeowners insurance, which works as a blanket coverage up to certain cost.

Lavalier, administering insurance policies issued by Berkley National Insurance Company, manages only jewelry insurance. Lavalier policy provides repair / replacement and all risk is covered except for the wear and tear, manufacturer’s defect and intentional loss and damage. Provided that the customer has at least one item scheduled, they also provide unscheduled coverage with $1,000 per item limit and $5,000 total value limit for jewelry of lesser values. Moreover, only items above $5,000 require appraisals and for items valued under $5,000, sales receipt can take the place of an appraisal.

Art Insurance for the Young or Established collector

We have been issuing Fine Art Insurance policies for many Young collectors, who belong to the Guggenheim, The Metropolitan Museum of Art,  The Frick Collection , The Whitney , The Morgan Library & Museum, Museum of American Art , Dia Art Foundation , The Jewish Museum , Museum of Art & Design, New York Foundation for the Arts, Museum of the City of New York, New York Botanical Garden, Rubin Museum and these are just a few in New York. These Collectors, who’ve either recently purchased work or inherited work for their collections, have engaged our services to properly insure objects of Art, Rarity, or Historic Merit of Every Nature and Description.  As an Art Insurance Broker, we represent Insurance Companies, like AXA, Travelers, XL, Chubb, Markel, Great American and Philadelphia to seek out policies to cover the unique risks associated with insuring Art.

 

Our Collector’s Insurance policy covers the art you own, anywhere and everywhere. Most polices can focus on 3 situations.

  1. Transit coverage which is where most damages occur.
  2. Coverage at given named location(s).
  3. While in Storage.

Collections can add up in value very quickly and you want to be sure it’s covered in the case of a loss.  A new collector may look towards placing the art pieces on a homeowner’s insurance policy, the majority of the time there are many gaps and exclusions in homeowner policies, which Standalone policies fill.

Even beginning collectors prefer artwork to be restored if something unforeseen happens. Many times the value of restoring effects the current market value, our policies will pay you the difference in value. According to William Fleischer CIC, and President of Bernard Fleischer & Sons Inc. / ArtInsuranceNow.com “A high percentage of claims being filed are partial losses, and most happen when something is being transported. Restoring is an option, but not always the case”.

A little tip; in many polices, the frame is required to be described and have value to be insured. This is a little detail that’s often overlooked. It’s all about properly insuring, it’s important to know your policy, The Conditions, Restrictions and Exclusions. I hope this encourages you to hedge your financial downside and most of all, enjoy the Art.

We are always watching out for the benefit of the established and new collector, it’s what we do best here at Bernard Fleischer & Sons, Inc. / ArtInsuranceNow.com call us at 1.800.921.1008 or visit us at www.ArtInsuranceNow.com to apply and live chat with an agent.

 

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

Affordable Art Fair NYC Spring begins March 29!

Sponsored by

Affordable Art Fair LogoWe at Bernard Fleischer and Sons, Inc. / ArtInsuranceNow.com (New York City Based Art Insurance Brokers) love it when fine art is made accessible, and one of the premiere events for attainable art is Affordable Art Fair. With all art under $5,000, making it affordable to everyone. This year we are proud to be sponsoring this global initiative to bring art to art lovers in New York City.

The very first edition of the Affordable Art Fair launched in Battersea Park, England in October 1999. 10,000 art lovers descended upon the fair to take advantage of the ease of buying, range of choice, and of course, the affordable prices!

Holding over 230 fairs and spanning over 10 different cities, which today include Amsterdam, Milan, Hong Kong, Hamburg, Brussels, Singapore, and Stockholm. Now, with an extended program that includes live artist performances, innovative talks and tours, hands-on workshops, live music and irresistible restaurants and bars, the Affordable Art Fair continues to grow and bring art to new audiences around the world.

While collecting art is a wonderful endeavor, it is very important to protect an art investment with an insurance policy that is designed specifically for the special coverages fine art demands. Visit us at ArtInsuranceNow.com so we can tailor a policy for your small or extensive unique collection.

After your visit to the Affordable Art Fair NYC Spring, protect your investment with expansive coverage for your Paintings, Prints, Photography, Jewelry and Drawings. Art Insurance policies are written on a blanket basis, Schedules and Appraisals are not required. www.ArtInsuranceNow.com or call 1.800.921.1008

Tate to Exhibit Ultimate David Hockney Retrospective

We at ArtInsuranceNow.com are excited that Tate Britain is staging the most extensive retrospective of David Hockney’s work to date in February 2017. As his 80th birthday approaches, over six decades of Hockney’s work will be shown at the U.K. institution including painting and drawing, as well as prints, photography and videos.
From his first one-man show when he was 26 in 1963 he most recently exhibited at the National Gallery of Victoria, Melbourne Australia (DAVID HOCKNEY: CURRENT). He is credited as being one of the most influential living artists.
Tate Britain’s director Alex Farquharson has said: “David Hockney is without doubt one of Britain’s greatest living artists. His impact on post-war art, and culture more generally, is inestimable, and this is a fantastic opportunity to see the full trajectory of his career to date.”
Hockney is also quite the armchair philosopher and a search of the internet will find many quips and quotes, A book on art conservation which cites an AXA Art Insurance funded research laboratory quotes him as saying “Love will decide what is kept, and science will decide how it is kept”.
AXA Art Insurance is one of our many affiliate partners in bringing you the most comprehensive Art Insurance coverages available; to learn more visit us at www.ArtInsuranceNow.com, fill out an application to receive a fast free quote or call 1.800.921.1008 to protect your art and collectibles. Don’t miss David Hockney, on show at Tate Britain from February 9 until Monday May 29 2017 followed by showings in Paris and New York City.

Travelers Insurance, AXA Art, Markel ART, Chubb Ar,t XL Art, Philadelphia Art, Great American Art, Ironsure Art, USAA Art

 

Insuring Art, Art Gallery, Art Dealer, Artist and the Art world needs