{"id":620,"date":"2016-02-16T18:39:06","date_gmt":"2016-02-16T23:39:06","guid":{"rendered":"http:\/\/artinsurancenow.com\/blog\/?p=620"},"modified":"2018-04-13T15:04:18","modified_gmt":"2018-04-13T19:04:18","slug":"american-airlines-involved-in-damage-art","status":"publish","type":"post","link":"https:\/\/www.artinsurancenow.com\/blog\/american-airlines-involved-in-damage-art\/","title":{"rendered":"What to ask Art Gallery\/Dealer before consigning your Art"},"content":{"rendered":"

Damage to Art happens more often than is reported. How\u00a0can you make sure you are covered?<\/p>\n

American Airlines, along with seven other art handling companies, is being sued for damage to a slash sculpture by Lucio Fontana. the damage work occurred\u00a0while it was\u00a0being shipped to the New York Armory Show.\u00a0\u00a0Lloyd\u2019s of London was the insurer for the gallery,\u00a0Marc Selwyn Fine Art.<\/p>\n

Most art claims arise from transit damages, this is so important to make sure your current Art Insurance policy covers losses while your fine art, antiques, and collectibles are being shipped.\u00a0 Most policies do not restrict the mode of transportation be it Air, Train, Boat or Truck, but they do restrict using the United Postal Service’s regular mail.<\/p>\n

The Swiss art trading company AGB Contemporary AG consigned Concetto Spaziale (1955-60) to Marc Selwyn with a sale price of \u20ac175,000 ($196,000), according to the ArtNews newspaper. When the work was actually damaged is difficult to figure out.<\/p>\n

The Art was packed and\u00a0stored by World Freight outside of Paris, then trucked to\u00a0 Charles de Gaulle airport for JFK via American Airlines flight to New York. One week later, the sculpture was transported to the Armory Show where it was uncreated and the damage discovered.<\/p>\n

Now, this is where I find it interesting.\u00a0 Lloyd\u2019s paid Marc Selwyn Fine Art $104,250 to cover the insurance money due.\u00a0 But the work was for sale for $196,000 why did Lloyds of London\u00a0pay out less?\u00a0 My theory has a few variables.<\/p>\n

The Art Dealer, Marc Selwyn Fine Art policy had a valuation clause of % of sale price or a % of consignment agreement minus a deductible.\u00a0 Sidebar comment:\u00a0checks are made to the dealer, not the lender, which could be a problem if the dealer holds back or refuses to pay the lender, it is recommended you ask\u00a0to be a loss payee on all valuable work given to dealers\/galleries.<\/p>\n

These\u00a03 variables are important to ask if you are the collector trusting your art, to a dealer.<\/p>\n

    \n
  1. What is your policy evaluation clause if the work is\u00a0stolen or damaged? Typical dealer valuation is selling price minus 20% or 30%.<\/li>\n
  2. What is the valuation based on Consignment? usually consigned amount plus 10%.\u00a0 But what if work was double consigned? most policies are silent on this and would have to be clarified by the company or the courts.<\/li>\n
  3. What is the deductible on the policy, $1,000, $10,000, $100,000?<\/li>\n
  4. Are\u00a0there any restrictions on the method of travel? to countries?<\/li>\n
  5. I highly recommend the lender to be named as a loss payee on the dealer policy, in the event anything should happen to the\u00a0consigned work.<\/li>\n<\/ol>\n

    Each situation is different. Circumstances and risk tolerances evolving around the” business of Art” should be explored to help mitigate losses due to the unforeseen perils\u00a0in the world we live in.<\/p>\n

    William Fleischer, CIC<\/p>\n

    800-921-1008 ext 111<\/p>\n

    www.ArtInsuranceNow.com<\/a><\/p>\n

     <\/p>\n","protected":false},"excerpt":{"rendered":"

    Damage to Art happens more often than is reported. How\u00a0can you make sure you are covered? American Airlines, along with seven other art handling companies, is being sued for damage to a slash sculpture by Lucio Fontana. the damage work occurred\u00a0while it was\u00a0being shipped to the New York Armory Show.\u00a0\u00a0Lloyd\u2019s of London was the insurer … Continue reading What to ask Art Gallery\/Dealer before consigning your Art<\/span> →<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":"","footnotes":"","jetpack_publicize_message":"","jetpack_is_tweetstorm":false,"jetpack_publicize_feature_enabled":true},"categories":[71,80,5,23,1],"tags":[],"yoast_head":"\nWhat to ask Art Gallery\/Dealer before consigning your Art - Protecting Art Nationwide | Art Insurance for Artists, Galleries & Collectors from New York to California<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.artinsurancenow.com\/blog\/american-airlines-involved-in-damage-art\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"What to ask Art Gallery\/Dealer before consigning your Art - Protecting Art Nationwide | Art Insurance for Artists, Galleries & Collectors from New York to California\" \/>\n<meta property=\"og:description\" content=\"Damage to Art happens more often than is reported. How\u00a0can you make sure you are covered? American Airlines, along with seven other art handling companies, is being sued for damage to a slash sculpture by Lucio Fontana. the damage work occurred\u00a0while it was\u00a0being shipped to the New York Armory Show.\u00a0\u00a0Lloyd\u2019s of London was the insurer … Continue reading What to ask Art Gallery\/Dealer before consigning your Art →\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.artinsurancenow.com\/blog\/american-airlines-involved-in-damage-art\/\" \/>\n<meta property=\"og:site_name\" content=\"Protecting Art Nationwide | Art Insurance for Artists, Galleries & Collectors from New York to California\" \/>\n<meta property=\"article:published_time\" content=\"2016-02-16T23:39:06+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2018-04-13T19:04:18+00:00\" \/>\n<meta name=\"twitter:card\" content=\"summary\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"wfleischer\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebSite\",\"@id\":\"https:\/\/www.artinsurancenow.com\/blog\/#website\",\"url\":\"https:\/\/www.artinsurancenow.com\/blog\/\",\"name\":\"Protecting Art Nationwide | Art Insurance for Artists, Galleries & Collectors from New York to California\",\"description\":\"Protecting Art Nationwide | Art Insurance for Artists, Galleries & Collectors in New York & California\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/www.artinsurancenow.com\/blog\/?s={search_term_string}\"},\"query-input\":\"required name=search_term_string\"}],\"inLanguage\":\"en-CA\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.artinsurancenow.com\/blog\/american-airlines-involved-in-damage-art\/#webpage\",\"url\":\"https:\/\/www.artinsurancenow.com\/blog\/american-airlines-involved-in-damage-art\/\",\"name\":\"What to ask Art Gallery\/Dealer before consigning your Art - Protecting Art Nationwide | Art Insurance for Artists, Galleries & Collectors from New York to California\",\"isPartOf\":{\"@id\":\"https:\/\/www.artinsurancenow.com\/blog\/#website\"},\"datePublished\":\"2016-02-16T23:39:06+00:00\",\"dateModified\":\"2018-04-13T19:04:18+00:00\",\"author\":{\"@id\":\"https:\/\/www.artinsurancenow.com\/blog\/#\/schema\/person\/c118925a210a3cdb7a61b5661a98a2e1\"},\"breadcrumb\":{\"@id\":\"https:\/\/www.artinsurancenow.com\/blog\/american-airlines-involved-in-damage-art\/#breadcrumb\"},\"inLanguage\":\"en-CA\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.artinsurancenow.com\/blog\/american-airlines-involved-in-damage-art\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/www.artinsurancenow.com\/blog\/american-airlines-involved-in-damage-art\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/www.artinsurancenow.com\/blog\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"What to ask Art Gallery\/Dealer before consigning your Art\"}]},{\"@type\":\"Person\",\"@id\":\"https:\/\/www.artinsurancenow.com\/blog\/#\/schema\/person\/c118925a210a3cdb7a61b5661a98a2e1\",\"name\":\"wfleischer\",\"image\":{\"@type\":\"ImageObject\",\"@id\":\"https:\/\/www.artinsurancenow.com\/blog\/#personlogo\",\"inLanguage\":\"en-CA\",\"url\":\"https:\/\/secure.gravatar.com\/avatar\/a289c9adf01e92af56f63d9dc1196bad?s=96&d=mm&r=g\",\"contentUrl\":\"https:\/\/secure.gravatar.com\/avatar\/a289c9adf01e92af56f63d9dc1196bad?s=96&d=mm&r=g\",\"caption\":\"wfleischer\"},\"sameAs\":[\"http:\/\/bfbond.com\"],\"url\":\"https:\/\/www.artinsurancenow.com\/blog\/author\/wfleischer\/\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"What to ask Art Gallery\/Dealer before consigning your Art - Protecting Art Nationwide | Art Insurance for Artists, Galleries & Collectors from New York to California","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.artinsurancenow.com\/blog\/american-airlines-involved-in-damage-art\/","og_locale":"en_US","og_type":"article","og_title":"What to ask Art Gallery\/Dealer before consigning your Art - Protecting Art Nationwide | Art Insurance for Artists, Galleries & Collectors from New York to California","og_description":"Damage to Art happens more often than is reported. 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