TO DO LIST
It is critical that your collection is valued accurately. Tim Hunter FSA, from Falcon Fine Art, recommends engaging a professional independent valuation firm: “There are many factors that must be taken into account when conducting a valuation for insurance. These include: physical examination of the work; an assessment of its condition and quality; its attribution; its commercial appeal. An experienced valuer will also carry out appropriate research into a work’s provenance, and check relevant literature and exhibition history.” Dr Hunter also advises, “most valuation firms offer different levels of insurance value depending on how the owner would replace a work (i.e. at a high end gallery or at auction).” Values should be appraised regularly, to keep in step with current market variations. As Sng warns, “read your policy properly as not everything is covered. I only found out after the fact that art is not insured against termites!” For example, check if your policy is set up on an ‘all risks’ basis, meaning every eventuality is covered apart from stated exclusions. Store photographic records and a detailed inventory of your collection along with purchase receipts, invoices, auction catalogues and provenance information in a secure location. Ensure that your artwork is properly framed, displayed, stored and maintained. Some insurers will insist on specific security measures such as monitored alarms and occupancy of a property to mitigate risk. Certain policies exclude artworks that have been transported by a standard courier. Utilise professional fine art shippers for high value works. Check whether your policy covers transportation before paying for the insurance offered by a shipping company. While galleries can provide advice on collections and care, only brokers and agents licenced by the MAS are regulated to provide insurance advice.