Art gets damaged all the time. It can be due to human recklessness and ignorance or because of unavoidable circumstances such as natural disasters. There have been many famous examples of artworks being wholly destroyed or defaced in recent history. You’ve probably heard of the $139 million Picasso painting La Rêve with a hole in it, a $200,000 world-famous piano damaged by the movers, and a smashed-to-pieces $159,000 painting by Lucian Freud, just to name but a few.

Even considering how advanced today’s methods of art transportation are, there is always an element of risk whenever your valuable pieces are moved. In addition to always working with professional shippers experienced in moving fine art, art insurance is a crucial means of protecting your art collection.

Although some collectors question the need for art insurance rather than “self-insuring” (which usually translates to hoping nothing bad will happen and having to pay for it if it does), there are objective factors proving that insuring art is a great resource to collectors, artists, dealers, and other professionals involved in the art industry.

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What Makes Art Insurance Important?

The first thing you have to consider is that art is unique compared to other forms of financial assets. If damaged or lost, art can’t be replaced unless it is in the format of a multiple or print. Moreover, sometimes it’s simply impossible to restore damaged artworks to their original appearance, not to mention the associated costs of professional art restoration services.

With art insurance, you gain protection against damage or loss for your artworks, no matter whether you are a new or seasoned collector. Insurance services are designed for all kinds of art and can protect a wide range of art valued in ranges other than the cliché of a priceless masterpiece.

What Are the Benefits of Insuring Art?

Some who don’t understand the need to invest in insurance to protect their collections might say that art insurance is a waste of money. However, the truth is that art insurance offers substantial benefits. What are some of these benefits?

· Wide area coverage

The list of properties that can be insured is so vast that you can insure almost anything that falls into the broad category of art: paintings, sculpture, antiquities, fine wine, ethnic art, fine furniture, musical instruments, artifacts, gold and silver, memorabilia, and even fine rugs. Professional appraisers are a useful resource to appraise these items and schedule items on your insurance policy for itemized coverage with an appraisal report.

· Risk reduction

To mitigate risks is the most basic role of art insurance. With time, art values fluctuate, so regular art appraisal services to prepare appraisal updates coupled with art insurance are never redundant.

· Risk allocation

When your property is damaged, it’s essential to pin down a person responsible for processing damage claims. With the help of art insurance, you always know who handles your art and have your person of contact at the company who is available to answer your questions and resolve any issues you may have. That’s also one of the reasons why you should only work with reputable and experienced companies.

Conclusion

The art industry brims with risks. These risks are usually pretty expensive and have lasting effects. Art insurance can’t always guard you against every potential calamity, but it greatly reduces the risks to your art collection and may become a silver lining in the dark clouds one day.

About the Author: Fine Art Shippers is a family-run company providing the safest options for shipping fine art across the United States and overseas. Headquartered in Midtown Manhattan, Fine Art Shippers provides comprehensive fine art moving, art handling, and art installation services to meet the needs of private collectors and the art community, including notable galleries, auction houses, and contemporary artists. You can find Fine Art Shippers online at https://fineartshippers.com and reach them at info@fineartshippers.com.

Thoughts About Art Insurance From Fine Art Shippers