Jan 14, 2020
Whether you just purchased your first major piece, or you’ve spent a lifetime amassing an extensive collection, nothing can prepare you for the devastation of a lost or damaged work of art. Of course, an adequate insurance policy will ensure that you are financially compensated, but collectors often feel a deeper connection to their artworks. Knowing how the insurance claims process works can take some of the sting out of losing such a personal asset, and knowing how to avoid it altogether by taking measures to protect your artwork can save you from both headache and heartache.
How Claims Begin
Allen Olson-Urtecho is a Renaissance man who has lived in 10 countries and backpacke ...
Dec 12, 2019
By: Jeff Minett, Senior Vice President, Huntington T. Block, a division of Aon
Collecting art is arguably an art in and of itself – one that can be challenging for dealers, appraisers and others in the industry who carefully monitor trends, economic indicators, media, fashion, style and politics. We have seen a significant shift in what collectors find desirable. Tastes change. Influencers are abundant.
By many, art is considered a smart investment, similar to real estate. Values tend to appreciate over time. When the economy is robust, the competition to obtain a desirable artwork is sometimes fierce as we have seen play out in exciting public auctions and sales records report ...
Oct 29, 2019
According to the most recent Art Basel report, there were some 55 international art fairs taking place in 2000. In 2017, the number grew to over 260, with dealers making 46% of their annual sales at the fairs. This explosion has most art market professionals feeling like they are constantly on the road. Stephan Zilkens of Zilkens Fine Art Insurance Broker said, “I see the art market turning more and more into a traveling business. Every week there are new art fairs in the world and they try to become more and more important.”
Of course, it’s not only the people that have to shuffle from fair to fair. Works of art are also on the road more often than they have ever be ...
Sep 30, 2019
By: Adrienne Reid, Vice President at Huntington T. Block Insurance Agency, Inc., a division of Aon
Making your first art purchase is an exciting moment. You may not even have realized that it was your personal starting point of a lifelong love of collecting. Each new purchase brings life to your collection and continues to shape your vision. And before you know it, you have an art collection. However, new collectors, by virtue of being new, are prone to making mistakes when they first start out, especially if they aren’t knowledgeable about the process.
Here are seven common mistakes new collectors make – that are easy to avoid – if you know what to ...
Jan 15, 2019
By: Erin Bast, Senior Underwriter at Huntington T. Block Insurance Agency, Inc., a division of Aon
It is commonly thought that art theft would be the most prevalent claim due to breaking headlines about bold art heists and movies such as the Thomas Crown Affair. However, ironically enough, theft claims are really rather rare. Instead, the majority and most common types of art claims can be bucketed into three categories: transit, peril and accidental damage.
Art on the move
The number one type of claim the art world experiences is damage of a work of art during transit. In fact, over the course of a year, transit is the cause of between 60% - 75% of all losses. While the safest place for ...
Aug 30, 2018
By Diane Jackson, Chief Operating Officer and Director of Finance at Huntington T. Block Insurance Agency, Inc., a division of Aon
With the 2018 hurricane season upon us and the most damaging California wildfire blazing – not to mention the prospect of winter weather around the corner – it’s more important than ever for art collectors to create a plan of attack for how to keep their collection safe if a natural disaster were to occur. Failing to have a proactive plan in place leaves collectors vulnerable to having to react quickly in dangerous situations, upping the chance art may be damaged in hasty transit or, worse yet, have to be left behind at a moment’s notice. ...
Apr 08, 2016
“A beautiful body perishes, but a work of art dies not.”
- Leonardo da Vinci
Wild fires, hurricanes, earthquakes, floods, theft, vandalism, damage in transit… All sorts of nightmare scenarios haunt art collectors. Insuring your collection may not be as much fun as hunting for a new work of art, but it is a serious issue for devoted art lovers.
Replacing the Irreplaceable
Insurance is important because it helps protect your investment in art as well as the artworks themselves. Whether you collect contemporary mixed media, vintage photography, 19th-century bronze sculptures or mid-century modern painters, you’ve invested time, energy, passion and considerable money ...