By Karla Sullivan
Exorbitant prices are paid today for exclusive works of art, they become a real treasure for art theft and sadly, many are not insured enough… if at all. It was just last year that FBI seemed to take a step closer to a 25 year investigation of an art heist from the Gardner Museum in Boston where 13 objects including rare paintings by Rembrandt, Degar and Vermeer, were stolen. The valued property is approximately $500 million and this case represents the largest in US history; still unsolved
Several years ago, The Scream and Madonna, created by Norwegian artist, Edvard Munch, were stolen from the Munch Museum in Norway. They originally purchased the Scream for $ 120 million and though fire and damage insurance would protect the painting, there was no theft insurance. The artwork was stolen and though in terms of perspective, it can’t be replaced. Many feel, in a public setting, that insurance is a waste of time and money. But if a private owner of artwork, the purchase cost lost may make a real dent in finances.
Don’t make the assumption that your Picasso is covered under your home policy. Some do not cover fine art and there is a limit on coverage. However, talk to your agent to learn more if fine art insurance is available through your present company.
There are also specialist insurance companies that offer coverage for fine art and other collectibles. Chubb insurance can protect your valuable possessions and is one of the largest in the world which includes flexible options especially automatic coverage for newly purchased items. AXA ART can provide focused benefits with seasoned insurance professionals that understand the business of fine art. If a first time buyer of collectible art, make sure you safely document sales receipts, and take pictures of your masterpiece.
If you are not a connoisseur of art but happen to buy a would be Picasso for under fifteen dollars, check the Internet for reliable art consultants. Zachary Bodish of Columbus Ohio found a signed Picasso print for $14.14. in a thrift store. Since it took some time and research to verify the faded signature, he was able to sell the art for 7,000.
If cherished collectibles are worth purchasing, they are also worth protecting with the right kind of insurance coverage that will encompass all scenarios
