what if artwork is damaged?

Recently, a client contacted us for an insurance appraisal. She was remodeling her home and wanted to make sure that her paintings were insured to the proper value in case there was any damage during the remodel. An insurance appraisal serves several purposes, and thinking ahead provides peace of mind. 
 
WHAT DOES AN APPRAISAL INCLUDE?
Documentation of current condition is one of the benefits all appraisals include. In an insurance appraisal, current condition is especially important to document the “before” condition in case there is an event that causes damage. Types of damage include water damage, smoke damage, damage that may occur during a move such as denting or cracking and age-related damage, such as oxidation. Insurance companies, such as Huntington T. Block (https://www.huntingtontblock.com) and Pure Insurance (https://www.pureinsurance.com) provide outstanding policies to protect artwork. 
 
An insurance appraisal is also the basis for estate planning. While financial planners are very good about considering their clients’ needs in terms of financial investments, real property is often overlooked. An insurance appraisal provides information for current values, as well as accurate identification of artwork, furnishings and personal accessories. 
 
In certain cases, art investments outperform equities, real estate and commodities, particularly over the long-term.
 
A SUMMARY SHOWS MARKET CHANGES
Similar to financial investments the value of artwork fluctuates as markets and trends change. Therefore, it is recommended that an insurance appraisal is updated every three years. In addition to a full appraisal report, we provide a summary report of valuations that succinctly reflects market fluctuations. Whether you are remodeling your home or considering estate planning, an insurance appraisal is necessary for good stewardship of a collection.
 
Please contact us at [email protected].