Insurance for the Avid Art Collector
This article was contributed by Carrie Van Brunt-Wiley, Editor of the HomeInsurance.com blog. Carrie has been writing insurance news and consumer information for HomeInsurance.com since 2008.
Remember Superstorm Sandy? Think back to those images of New York's Chelsea gallery district and the flooding that destroyed so many pieces of artwork. Artists, collectors and dealers alike were hit hard by the storm. Fine art insurers have said they faced claims of up to half a billion dollars from that storm alone.
Will there be another Superstorm Sandy? Probably, somewhere. Of course, even lower magnitude storms can cause trouble in the art community. And storms, of course, aren't the only threat to collections. Nice pieces are vulnerable to many mishaps, including theft, fire and water damage.
It goes without saying that you want to protect your beloved personal collection from harm. You put so much energy, time and, yes, money into your artwork, that it would be devastating if anything ever happened to it. Protection comes in many forms. While a glass case might protect your favorite painting from a leaky ceiling, it won’t do much against a tenacious burglar. A vault might protect it from lots of problems, but then you're hiding your collection from yourself and others, negating the point of most art...