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How do you place value on something as intricate and subjective as fineart? In this post we explore fineart valuation and appraisal, how an appraisal is conducted and the different types of art appraisals. You can learn more about insurance appraisals in this blog post.
Recently I wrote an article for Worthwhile Magazine™ titled “A Consumer’s Guide to Insurance Appraisal Reports: Do You Need One and How to Get One?” In my own appraisal firm, I answer many questions from potential clients who are unsure if they need an insurance appraisal report or what the process is to get one.
One question you should ask yourself is “am I properly insured if something catastrophic happens?” ” Insurance companies often require an appraisal before providing coverage for fineart and jewelry.
Most FineArtInsurance professionals will agree that the best way to ensure that an insured loss is settled quickly and fairly is by properly documenting your art collection. To be sure that any appreciation is covered, most collectors opt to have a blanket , as opposed to a scheduled policy protecting their art.
Value matters and an art appraisal completed by a qualified art appraiser can save you substantial money by not selling too low, insuring too low, or paying too much in estate tax or equitable distribution. In this article, we will explore the key indicators that suggest you may need an art appraisal.
Desantis Should You Consider Insurance? Surprisingly, many collectors of “passion assets” don’t think to protect these valuables with insurance. However, in truth there is no “minimum value” to mandate insuring one’s treasured valuables and virtually ALL collections can benefit substantially from being insured.
As a service provided by FAE, the following informational posts cover a series of art related subjects, designed to demystify working with fineart, and tips on how best to use the FAE Website. Most Recent Post: Documenting Your Art Collection 2.
FINEART APPRAISERS Our staff of experts certify the value of hundreds of pieces of fineart every month. The post Lost FineArt: ‘Medicine’ by Gustav Klimt appeared first on ValuePros Appraisal Services.
By Ray Nugent FineArtInsurers require more frequent valuation updates for FineArt items than other less dynamic markets. With FineArt the event is a secondary market auction hammer price. We have all seen the sensational headlines of “a new record auction price” for work of art.
Some of the most common questions advisors hear from clients about their fineart and collectibles are, “Does my homeowner’s insurance provide coverage for my artwork? A typical homeowner’s insurance policy affords you a little bit of coverage. Do I need a special rider?”
The term collectionor more specifically, art collectionoften evokes thoughts of fineart and antiques. According to the insurance firm Marsh McLennan , luxury assets have grown in value by 123% over the past decade, establishing themselves as a meaningful asset class. This makes it critical to secure proper coverage.
Create a disaster response checklist that includes: A list of priority artworks Instructions for emergency packing and transport Contact information for art conservators, insurers, and professional art handlers Safe evacuation routes and storage locations 2. Email, call or click HERE to see how we can assist. ###
Value matters, and when it is time to find a qualified art appraiser for your collection or an individual work of art, there are ways to help you find the right fit for your needs and types of art. Art appraisals are a crucial step in determining the value of your art, whether for insurance, donation, resale, or estate planning.
It’s crucial to have an accurate understanding of their replacement cost, especially when it comes to insurance purposes. In this blog entry, we’ll discuss whether a person should get their antiques appraised for insurance purposes.
Often people look at these considerations in regards to financial investments, such as stocks and bonds, however, the same criteria apply to fineart investments. In some instances, fineart outperforms traditional financial market investments. Fees vary between auction houses, and there is no set industry standard.
Contents is divided into the following categories: Most Recent Post Safe Handling of Artwork Artwork Installation Framing Artwork Fine Prints __ 1. Most Recent Post: Documenting Your Art Collection 2. Safe Handling of Artwork: Documenting Your Art Collection How Do I Get My Art Appraised?
A client recently called us to update an insurance appraisal for original Andy Warhol prints. A previous appraisal from two years ago was available, however, the insurance company insisted on a new appraisal. You might wonder why insurance companies, such as Pure Insurance ( [link] ) or Huntington T.
You may also count the hours spent preparing and writing your Accredited Member Course appraisal report —whether for FineArt, AF+DA, or the Specialty and Advanced Studies Pathway. You can prepare an insurance appraisal for a client, friend, or neighbor (note: appraisals for family members or your own collection do not count).
When Might You Need a Contemporary Art Appraisal? Art Acquisitions Art collectors, museums, galleries, and private individuals interested in purchasing contemporary Paintings, Sculpture, Photography, or FineArt Prints might seek an appraisal to ensure they make an informed investment.
There are numerous reasons to seek a professional appraisal, including planning insurance coverage, charitable donations, probate of an estate, or simply determining the value of your tangible assets. Whether you're dealing with art, antiques, furniture, jewelry, or other possessions, an appraiser can give you a valuation.
Art holds immense value, both sentimental and financial, and protecting your art assets is paramount. In this blog post, we explore the crucial role of insurance appraisals in safeguarding your art collection, providing insights into why this process is indispensable for every art enthusiast and collector.
I have a hundred-thousand-dollar hog I need appraised for insurance purposes. Maybe he was laundering money for some nefarious crime organization or attempting to commit insurance fraud? It was for insurance, not an IRS charitable contribution. Did the same rule apply to insurance appraisals? Could I become competent?
An appraised value for insurance may be significantly higher than an appraised value for planned future sale, which can be baffling and difficult to comprehend without a familiarity with the different levels of the market. It can sometimes be present in insurance policies, although in my experience it is much less frequently encountered.
Here is a list of Reasons why you need to hire a Professional FineArts Appraiser to give you the Value your ‘piece’ is worth: If you believe your artwork to be valuable and you want to Insure your Artwork, your Insurance agent will only Insure it if you have an Appraisal Report by a Professional.
The workshop included presentations by trust attorneys, insurance agents, curators of private collections, and family office managers. I found it very informative and particularly appreciated the discussion of new tax changes and their implications for users of appraisal services.
As a personal property appraiser, my role encompasses tangible property including fineart, antiques, furniture, and collectibles. Reasons of valuations for tangible property can include estate and probate purposes, equitable distribution, insurance coverage, charitable donations, dissolution of marriage, and bankruptcy.
Some Insider Tips The time to think about properly protecting fineart is before a loss occurs. Here are some tips to keep in mind when considering how to best safeguard your fineart. Know Your Insurance PolicyYou may have severely. Continue Reading The post Is Your Art Collection Protected?
Written by Kirsten Rabe Smolensky, JD, ISA CAPP As an appraiser, I have worked on a lot of insurance claims , including losses due to fire, theft, transit damage, and flood. The number one mistake most insureds make is not being prepared in advance. The insurance company requests an inventory of EVERYTHING inside.
Art Peritus recently sat down with Katja Zigerlig, Vice President, Art, Wine and Collectibles Advisory at Berkley One, a Berkley Company (WRB) to discuss the nuances of collecting and insuringFineArt. It’s also important to use a professional appraiser, like the staff at Art Peritus. K: Yes indeed.
For insurance replacement purposes, appraisers should consider where the client typically shops, which, in most cases, falls under the retail market. The insured needs to be made whole by replacing the 1925 Cartier ring with a comparable ring of similar qualities. Note that the definition of replacement cost comparable mentions age.
Three Insurance Experts Explain the Intricacies of Insuring Your Art Collection I am often asked by clients if they should cover their art under their homeowner’s insurance (HO) or if they should investigate insuring their art with a separate fineart collectors’ policy.
Contributed by Nikita Werner on behalf of Guardian FineArt Services. This can be related to monetary, or insurance replacement value, as well as educational, or functional value. I can pack and ship the piece myself; do I still need a fineart services company?
The market for fineart is ever-evolving and while most news about the gallery field focuses on blue chip outposts in major cosmopolitan centers the vast majority of working artists operate within their own regional communities dotted around the United States. There are some trade offs involved.
One can either procure off site storage at a bonded fineart storage facility, or make space at home by assessing the dimensional space the art will take up that is currently resting and building rack spaces that are designed to safely accommodate it, taking into account your future needs.
By Nikita Werner, Logistics and Project Manager for Guardian FineArt Services Museum collections deserve top-quality storage and travel containers. A Guardian FineArt Services employee assembles a crate in their shop. 4) Are there insurance or loaning institution requirements? 1) Where is your crate headed?
Most of the museum appraisals The Appraisal Group handles revolve around major gifts and insurance valuations. In the case of the Conti Museum, we were called in to value the antiques and fineart that were used to accessorize the 155 wax figures. It closed in January, sad to say.
Morning session : Presentations focused on contracting essentials, legal entity setup, business insurance, and taxation. Morning Sessions: Casey Wigglesworth Vice President FineArtInsurance with Huntington Block Casey Wigglesworth is Vice President of Programs at Huntington T. Block Insurance Agency.
As you might imagine, this small percentage of the population makes up a considerable proportion of our clientele at Signet Art ; we work with individuals, museums, attorneys, shipping companies, insurance carriers and adjusters. Displays FineArt Services has become the go-to business for dealing with monumental sculpture.
Although an interesting design idea, and maybe the only place the owner of this house had to hang this suite of works, it presents a very dangerous hanging problem that needed to be addressed by a professional fineart services company, not the furniture mover.
Burst Pipes: What to Do When Water Seeps In As the coldest winter temperatures set in, the potential for weather-related damage to homes and art collections increases significantly. February is dubbed the start of “Burst Pipe Season” at Art Peritus. The sooner you can get an art expert on-site to survey the damage, the better.
Burst Pipes: What to Do When Water Seeps In As the coldest winter temperatures set in, the potential for weather-related damage to homes and art collections increases significantly. February is dubbed the start of “Burst Pipe Season” at Art Peritus. The sooner you can get an art expert on-site to survey the damage, the better.
Follow us on Facebook , Instagram , or Twitter to stay updated about FAE and new blog posts. For comments about this blog or suggestions for a future post, contact Kevin at kvogel@fineartestates.com.
Others, such as ArtInsurers and those whose job it is to protect cultural patrimony, see it in another light-one of a threat to something they value and hold dear. I was hired to protect the organization against loss, including both employees and the FineArt. Both sides feel the stakes are high.
Whether you need a quick valuation for possible re-sale of your items, or you are looking for a more in-depth assessment for insurance or estate planning purposes, discovering a professional nearby is crucial. Reasons to Seek and Antique Appraisal There are various reasons that someone might need or want an appraisal: Insurance coverage.
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