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Why do you need to have extra insurance coverage for fine art & jewelry?

International Society of Appraisers

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 fine art and jewelry. Their expertise ensures that the valuation is accurate.

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How To Determine If You Need An Art Appraisal

Art Appraisal Resources

Understanding the artwork's potential worth allows you to make informed decisions regarding its conservation, insurance, sale, or donation. Appraisals can also assist in establishing provenance, which can significantly impact the value of the artwork. You do not need a formal written appraisal to sell most fine art.

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Protecting Your Collection and Your Wallet: What You Could Lose If You Suffer a Loss Without an Appraisal

McAllister Fossum Appraisal Services

Understand Your Homeowner’s Insurance Policy The biggest problem I see after a devastating loss is underinsurance, meaning that homeowners suffer a loss yet fail to recover tens of thousands of dollars just at the time when they have lost everything they hold dear. At this point, you know you have at least $7,000 worth of fine art.

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Insurance Appraisals: Safeguarding Your Art Assets

JSK Fine Art Appraisals

Compliance with Insurance Requirements: Many insurance providers require up-to-date appraisals as part of their coverage agreements. By ensuring compliance with these requirements, you not only meet the terms of your insurance policy but also demonstrate a commitment to responsible collection management.

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How to Find and Choose and Antiques Appraiser Near You

Penrose Appraisals

The determination involves consideration of various key factors such as age, rarity, and provenance that all can influence an item's worth. Reasons to Seek and Antique Appraisal There are various reasons that someone might need or want an appraisal: Insurance coverage. An integral part of this process is the certified appraiser.

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Understanding the Different Levels of Value: It’s Worth What Where and When?

Artifactual History Appraisal

When applicable, sales and/or import tax, commissions and/or premiums are included in this amount.” ( Appraising Art: The Definitive Guide to Appraising the Fine and Decorative Arts , 2013, Appraisers Association of America, page 438.) The next level is Fair Market Value.