This is the art market. We all know how much the value of a work of art can quickly fluctuate. When was your collection last evaluated? Continuous exposures and sales, even the secondary and tertiary markets, can affect the value of art work, and some insurance companies recommend annual valuations. If you are not an important collector, you can get away with less frequent criticism. However, remember that an outdated insurance policy will cause your bill not to be fully covered.
Keep in mind that the value of a work of art in the market may differ from the value of a damaged work determined by a claim’s adjuster. In addition to market value, insurance companies will consider a number of factors when evaluating work. First, they want to know how easy it is to repair the damaged work. Is the artist still alive? And if so, are you ready to repair the damage? Or should the work be sent to a conservator’s studio? Are the conservator workshops overloaded with work after a natural disaster? Have your records been damaged too? Is the value ownership of this artwork controversial? These are all the questions that should be considered in the appraisals.
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