Why Is Art Insurance More Important Than You Think?

We are living in a wild world nowadays. The hectic pace of contemporary societies makes people hammer away at their dreams from day to day, transforming life into the fast lane. Someone would say, “You are on the fast track to success.” Yes, this statement is true, but there is one hitch. However complacent and full-hearted a person is, there are many hidden risks, and thus even the most elaborate plans can suddenly go down the drain. You never know what could be broken next: a leg, a hand, or an entire life.

That is why people use insurance. Sometimes, it even seems that humans live in a fully insured world. One can protect life, health, home, car, and even a family pet. Still, there is one insurance type that many falsely ignore, set at naught, or even know nothing about — art insurance. Truth be told, it is uncommon to take out an art insurance policy because many people do not even buy art. Nevertheless, when it comes to purchasing eclectic and expensive paintings, sculptures, original prints, art relics, and other valuable pieces, insurance coverage becomes an indispensable part of the process.

The art of art insurance

The first paragraph was not meant to rant about today’s life but to give a description of how insecure every moment is. With art, everything works identically. The only difference is the frame strength. Amongst a hand, a life, and a canvas, the latter is the most damageable. Here is the point, art insurance is designed specifically to cover expenses if something catastrophic or unpredictable happens to your valuable piece. Taking into account the price of even the smallest artwork (the size actually does not matter in art), the damage may cost you a fortune and, therefore, be a huge loss.

Typically, every business entity of the art world must have insurance. No, this is not an obligation; this is just a must for every art museum, exhibition space, artist, gallery, and art collector in particular. The historical record is peppered with examples of art accidents happened either due to carelessness or by chance. Suffice it to say that Picasso’s The actor was damaged by one young woman who lost her balance. Another case is Qing dynasty vases smashed to atoms by a man who rolled down the staircase and bumped into the vases. The first work was estimated at $130 million, while the cost of three 300-year-old vases was between $400,000 and $500,000. It is hard to imagine how much insurance should have covered.

Why is it more important than you think?

There is still a heap of problems, issues, and risks to consider carefully before buying and shipping artwork. Such services are inalienable for a smooth and worry-free process of acquiring fine art. Without art insurance, many reputable galleries, as well as dedicated art collectors, won’t exist, considering how disadvantageous buying works of art can turn out to be. That is why art insurance is a sort of a binding force that helps businesses operate and thrive. Do not get the message wrong, this equally applies to everyone, from ordinary people who buy art for their homes to seasoned collectors.

First and foremost, it always pays to know that the most profitable way to buy an art insurance policy for transportation is hiring fine art shipping experts providing both services simultaneously. Expert companies like the NYC-based Fine Art Shippers are not only trustworthy shippers who can relocate your art from one place to another but also dependable partners in terms of legitimate insurance. If to use the services separately, it is highly likely to get stuck between two companies involved in two substantially different processes.

Now, let’s talk about frequent and common problems awaiting every man or woman who is going to suffer in case they do not have art insurance.

Art trafficking

Given the cost of many famous artworks, it is no wonder that art trafficking is one of the most illegal trades in the world. In 2004, two famous paintings by Edward Munch were stolen from under security’s nose in Norway. Fortunately, they were recovered. However, there are no guarantees that art owners will return their works if being stolen. In this case, art insurance will certainly come in handy.

Home causalities

“It cannot be!” one may say after spilling a coffee on a recently bought painting. Home is considered one of the safest places, and yet, there are many ways how you can damage your artwork.

Accidents during transportation

This is, by far, the most prosaic scenario. International transportation is fraught with problems. Even if all safety standards are upheld, something may happen anyway. Unfortunately, no one is immune to force majeure.

Art insurance is important

Art insurance is, without a doubt, a smart choice providing lots of benefits for all sides. It guarantees the safety of your money and provides help in emergency cases.