Art is like an investment for art collectors; it’s not just in a matter of money, but they also invest their time and emotion. And when we invest in something, we ensure that if it gets damaged or stolen, we don’t face any loss in the future by getting insurance. Like, we get an insurance policy for our health, vehicles, travel, or home. Similarly, by getting insurance for art collection, you can ensure that if an unexpected thing happens to your collected arts, you are not losing anything financially. Of course, the emotional loss is there, but at least the money and time you invested in maintaining the art does not get wasted.
Check out the reasons
Still unsure if you should get art insurance for your valuable collection, we have listed some reasons why art insurance is a must for an art collector?
If you are an art collector or an artist, it’s important to understand the value of art insurance. So let’s get started:
- Understand the Market Value:With art insurance, you can also know its retail value in the market means the worth of your collection.
- No Tension while giving your art on lease:As you know, displaying art in galleries or museums increases its value, so when you give your art to art galleries or museums, you can be tension-free from incidences like theft, damage of pieces during transport, or your possession getting sold without your knowledge.
- Restoration of your art:If your piece or painting got any damage and you want to restore it, your right insurance policy can cover your expense of restoration of your art. You can also get compensation for the loss in the market value of your damaged piece.
- Replacement Cost:With art insurance, you’ll get market value replacement cost if your piece or set of art got lost or damaged.
- More value than in home insurance:Many artists and art collectors have a perception that with home insurance, your possessions in the home are also insured. Yes, you’ll get the compensation if your art is damaged during some mishap that happens at home, but it would be very less than its actual worth in the market. You’ll not get the worth of your art. So, separate insurance for art gets you the fair compensation you deserve.
Hence getting art insurance of your art collection is a must for every art collector to be tension-free of something unexpected happening to your valuable possession. So, go and find a good insurer to protect your art collection.