Fine art is an investment. Although it might seem a tad calculating to mention it, the financial value of a work of original art by an esteemed artist, for example, often appreciates steeply after their death. And given that art lovers are willing to pay large sums of money to own a piece that they find mesmerising and enigmatically evocative, we think another issue follows logically: protecting it properly with insurance.
Money from an insurance payout can't fully compensate for the loss of a wondrous artwork, but it can provide at least a "quantum of solace", as Ian Fleming might put it, and it can be of practical benefit to investors who are at least protected from losing the financial value of their items as fine art doesn’t do well in a fire or a major water leak, and it certainly doesn’t do well in instances of burglary.
As specialists in made-to-measure, insurance solutions for high value items, we think that it’s crucial to identify the most suitable cover for your fine art items. A standard home policy will rarely be sufficient to cover expensive fine art, so our team would advise obtaining specific add-on inclusions to cover these items.
We’ll discuss with you ways of covering your art for a variety of scenarios that could damage or destroy it, including fire, natural disasters, damage during transportation, or from accidents at home. If you loan out your art for exhibition display, it makes sense to include cover for that also.
For more information read our advice guide on Antiques and Fine Art.