Protect your passion with Art Insurance

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3 minute read

Updated 20th May 2024

Important Disclosure: The content provided does not consider your particular circumstances and does not constitute personal advice, please check with your policy or insurer for accurate terms and conditions

If art is your passion and you are fond of collecting unique and beautiful works of art, you’ll want to protect your investment. Art pieces are likely some of the most valuable items you own. However, most standard insurance policies don’t provide the coverage you need against loss, damage, and theft. We’ve created a guide to art insurance to help you learn more about standalone art insurance and the level of coverage you might need.

What is art insurance?

When looking to protect your valuable artwork, valid questions are: “What is art insurance?” and “Why do I need it?”

Art insurance is a specialist type of insurance that covers high-value artwork, collectables and cultural artefacts such as paintings, sculptures, antiques, jewellery and manuscripts, which are often irreplaceable. It is taken out by individual collectors, galleries, exhibitors, and museums to protect these items against standard risks such as fire, water damage, breakage, disfigurement, accidental damage, and theft. However, it also provides additional coverage for other factors affecting a piece of art and its value. Art insurance will cover your art anywhere, including storage, transit, and exhibition. It will typically provide coverage for individual pieces that are part of a set, depreciation in the value of the art, and the event of the artist’s death, which may increase the value of the artwork.

Why would I need Standalone Art Insurance?

“Do I need art insurance?” is a common question asked by collectors—those looking to buy a piece of art to add to a portfolio or first-time buyers of high-value art. Standalone art insurance is a specialist policy that provides tailored coverage for your art, considering the unique risks associated with valuable art pieces. It provides coverage that reflects the art’s full worth.

This covers your art against loss or damage, theft, the cost of restoration and liability cover for damage caused to a third party or their property during the transportation or exhibition of art. It also offers additional benefits such as compensation if your artwork loses value after restoration or repair or increases the value of your insurance coverage following the death of the artist and the art’s increase in value.

Do I need an art valuation before purchasing Art Insurance?

It depends on the type of policy you decide to proceed with.

For market value policies – no

A valuation is not required if you opt for a policy with a market value settlement basis. A market value basis of settlement policy will settle the claim on the market value of the artwork the day before the loss. The requirement for a valuation is, therefore, redundant.

For agreed value policies – yes

If you opt for an agreed-value policy, you will need a valuation. Based on the valuation document, an agreed-value policy agrees to cover the artwork for a fixed amount.

Before purchasing an agreed-value art insurance product, you will need a professional valuation by a qualified appraiser. A valuation will provide an impartial and up-to-date assessment of the value of your art based on its origins, artist, condition, and market demand. This valuation will help you ensure you have the right amount of art collection insurance for your needs.

The valuation should be conducted in person by a qualified professional with expertise in your art type. As the value of art can fluctuate, you must regularly update the appraisal, ideally every three to five years or when you add to your art collection or sell any pieces. Also, it is important to keep track of an artist’s movement on the market because death or an increase in art sales can also impact the worth of your art piece.

Does my Art Insurance Policy come with a valuation as standard?

Most art insurance policies offer a valuation service as a standard to ensure clients receive an expert valuation of their artwork. At Stanhope, we typically refer our clients to valuation firms such as Gurr Johns and My Art Broker, which specialise in appraising artwork for insurance. Our chosen firms offer valuations on various types of art and work with private clients and various museums.

This guarantees our clients an accurate valuation from experienced professionals.

Benefits of a dedicated art insurance broker?

Finding the correct level of insurance cover for your art collection at the optimum price can be difficult. At Stanhope, we work on our clients’ behalf to take the hassle out of insurance and ensure they have the right cover for their needs.

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Excellent service. Everything was explained clearly, and better value for money compared to other leading brands. I would recommend Stanhope.
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