The purpose of ensuring a work is to protect it from potential damages or losses, and the valuation process plays a crucial role in estimating its value. The expertise of professionals is invaluable in navigating the complexities of art insurance.
Most valuation requests occur immediately after a sale, as buyers want to secure their artwork. Rosebery’s provides Insurance Valuations after sale, and for large collections too. Additionally, large collections may require insurance valuations due to sudden moves or other circumstances. Surprisingly, only 15-20% of collectors take the initiative to ensure their treasures, which can be a risky decision. Philippe Bouchet, Director of Arte Generali Paris, reveals that many individuals do not insure their collections below 800,000 euros. This lack of precaution often leads to unfortunate situations where valuable artworks are lost in events like floods or fires.
While stories of thefts and apocalyptic scenarios capture attention, the most common accidents involve accidental damage. Paintings falling off walls, valuable objects causing damage, or sculptures breaking due to clumsiness are typical incidents. In such cases, the insurer advises clients not to touch anything until an expert can assess the damage. The insurer then handles the packaging, transport, and restoration of the artwork. However, if the damage is visible, the work may suffer depreciation based on the expert's decision.
At Roseberys, the aim is to visit clients proactively, avoiding disasters before they occur. The team takes the time to understand each client's unique collection and assess any risks involved. Being more than just insurance experts, the team at Roseberys is well-versed in the market, fluctuations, and complications. They observe the placement of artworks, identify potential vulnerabilities, and make recommendations to prevent theft or damage. Their clientele includes private collectors, large corporate collections, and institutions. This diverse clientele further highlights the importance of having experts involved in the process. The unique requirements and challenges posed by each collection necessitate a deep understanding of the art market and its intricacies.
In terms of actual valuations, the staff remains constantly informed through interactions with auction houses, galleries, and specialized websites. Certain contemporary art collections require annual reassessments. A sharp eye, staying well-informed, and attending fairs and exhibitions are essential for tailoring valuations to each artwork, artist, and collector.
In conclusion, the Insurance Valuation department of an auction house plays a vital role in safeguarding art collections. Through insurance valuations, clients can protect their artworks from potential risks and losses. The department's expertise, attention to detail, and knowledge of the art market contribute to providing comprehensive and tailored services to a diverse range of collectors.
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