Artwork Insurance Facts

Insuring a piece of art is not the same as insuring your car or other properties.  Here are some facts about insuring your art work that can help you in how to properly insure your art that will cover its actual value.

First you need to remember that your fine art, especially if it is an antique, actually increases its value over time. This is why art is considered a good investment. This means that you just cannot insure it for the same amount or value year after year. You need to have it appraised every other year or every year. 

Second, you must remember that a piece of art, once it is damaged, is hard to restore. Sometime, it even loses its optimum value because of the damage, although it can still be valuable. This means that you need to find a good insurance company that is backed up by a good art restoration company. Lastly, have a good appraisal. This means not relying on just art dealers to appraise your fine art. It is best to have it appraised by experts, such as art appraisers and advisors of museums and art galleries. 

Most importantly, do not appraise the piece of art yourself. Many people do this by simply making an online research in appraising the art. Appraising an art piece requires more than this. There are many factors that an appraiser considers, including the condition of the piece, before arriving at an actual value of a piece of art.