Insurance Value Of Artwork
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Insurance value of artwork. The asking price is not necessarily the selling price as most artists and buyers well understand. The general recommendation whenever appraising price range is to consult with an expert however there are several things a collector can do on his own to come closer to knowing the. The question of value and how to find the value of artwork is among the most important issues an art collector faces especially today as the highly fluctuating market took its toll on the way we value art. If for example comparable art by similar artists regularly sells on the local art market for between 1000 and 1500 per painting then those dollar values may be used.
Artwork which is already sold is generally insured for the full sale price. Many insurance companies insure artwork but your choice of insurance will depend on the amount and value of your art collection and also the kind of coverage you want. Determining a work s insurance value. That dollar amount is normally full retail plus additional expenses that may be incurred in order to repair or replace the art with an exact or approximate duplicate.
Valuation of work in progress artwork is determined by the percentage of the work completed when the artwork was stolen or destroyed on a particular date. Insurance companies justify this price by claiming that rightful owners. Insurance value is the amount of money that an insurance company is asked to pay out if a work of art is severely damaged stolen or destroyed. Axa xl provides fine art insurance for galleries museums and a range of businesses in the art world including antiques jewelry or other valuable collectibles.
Just because the art market slowed down doesn t mean the value of items has necessarily dropped he said. Types of coverage there are two types of art insurance coverage that offer protection for a work of fine art. This does not mean however that students or professional artists should accept that the insurance value of work is merely the materials that went into making it nor that the marketplace is the only measure of its economic value. As a general rule title insurance for a piece of artwork usually costs between 1 and 7 of the total value of the artwork.
These selling prices would more likely reflect the fair market value of the artist s art than the artist s retail selling prices or personal opinion of what their art is worth. This will give you the most up to date market value of your piece. Not only is this important for insurance but is necessary for planning your estate analyzing the overall value of your collection filing your taxes and selling artwork.
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