The Truth About Insurance: What You Need to Know When Insuring Your Collection

We all buy insurance. We have health insurance, car insurance, home owners, rental and life insurance… We even insure our art and our jewelry. We pretty much insure every area of our life. And we do this because we place a high value on our health, family, property, and belongings.

So, why wouldn’t an Artist do the same with some of their most important and valued career possessions? The truth is, that most do insure their belongings. BUT, the problem is that not all pieces are insured for their appraised value. What does that mean? When an item is insured, it’s typically insured for the cost of replacement. Here's an example: A shirt that cost $10 to purchase is often very simply insured for $10 because that's how much they paid for it. But, what if that shirt was then worn by an Artist in their most famous music video!? This shirt shifts from just being a $10 shirt, to an iconic costume in that Artist's career collection.

Ok. So, what if something happens to this shirt? As we said, the shirt itself only cost $10, but after the Artist wore it in their music video, it's now kinda famous. The shirt has become more valuable than the mere $10, because it now holds historic and iconic value and is irreplaceable. It's one of a kind, and important because of the moment it represents.

But, in order to establish this value, an item must be appraised. And before an item is appraised, most appraisal companies request that a collection must be organized and catalogued ahead of time. So as you can see, if an Artist has a lot of iconic pieces, an organized collection can be an incredibly valuable tool.

We’ll talk a little more about appraisals down the line, but take a moment to think about your important career pieces. Are they insured? If the answer is NO, and you think they should be, it may be a good idea to begin thinking about organizing that collection now.

Until next month!

Your Friends

@ My ARTIST ARCHIVE

P.S... Have questions? Wanna hear more about our services or speak to someone regarding scheduling an appointment. Send us an email @ info@myartistarchive.com or fill out the form on our CONTACT page!

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