Insure your Art!

"The Scream" and "Madonna" both by Edward Munch were stolen in broad daylight from the Munch museum in Oslo,Norway.   The art was not insured against theft.    The reason for no theft insurance?   The belief that irreplaceable paintings need not be insured.    

Is it better though to be compensated five million dollars for your stolen art or nothing?      

The cost of insuring a museum's entire collection is prohibitive.    Entire collections are not  usually stolen and therefore  having "incident" insurance is an option.  

Photograph and document your art.     Insure your art for the amount it would take to replace it in the event that would be possible.  Keep in mind a portrait commissioned in 1995  for $10,000.00 might  cost $25,000.00 to replace by the same  or comparable calibre artist.  Don't forget how much you invested in the framing.   Expensive frames also go up in value and might cost twice what you paid ten years ago.

Many artists save  reference photos in case of fire, flood, or theft.

Understand your insurance policy    Theft/damage insurance for art usually costs $1-$2 annually per $1,000.00 of coverage.  

Your basic homeowners policy will not cover much in the way or artwork.   It is best to have specialty insurance through Chubb or Great American.