INDICATIONS
The importance of valuing and insuring your assets inside and outside the home, including art, is important given that art is seen as more valuable every year.
Marlisa Gardner, Owner Emillions Art, said that the main mistake of customers is the omission of insurance under Art. And this is a mistake that can cost the owner of the work a lot of money.
With that in mind, it’s worth protecting your artwork as a safety measure, at the very least.
“The biggest mistake people make, especially older customers, is I don’t need this insurance, so I don’t need this insurance. “I’ve done it for years, I don’t need it, and then something like this happens,” Gardner said.
Gardner talks about Hurricane Jan and says collectors should consider their options, even prepare to protect their art.
“If you’re going to leave town and it’s really valuable and sentimental for you to move it, especially during storm season during hurricane season,” Gardner said.
Jennifer Ross owns Art Peritus and has clients in Fort Myers and Captiva. Just before the storm, she had just evaluated a collection in Fort Myers.
“Just a couple of months ago we went in and did a full inventory of everything in that house and the other houses and we’re still processing the assessment report because they have multiple houses but now we have that data so even if things were washed away , we have photographic evidence that this piece was in this room,” Ross said.
Gardner said appraising and evaluating art is something collectors should do regularly.
“I would recommend every year, but not less than every two years, especially you know your insurance adjusters are going to come in, they’re going to do the latest appraisal that they did, they’re going to look at the fair market value that may have gone down so you want make sure you get what you pay for,” Gardner said.
For example, The Price of Seduction is a work of art with a price tag of hundreds of thousands of dollars.
Some pieces can cost more than some people’s houses, and this clearly demonstrates the importance of taking care and insuring your art for safety.
Marlisa also suggests moving the art either into storage or donating it to a museum as an alternative to protect these works.
