Ensuring Your Art Collection Is Enjoyed by Future Generations

Collections of fine art and other collectibles can be an expression of the owner’s passions and interests. If collectors want their items to shine and impress for generations to come, they need to consider purchasing fine art and collectables insurance.

Such insurance policies help protect the collection and retain its value for the owner, their children, family members and future generations.

What is considered ‘fine art’?

Saachi Art describes fine art as works ‘created primarily for aesthetics and from the innate desire for artistic expression.’

The term “fine art” was used to differentiate works by artists who were the sole agent of creative expression from works that were created by commission, or objects with utilitarian functions that fall into the category of craft or decorative art.

Today, the definition of fine art has expanded to include several more categories such as film, photography, conceptual art, and printmaking.

Types of insurance cover

Depending on the of the collection, there are two main options for insuring it.

‘Blanket’ or ‘Unspecified’ fine art insurance cover, will insure your collection for its overall value. Policies of this nature are ideal for collections that are made up of items that are individually of lower value. These policies will have a limit at which point a single item will need to be specified. This single article limit can vary from £25,000 to £50,000 depending on the insurer.

Collections with items more than this limit can still be insured but will need to be individually specified on the policy schedule, and depending on their value cover may be subject to sight of a professional valuation or even additional security requirements.

Fine art insurance can be included within certain high net worth home insurance policies, giving the same level of cover, whilst offering insurance for your buildings, contents, valuables, and jewellery under one policy.

Top Tips to protect your art collection

• Be careful handling your art – avoid touching delicate pieces with bare hands as this can stain them. Where possible wear protective gloves.
• Avoid direct sunlight – this will reduce the chances of fading colours. Consider using glass with UV filters.
• Maintain a regular temperature and humidity – will reduce the chances of yellowing and cracking. Ideal levels are 21-24 degrees Celsius and 40-50% humidity.
• Use professionals – Using specialists when hanging, cleaning, transporting, and storing art gives the best protection against possible damage. Specialist will possess their own insurance, protecting your art should an incident occur.
• Security – consider separate intruder alarm sensors of particularly valuable pieces.

For further advice regarding your collection, and how Jensten Private Clients can assist, contact us today on 0204 5308 525.