There is estimated to be somewhere between $500 million and $1 billion of insured art globally. If you think about how much art there is in the world – or even just within the United States – and how much monetary value that art is worth, you could surmise that there’s a lot of art going uninsured.
There are many gallery owners and art collectors going unprotected. They may even be unaware of their current insurance coverage as far as their artwork goes. Natural disasters can strike and cause irreparable damage to artwork fairly easily. If an artist is getting their show back in the mail and it’s lost or stolen, will they truly be able to get back the value of the work?
Agents need to be taking the time with their clients to match them with plans to suit their needs. If they have an artist as a client, they need to make sure their works or collections are covered. Many people have sentimental attachments to their collections clouding them from knowing how much their collections are actually worth. Sometimes a client may try to insure a piece but will only insure it for what they paid for it and not the appreciated value of the work.
It’s your job as their agent to help meet this need. Make sure you are asking about any collections when getting to know them as a customer; they might surprise you with what they have. Who knows what’s stored away in their self-storage unit? Learn more about collectibles insurance and make sure you are offering it to your clients today!