Insuring priceless works of art can be a daunting task. How is it possible to put a numerical value on such precious one of a kind Picasso? Insurers must hire appraisers to determine the value by analyzing comparables recently sold or currently for sale on the market. After calculation, then it is must be decided what the cost of restoration would be and the diminished value in event that the art is damaged. Famous works of art can fetch up to hundreds of millions and buyers are willing to pay to obtain these prized possessions.
This article describes the insurance process of treasured works of art.
Please contact Fidens Insurance for any questions regarding art insurance needs.