A quick tip for those who enjoy art collecting, from Fine Art Connoisseur magazine:
Improper Coverage*
This may seem obvious, but as art collections grow or change, so should the insurance or title coverage. Defective title can be a significant financial risk for collectors who purchase, sell, or donate valuable fine art or collectibles.
To avoid this mistake, research and find a reputable company that specializes in insurance for fine art and other important collectibles. Some of these companies specialize in specific objects such as rare books, estate jewelry, or vintage automobiles. Make sure your insurance company is extremely knowledgeable and experienced in your type of collection. Use a variety of insurance companies or carriers if your collection is diversified. Make sure you fully understand the process to add or remove items from your coverage plan as needed.
*Tip from B. Eric Rhoads, Chairman and CEO, Streamline Publishing, Inc., and Laurence C. Zale President, Visual Arts Advisory Services, Inc.
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As I read this advice about art insurance, it occurs to me that I probably do not know what exactly defines “Title”. It might be helpful to artists to understand how the ‘provenance’ of a work of fine art is determined as to the chain of custody. Can you tell just how this chain of title custody is transferred properly when an artist or gallery sells or donates an artwork?
Thank you, always interesting to the informed collector.
Michael E. Bartlett