Art Savvy P''scopers! A Q for You

[Independent Gal]

One of FI's friends just sent us two canvases as a wedding gift. He is a successful contemporary artist with galleries in Tokyo, Berlin, and a new solo show on in Chelsea in NYC, as well as pieces in museum and corporate collections. So, I'm assuming - though I don't really know - that these pieces are to be cared for as having more than "sentimental value". In other words, insured.

But I have never had a valuable piece of art before. Does it make sense to get art separately insured? If so, I guess I should get it appraised? Is that expensive to do? Do I need an appraiser who specializes in this kind of art?

Or should I just call one of his galleries for help? That just seems kind of tacky though.

Help?


ETA: Haha, I just realized I called him FI even though we're legally married now. Well, I won't feel fully married till after WP2 anyway.

 

[Erin]

I would call one of his galleries. They are most informed with their assessments already.
But I personally, would not get it insured.

 

[CaptAubrey]

Better safe than sorry. Art can be funny, and prices of the in-demand stuff have gotten ridiculous in recent years.

An appraisal should not be that expensive. You''ll want to talk to your insurance company as well, to find out whether and how they would be covered.

 

[KimberlyH]

Get it appraised by an art appraiser and have a rider added to your home owner''s policy stating that you own the pieces.;

 

[diamondseeker2006]

It would be a rider just like jewelry. But it would depend on the value of the pieces. I don''t insure jewelry under about $3000.

 

[Independent Gal]

Thanks for the advice guys! The gallerist who mailed the pieces will also send us some documentation, so that was a good idea. Now I just have to call the insurance company.