Investing in Art
Young artists of today can become tomorrow's Dali, Monet or Warhol. Art is rapidly becoming accessible to the masses thanks to art fares and small independent galleries showcasing new works.
If you do choose to purchase a piece of art, whether it be a painting or a sculpture, you need to do all you can to protect it both for possible resale and for your own enjoyment. There are a few documents you need to collect to future-proof your investment. These include the bill of sale, letter of authenticity and the artist details. You also need to know whether it’s an original, limited edition or a reproduction. This paperwork should cover up-to-date details of its condition and value, its size, the type of artwork, its title and date.
Insuring your piece or pieces of art is essential. Luckily however, most home contents insurance policies cover artwork, at least up to a certain value. Furthermore, it shouldn't cost you any extra to do so.
Kwik Fit Insurance for example covers artwork under its home contents insurance. Note though that items worth over £1,500 need to be individually named on the policy. You are then covered against fire and water damage as well as theft and vandalism.*
Your responsibility doesn't stop there though. You need to have the piece regularly appraised to keep on top of its current value. This is particularly important if the artist who created the work gets some notoriety. Your premium may well increase if the art reaches a certain value, plus if you don't declare any increases your insurance company will not pay out the full amount and may void your whole insurance policy. With our appetite for the arts continuing to grow, investing in art could be a safer bet than investing in the economy.
*For more information on Kwik Fit Insurance's home insurance policies, take a look at their website.