Fine Art Insurance: FBI’s Top 10 Art Crimes

Posted on April 17, 2013 by Sinclair

Fine Art Insurance: FBI’s Top 10 Art Crimes

Iraq National Museum. In 2003, 10,000 artifacts were taken by U.S. Department of Defense contractors who used them as gifts or bribes. Seven to ten thousand remain missing.

Isabella Stewart Gardner Museum. Two men dressed as Boston police entered the museum during St. Patrick’s Day, tied up the night guards, and stole 11 paintings, including a Rembrandt, Dega, Manet, and Vermeer worth up to $500 million. The paintings have yet to be recovered.

Oratory of San Lorenzo. Two thieves removed a painting by Michelangelo Merisi da Caravaggio, estimated to be worth $20 million, from its frame in October 1969.

Apartment of concert violinist Erica Morini. A Stradivarius violin, known as the Davidoff-Morini Stradivarius and made in 1727. The violin is worth $3 million.

The Van Gogh Museum. Two thieves stole two of Van Gogh’s paintings, together valued at $30 million. The two were convicted for the theft but the paintings have yet to be recovered.

Ashmolean Museum. A thief broke into the museum on New Year’s Eve 1991 and stole a Cezanne landscape painting valued at $3 million.

Gallery, West Hollywood, CA. Burglars stole two oil paintings by Maxfield Parrish- the paintings, two panels of a series, were cut from their frames and valued at $4 million.

Museu Chacara Do Ceu, Rio De Janiero. Four paintings by Salvador Dali, Henri Matisee, Pable Picasso, and Claude Money were stolen from the museum- no value has been established.

Art Gallery of New South Wales. A self-portrait by Dutch Master Frans Van Mieris was stolen in Sydney Australia- estimates value the painting around $1 million.

Private Home in Houston. A masked man stole an oil painting by French Impressionist Pierre Auguste Renoir, estimated $1 million.

Two of the FBI’s top art crimes involved pieces that weren’t stolen from national museums or exhibits. They were stolen from private homes. As an art collector, you hope that will never happen to you, but it is essential to be prepared. Make sure to protect your fine art and jewelry with a policy from Sinclair Risk & Financial Management. A Fine Arts Floater Insurance policy is one of the most important, yet most overlooked, aspects of an overall financial program. Contact us today for more information about our Fine Art Insurance programs. (877) 602-2305

How to Protect Your Fine Art Collection

Posted on March 4, 2013 by Sinclair

How to Protect Your Fine Art Collection

Major storms such as Hurricane Sandy are continuing to increase in frequency and severity. It’s a wake up call for art collectors and planners. As these extreme storms threaten their collections, art collectors need to be vigilant about devising emergency evacuation plans and inventory management systems for valuable works of art.

How to Protect Your Art Collection

If you have a valuable art collection, you should have an inventory management system that is regularly updated. Take Hurricane Sandy, after the storm, there were owners who didn’t have an updated inventory list. Consequently, they didn’t know what they had and couldn’t claim a loss. If you’re not sure, high and ultra-high net worth client can work with an art advisor to organize and update data on their collection. Talking to an insurance agent who specializes in coverage for high net worth clients and high end art insurance can also help you better prepare for any impending natural disasters.

Art losses from Hurricane Sandy are estimated to reach $500 million, according to the New York Times. A significant portion of damages hit Chelsea’s collection of art galleries and works in New York City. The estimates for repair include structure damage on the galleries, as well as evaluating any restoration work that could be done on pieces that the water had touched.

Art insurance prices previously had been falling for several years due to stiff competition and a low level of claims. Now, however, as the number of severe storms begins to rise, and the industry grapples with claims from Hurricane Sandy, the prices could begin to fluctuate higher.

At Sinclair Risk & Financial Management, we have access to particular markets that enable us to craft custom art Insurance, as well as homeowners and auto insurance programs that reflect the true value of your property, your risk profile, and your personal circumstances throughout the world. We’d love to sit down with you and discuss more about How to Protect Your Art Collection & properly insure it. Contact us today for more information. (877) 602-2305.

Art Insurance: Protect Your Valuables with Private Client Coverage

Posted on January 11, 2013 by Sinclair

Art Insurance: Protect Your Valuables with Private Client Coverage

Superstorm Sandy caused devastating wreckage across the East Coast. As businesses are beginning to recover their losses and rebuild, the art industry has been hit particularly hard.

Fine art insurers are facing claims up to half a billion dollars for artwork destroyed when waters flooded the Chelsea district of Manhattan, where many New York art galleries are located, according to Reuters. One insurer expects to pay out $40 million in claims, and brokers and underwriters say the total loss could reach $500 million.

The value of high net worth coverage can be seen in the damage caused by Superstorm Sandy. Despite the damages, up to 60 percent of individuals who qualify for high new worth policies remain with standard insurance carriers, leaving them exposed and underinsured. Art insurers previously expressed concerns that art storage warehouses had accumulated too many costly pieces in a single location, exposing them to significant losses if the facilities flooded or caught fire.

Part of the issue is a lack of knowledge about an item’s worth. Many homeowners amass collections of art, antiques, jewelry, and other collectibles, but are unaware of how much their collections are actually worth. To protect your collectibles, an appraiser should assess your collection every few years, so you have reliable, updated reports on how much everything is worth.

Standard homeowners policies do not cover valuable art collections, jewelry, or any high worth collectibles. To make sure you are covered in the event of damage, you need an additional floater or high net worth policy to get adequate protection.

At Sinclair Risk & Financial Management, we have access to particular markets that enable us to craft custom art Insurance, as well as homeowners and auto insurance programs that reflect the true value of your property, your risk profile, and your personal circumstances throughout the world. We’d love to sit down with you and discuss more about the special programs we can develop just for you. Contact us today for more information. (877) 602-2305

Source: http://www.reuters.com/article/2012/12/21/us-art-insurance-idUSBRE8BK0P820121221?feedType=RSS&feedName=lifestyleMolt

How to Insure Valuables: Fine Art, Wine, Jewelry & More

Posted on October 30, 2012 by Sinclair

How to Insure Valuables: Fine Art, Wine, Jewelry & More

As Hurricane Sandy rolls past the east coast, residents are grieving over the loss of their valuable possessions. Even as families pack up their luggage and travel to different destinations, they often leave their home and their valuables susceptible to theft. Although your home is covered by homeowners insurance, your valuable possessions inside may only be covered by a small amount. Valuables may mean many different things to many different individuals, some find the value in sentimental objects and some find it in monetary objects. However regardless of your definition of valuable, you need to be aware and educated with the best ways to insure your valuables.

Nobody wants to see their fine art, wine, jewelry, exotic car, or silverware stolen only to find out that it cannot be replaced. Because general homeowners insurance does not cover very much of these valuables, you will need to speak with an agent and purchase additional coverage. The most common policy on how to insure valuables is the personal articles floater (PAF). Although PAF varies with every carrier, it generally means it is a separate or supplemental policy added to your homeowner policy in order to protect your valuables against theft or damages.

When purchasing a PAF you will need to create an inventory which includes the name of the item, a picture and its monetary worth. In order to compute the item’s value you may have an appraiser look and examine it. Although this may seem costly, it will ultimately it will be very beneficial in the event of a loss. This will ensure you scheduled value of the possession when filing a claim.

There is also blanket coverage which is often recommended for smaller possession, such as a less valuable piece of jewelry. If you do decide to purchase blanket coverage instead you do not need your possessions to be appraised. However, blanket coverage does not guarantee that you will be covered for the full amount you purchased the item for.

Sinclair Insurance welcomes the opportunity to sit down with you and tell you more about the special programs we can develop just for you. At your convenience, please feel free to call us at 203.265.0996, email us, or return the form on this page.

Fine Art Insurance: Investing in Fine Art

Posted on October 1, 2012 by Sinclair

Fine Art Insurance: Investing in Fine Art

For the past few years, the economy has been trickling into an unfortunate depression. Many people from all socioeconomic classes are frantic to find different avenues to flourish in. Many have turned to collectibles, hoping to get a good return in their investment. Although collectibles have always been notable and prosperous assets, it is no longer the same as it was before. Unlike most unstable markets, such as gold, sports memorabilia, and fine jewelry; fine art is proving to be rather profitable investment. Fine art collectors both new and experienced should not carelessly go into the industry without a few tips on choosing the right investment. Regardless of the consistent profitability, purchasing the wrong art piece can easily turn this into a bad investment. Here are a few tips ensure a good investment.

Firstly, spend a substantial amount of time researching and educating yourself; look through art magazines and art history books. You may also want to hire an art consultant that is both knowledgeable of the industry and understands your artistic preferences. Secondly, visit as many art galleries, art museums, and art expos as possible. Once you have acquired sufficient knowledge of the industry as well, you can start to feel the pulse of new, up and coming artists. Next, start “window shopping.” While you certainly want to look for pieces that you love, also take into consideration of the types of pieces with a good return in your investment. During this economy, it is reasonable to be selfish with your money, as many of these pieces can range from $10,000 to $250,000.

The best investments are original pieces from notable, well established artists. Whether you plan to sell the artwork in the future, original pieces will always have value. In order to avoid purchasing reproductions, assess and confirm that the piece is original.

How to evaluate the authenticity of a fine art piece:

Signatures- Search for the artist’s birth/death dates.
Hand-signed and numbered
Certificates of Authenticity
Aside from original pieces from notable artists, oil paintings also have a good return in an investment. However, there are paintings that hold more value than others.

How to evaluate a fine art valuable oil painting:

Portraits
Attractive women in dresses
Age- the kind of canvass and nails used may indicate the age of the artwork

Regardless of the “type” of artwork you purchase, ensure that it is off good quality. Quality includes color saturation and condition and the differences in this may substantially increase/decrease the price.

If you are an owner of fine art, we’d like to discuss how to protect your investment for the next generation and beyond. Please call us today for fine art insurance at 203.265.0996, email us, or return the form on this page.

Source: THE PERCEPTION AND EVALUATION OF VISUAL ART

High-Value Insurance: Match Your Coverage with Your Lifestyle

Posted on September 17, 2012 by Sinclair

High-Value Insurance: Match Your Coverage with Your Lifestyle

When you sit down to assess your finances, file tax returns, or examine your retirement fund, take a moment to look at your lifestyle. The lifestyle you’ve worked so hard to provide is a huge luxury. But high end luxury lifestyles also come with risk too. In risk assessments it is essential to examine your lifestyle, from your classic car, your exotic auto to your wine collection, yacht & any other hobbies you enjoy. Ensure you are properly protected with our high-value insurance.

Own an exotic or classic car? Purchasing an exotic or collector car can be a fulfillment of a dream for many. Whether you are looking for a restoration project or to speed down the highway, classic and exotic cars require significant dollar investments. And because of the high end luxury design of the car, its unique qualities also requires specialized exotic car insurance.

Art collector? Your existing coverage might include some coverage- however it is almost certain that as an art collector you will need supplemental art insurance to protect your investment. Make sure to get your art regularly appraised so you know their financial value and the amount of coverage you’ll need.

Diamonds & pearls? Jewelry insurance is an often overlooked item- sadly, many do not think to insure it until it is lost or stolen. The price of gold changes constantly, and your antique ring or necklace may be worth a lot more than it was 20 years ago. That would mean it’s more expensive to replace as well. That is why jewelry insurance is crucial.

Yacht owner? Among watercraft, yachts are a high end, distinctive type of private vessel that requires detailed knowledge and specialized coverage. Yachts need specific coverage that standard marine policies don’t always offer. When your vessel is a motor yacht, mega yacht, or something in between, it is essential to get specific Yacht Insurance coverage that provides you with full coverage of your vehicle.

For more than four decades, Sinclair Risk & Financial Management has forged relationships with insurance providers that specialize in providing high-end coverage. We have access to particular markets that enable us to craft custom homeowners and auto insurance programs that reflect the true value of your property, your risk profile, and your personal circumstances throughout the world. Contact us today for more information about our high-value insurance programs.

Why is Fine Art Collection Insurance So Important?

Posted on May 23, 2012 by Sinclair

Why is Fine Art Collection Insurance So Important?

In a recent blog post we covered Sotheby’s auction of Edvard Munch’s “The Scream.” The pop culture icon and fine art masterpiece made history as the most expensive work ever sold at an auction at $119.9 million.

Extensive measures were taken in weeks preceding the auction. During public viewings, the artwork sat under glass seven feet behind stanchions and watched by security guards. Even at a private reception for collectors, Sotheby’s confiscated viewers champagne before they could even approach the work.

The record breaking sale and extreme precautions Sotheby’s took is a reminder of the fragility and priceless value of fine art. It is absolutely essential as a fine art collector that you take steps to ensure the pieces in your beautiful collection.

First, find out what your existing insurance covers. Standard homeowner’s policies typically have a limit that won’t cover the extent of your collection. You should regularly have your collection appraised over time. It may be the case that several artists you have collected became increasingly celebrated over the years; this can cause the value of your collection to grow considerably.

Typically, your collection will require a Fine Arts Floater policy. Typically one of the most overlooked aspects of a financial program, for true asset protection, a Fine Arts Floater Insurance program should be integrated into your policy for complete coverage and peace of mind.

When insuring your collection, it is essential to find an insurer who specializes in high-net-worth individuals, and have expertise in insuring art. At Sinclair Risk and Financial Management, our Private Client Group Services covers a range of insurance policies to protect your lifestyle, from exotic cars to fine jewelry and high value homes. We have staff with years of experience in insuring fine art pieces; they can expertly evaluate your fine art assets to recommend the right coverage and limits. Contact us today for more information.

*Note – The painting in the picture is not a destroyed painting. It is actually a piece by Valerie Hegarty. She creates unique works of art that look like burned, smashed, cracked, warped, melted, and damaged paintings.

Fine Art Insurance: Sotheby’s Auctioning Edvard Munch’s ‘The Scream’

Posted on May 9, 2012 by Sinclair

Edvard Munch’s “The Scream” is being auctioned off by Sotheby’s for the first time in history.

“The Scream” will be on the block at Sotheby’s on May 2^nd as the highlight of the Impressionist and modern evening sale in New York. Experts have estimated that the work will fetch more than 80 million- it is the highest presale figure the auction house has ever set.

The event marks a rare opportunity for Sotheby’s. Top clients have visited the picture privately. Sotheby’s sent the work to multiple private homes in Asia, North America and Europe so key clients could test whether the haunting image clashed with the rest of their art collections. The piece was even removed from its frame for a serious contender who wanted to stare at the work nose-to-nose.

Certain international collectors have been surrounded by buzz. Among them, Geneva-based billionaire Lily Safra, who spent 104.3 million for Alberto Giacometti’s sculpture, “Walking Man I,” or American cosmetics executive Ronald Lauder, who paid 135 million in the private acquisition of Gustav Klimt’s “Portrait of Adele Bloch-Bauer I” for his New York museum, according to the Wall Street Journal. Art-industry experts hypothesize that “The Scream” would more likely draw interest from clients with broad taste in blockbuster art.

The Wall Street Journal describes the painting as an “androgynous wraith grasping its cheeks in dread along an Oslo fiord.” Created by the Nowegian artist Munch in 1895, the painted is famous for the pop-culture parodies it has inspired as well as its artistry. The work being auctioned by Sotheby’s is one of four versions created, and the only one not in an Oslo museum.

More than 7,500 people viewed the piece last month over five days at Sotheby’s in London. Extensive precautions have been taken; during the public viewing the artwork sat under glass 7 feet behind stanchions, watched by security guards. Even at private reception for collectors, Sotheby’s took the careful step of confiscating viewers champagne before allowing them to approach the work.

Timeless pieces such as “The Scream” are valued for their artistic, historic, and cultural experience. As a fine art owner, you want to protect every beautiful piece you acquire. A Fine Arts Floater is often one of the most important, yet most overlooked, aspects of an overall financial program. At Sinclair Risk and Financial Management, we’ve got the art of risk management covered. If you are an owner of fine art, we’d like to discuss how to protect your investment for the next generation and beyond. Contact us today for more information.

Update: Edvard Munch’s ‘The Scream’ was sold to an anonymous buyer for $119.9 million.