Insurance

Considering many Australian Artworks are now worth as much as an average house, correct insurance cover is imperative. Correct and appropriate cover and advice goes together with an accurate and licenced valuation. With these two areas covered, Dwyer Fine Art's clients Artwork is always protected against any contingency. Dwyer Fine Art are Australia's leading specialists in the provision of Valuations for all your requirements and is "Approved to Value" (Approved Valuer) - Australian Paintings, Drawings, Prints, Sculpture and Decorative Arts. Jon Dwyer is also approved for The Cultural Gifts Programme (Australian Government)

Consider this true story. A water leak ruined an oil painting by the iconic American abstract expressionist Artist Mark Rothko which was housed in a private New York collection. The Rothko was insured for US$3 million. The insurance company paid the US$3 million in full. But the owner lost a fortune. Why? The market value of the painting had skyrocketed to US$18 million since he had last had it appraised for insurance some ten years earlier.

Art prices have risen very strongly over the past 20 years, with some Australian pieces increasing twentyfold. This is why it is crucial to consider the increasing value of a work of Art before buying new cover or renewing an existing policy and why accurate valuations are so important.

Dwyer Fine Art recommends policyholders have their collections reappraised every two to three years and more frequently if they hold modern Art that often can rise rapidly in value. Or, if an Artist has recently died, you shouldn't wait too long to the Artworks reappraised.

Insuring a work of Art is not as simple as calling the company who sold you homeowners coverage. Standard homeowners policies usually cover Art only up to the policy's limit for contents. If your policy doesn't adequately cover your Fine Art, you will need a specialist broker with experience and knowledge in both the insurance and Art worlds. Specialty consultants and companies not only assist collectors with loss-prevention services such as security and the correct maintenance of your Artwork. Dwyer Fine Art for example, can organise a specialist to evaluate a Collector's home and offer suggestions and solutions to better protect the Artwork from theft, fire, water or light damage.

Please contact Jon Dwyer direct at - ijon@dwyerfineart.com - to discuss your insurance requirements.