Fine Art Claims: When to Hire an Expert and What Type of Expert You Need

When something has been lost or is stolen, a valuation expert may be called in to consult on the insurance claim. The same goes for damaged art — if the art is damaged, either during a criminal act or because of an accident, you may want someone who can carefully consider the cost of the art and its restoration to assess the damage. A fine art appraiser of any kind can usually be useful in these situations.

In order to make this process go as smoothly as possible, you will want to obtain as many of the sale documents as you can find. The prices at which the art has been sold over the years can help to inform the appraiser of its value. Most very famous artists have work that is well-documented, with every sale of every grand piece of art being recorded in the public space. Lesser-known work of the masters or of up-and-coming artists, may not be as well-documented, but for every legitimate sale, there should be some record, even if the owner himself has not retained it. The artist, the artist’s agent, or the auction house is likely to have this type of information.

If there are few or no documents concerning the sale of the art (as may be true of art that is given as a gift or a piece of artwork that has been passed down through a family and has never been officially appraised), appraising that piece of art will be more difficult. It requires research into the artist, into the time period that the art was created, and into similar art from the same time period. Again, an art appraiser with extensive experience can be an asset here.

An artist who is trying to recoup losses on paintings that were destroyed before they could be sold is going to have an even more difficult time than an art owner. Because the pieces have not been sold, it is impossible to know what their actual monetary value would have been. Their sale price is not enough for most insurance companies, especially if the artist is not yet well-established. The artist will usually have to find pieces that are of comparable size and quality in order to prove that his pieces are worth what he says they are. It is important, of course, to mention that even if an artist has never sold anything, has never had a piece in a gallery, and has never done a commission, that does not mean that their art is worthless — it will just be more difficult to determine what is a fair reimbursement for loss or theft.

There are situations in which someone with skills in preserving art would be more useful than someone who simply appraises art. Art that needs to be repaired, for example, should probably be looked at by an art conservator, rather than an appraiser. Because here the goal is to restore the art, someone who does that for a living will be able to give a much better idea of what the costs would be for fixing the piece.

How do you know if you need to hire an expert? Unless you have very clear documents that show exactly how much the piece of art is worth (it was recently appraised or recently purchased, for example), you will probably want to hire an expert with knowledge of the art market and fine art in general. Take into consideration, too, what type of art you are dealing with. An expert who specializes in oil paintings from the modern era might not be the ideal choice if an Ansel Adams photograph is damaged. Research art handlers, restorers, and appraisers before making your final decision about who to consult on your fine art claim.

2018-12-22T16:34:34-05:00February 16th, 2016|Johns Eastern Claims Adjusting|