UNDERSTANDING ART INSURANCE

There is a tendency to insure everything with value in your life in order to protect it from damage or loss. What about your precious art collection? Collecting art is not just a passion, but an investment too.

WHY ART INSURANCE IS IMPORTANT

Artworks are easily damaged in transit, even en route from the auction or gallery where the artwork was purchased. Did you know that neither party insure from the moment the artwork is purchased. In the case of the auction house, they no longer insure the artwork from the fall of the hammer at the end of the bidding..

The majority of art insurance claims in South Africa are related to damage that occurs during transportation on the roads. Most household insurance policies will not cover the entirety of your art collection, let alone transportation of your artworks. What if your collection was not only insured for its overall value, but the insurance policy also included transportation and depreciation in value after an item has been damaged?

Furthermore, the cur8.art team will assist in helping you find a restorer should you need one. We pride ourselves in excellent customer service, helping you with all of your needs as a collector.

See here for more on the additional services we provide for our collectors.

There are many unforeseeable risks including water damage, humidity, fire, extreme weather conditions or a simple accident, even in the protection of your home that could damage a valuable artwork.

Art theft has become one of the worldwide biggest risks to artworks. As a collector, you may understand the sentimental value of your art collection but it is a financially valuable asset too. In 2019, Carte Blanche revealed the increasing number of stolen artworks (including drawings, paintings and sculpture) that have been taken from South African collections to be sold on the illicit black market.

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WHAT CUR8.ART CAN DO FOR YOU

Cur8.art has teamed up with luxury lifestyle insurers, Kuda, to bring you the ultimate and affordable protection for your artworks. Kuda has quickly gained a reputation since they opened their doors in 2009 as South Africa’s leading luxury lifestyle insurer – meaning they specialize in niche insurance industries such as sport horse, game and of course art insurance.

Our innovative platform has been specifically designed to help make insuring your art an easy process:

1. Once your collection has been digitalised and uploaded to our platform, you can request an insurance quote within a matter of seconds.
2. Cur8.art is one of the first platforms to combine inventory management with a comprehensive database of the South African secondary art market. Our team works hard to constantly update the database after each auction providing our collectors with the certainty that all artworks are accurately valued against the backdrop of the art market.
3. With an effortless click on our platform, you can request an art appraisal from our team of specialists. Understand and document the true value of your art collection – and as a result, you never have to overpay for art insurance again.
4. Our extensive cloud-storage facility helps you upload and manage all necessary paperwork to facilitate art appraisals and insurance claims. Your time is precious, you no longer have to spend hours looking for paperwork to receive insurance or follow up with a claim.

For the first time, an art inventory platform has joined forces with niche insurers to provide a simple solution to the once complicated process of art insurance. The specialists at cur8.art provide accurate valuations for your artworks and the team at Kuda will protect these artworks.

ART INSURANCE EXPLAINED

There are certain key elements to be aware of when looking to take out an insurance policy for your art collection.

Be sure not to overlook some essential points in your policy, namely:

1. Appreciation

The reason that art is generally considered to be an investment for the future is linked to the fact that an artwork can often increase in value over a certain period of time. Make sure that appreciation is included in your insurance policy so that you are covered for the increase in value of your artworks during the period of insurance. 

2. Depreciation

Similarly, it is important to make sure that you are covered for a reduction in value of an artwork due to physical damage.

3. Death of an artist

Lastly, upon the death of an artist, it is common for the body of this artist’s work to increase in value so a detailed art insurance policy should cover these adjustments in appreciation.

Do not hesitate to contact the specialists at Kuda for more information on your future art insurance policy: 

Physical Address: 101 Big Bay Office Park, 16 Beach Bay Boulevard, Eden on the Bay, Cape Town, 7441
Postal Address: PO Box 151, Bloubergstrand, 7436
Telephone: 021 554 5832
Fax: 086 696 6132
Email address: info@kuda.co.za