While it can enhance the value of items in your collection, the growing trend for art collectors to lend artwork for exhibitions raises certain significant insurance issues, says Martin Hartley, executive vice president and chief operating officer of US-based member-owned PURE insurance.
“We’re seeing more lending to institutions: collectors are more actively lending pieces to a museums or institutions that are holding exhibitions, which is great to see as it brings more art into the public eye, but it brings some risks with it,” he said.
“The collector making the loan needs to make sure that the work is properly insured while it is at the institution, and may also need consultation and help in judging whether that exhibition is going to enhance the provenance and value of the piece.”
PURE insurance offers that risk management under the umbrella of its art collection management services. Help available includes advice on packing and shipping, including connection with the shippers and packers that PURE’s advisors consider to be most expert in that type of moving.
“If somebody is exhibiting with a museum, we will look at contracts of loan and make sure they have good advice on negotiating the contract they are signing,” he added.