| Fall is Art Season!
Welcome to the second edition of the Johnsonese Brokerage Art Insurance Newsletter. The goal of our newsletter is to provide useful information to individuals, businesses and non-profits involved in the fine and decorative arts.
|
| Disaster Plan Limits Flood Damage |
|
The Wall Street Journal reported that late spring floods in Iowa hit the University of Iowa's Museum of Art, the Veterans Memorial Museum and the National Czech & Slovak Museum. At the University of Iowa teams working nearly nonstop during the week of June 9 evacuated works constituting about 99% of the value of the museum's collection and representing nearly 80% of its many thousands of works. These evacuations were completed before peak flood waters reached Iowa.
At the peak fifteen feet of flood water entered some museum buildings, heaving the remaining collections against downstream walls as if there had been a tidal wave of mud.
Imagine the lose if the museum had failed to move so much of its collection! This incident is a reminder to all of us of the importance of disaster planning.
photo © roza - Fotolia.com
|
| Art Buyers Beware at Sea |
The New York Times recently reported that "...over the last two decades, auctioning "fine art" on cruises, often to first-time bidders who have never met a reserve or inspected a provenance, has become big business." But the growth of this business has also led to lawsuits from buyers seeking "...damages for unfair trade practices, breach of contract and unjust enrichment." Cruise ship auctioneers have been accused of misrepresenting both the value and authenticity of artworks. The market for prints seems especially prone to these claims by buyers. These lawsuits are complicated by the fact that the purchases at issue took place at sea. It might be wise to remind your clients that caveat emptor applies even on vacation, and especially when at sea. 
photo © James Steidl - Fotolia.com
|
| Art Heist Via Unlocked Door |
|
" The side door of the home ... was unlocked on the Saturday morning in late August. The elderly owners were in a back room, otherwise occupied. The maid had stepped out.
"So the thief stepped in--and made quick work of the wealthy real estate investors' multimillion-dollar art collection," reports the Los Angeles Times.
Stolen paintings include works by Marc Chagall, Diego Rivera, Arshile Gorky, Emil Nolde, Lyonel Feininger, Chaim Soutine, Kees van Dongen and Hans Hofmann. Police report that the anti-theft system, for whatever reason, did not prevent the heist.
Perhaps the most important lesson here is to remember the basics when it comes to security. Locking doors can make a difference.
photo © sculpies - Fotolia.com
|
| Antiquities Stolen for Scrap? |
|
In our last newsletter, we reported on a Wall Street Journal story about metal thieves targeting artists' studios and public art programs looking for bronze. Stolen bronze sculptures are simply being sold by thieves as scrap copper metal rather than as artworks.
Now Reuters reports that antiquities may have been stolen from the Museum of Anthropology in Vancouver more for the value of their gold than for their value as artworks. Fifteen items, including three Mexican necklaces, were stolen on May 24. All but two items have been recovered by police.
Police state that gold necklaces appear to have been taken apart by the thieves. The theft does not appear to be the work of an international art theft ring but rather unsophisticated area career criminals.
photo © Kasia Biel - Fotolia.com
Seeking Alpha, an investment blog, states that gold and silver are skyrocketing as 'safe havens' for investors from the turmoil in the stock market. On September 17 gold reached the largest one day dollar increase since 1980 and silver soared the most since 1979.
The combination of an uncertain economy and high metal prices make scrap thieves a real threat that should be considered in security plans.
| |
|
Regards,
Christopher Johnson
Johnsonese Brokerage LLC
|
| About the Johnsonese Brokerage |
The Johnsonese Brokerage LLC is a licensed and bonded independent insurance agency that focuses on serving the fine and decorative arts community.
Who we insure:
- Art Galleries
- Art Consultants & Advisors
- Museums
- Corporate Collections
- Private Art Dealers
- Framers
- Conservators
- Antique Dealers
- Vintage Furniture & Design Dealers
- Shippers, Packers & Handlers
We are licensed in the states of Illinois, Indiana, Michigan, New York, Ohio and Wisconsin. | |
|
|
MANTIQUES?
The November issue of Art+Auction will discuss 'mantiques'. The magazine defines mantiques as collectibles that are traditionally the province of male connoisseurs. The five specialties covered that have a devoted male following are coins, comics, globes, maritime artifacts and baseball memorabilia.
|
| Common Insurance Terms
Deductible - the portion of an insured loss to be borne by the insured before any recovery will be paid by the insurance company
Floater - a form of insurance that applies to movable property, including fine arts, antiques and collectibles
Casualty Insurance - the type of insurance that primarily covers legal liability losses caused by injury to persons or damage to the property of others
| |
|
