| Spring at Last!
Welcome to the fourth edition of the Johnsonese Brokerage Art & Antiques Insurance Newsletter. The goal of our newsletter is to provide useful information about insurance to individuals, businesses and non-profits involved in the fine and decorative arts.
The theme for this month's newsletter is the unpredictability of people. As you will read, it's impossible to anticipate and guard against individual's seemingly random motives for stealing or vandalizing art and antiques.
Keep in mind that one of the goals of insurance is to help you recover quickly when the unpredictable happens.
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| Theft of Glass Art in Florida |
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A series of glass art thefts over the last year from downtown St. Petersburg galleries has the local art world confused. According to the St. Petersburg Times, the stolen artworks are worth only a few thousand dollars and aren't easy to fence. They're also so distinctive that other collectors might recognize them. The thieves in the most recent heist appeared to know  exactly what they wanted: They bypassed the cash register, a laptop and jewelry to take a Duncan McClellan vessel and a Chuck Boux vase with a combined value of about $6,800. Whoever took these sculptures might just plan to hide them. The glass collecting world is a small pond after all.
As one dealer was quoted, "It's just an awful lot of risk for what the reward is. There (are) a lot of stupid crooks out there." |
| Statue Stolen from Madoff and Returned with 'Lesson' |
The Associated Press reported that a $10,000 copper sculpture of two seated lifeguards was stolen from the multimillion-dollar Palm Beach home of disgraced investment guru Bernard Madoff. Madoff met many of his investors in Palm Beach.  The sculpture turned up later near a country club where Madoff was a member. A note attached read: "Bernie the Swindler, Lesson: Return stolen property to rightful owners. Signed by - The Educators." This is the first time that I've heard of ' teaching a lesson' as a motive for art theft. |
| Guard says: "I didn't like the painting" |
A former museum security guard has pled guilty to "institutional vandalism'' for slashing a painting. The painting, "Night Sky No. 2," by Latvian artist Vija Celmins was on loan to Pittsburgh's Carnegie Museum of Art from the Art Institute of Chicago. As reported by the Chicago Sun Times, the $1.2 million painting lost about $240,000 in value because of the slashing.
The guard reportedly told police " I didn't like the painting"  when explaining why he cut the artwork with a key. Police said a surveillance tape showed the guard cutting a "large vertical gouge" down the middle of the painting. An Art Institute spokesperson said the damage to the painting was covered by the Carnegie museum's insurance policy. Editor's note: It's critically important to have insurance responsibility clearly defined in contracts to lend, consign or borrow artworks.
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| Art Stolen in 1999 found in Las Vegas Home |
 An art collector suspected of stealing paintings valued at half-a-million dollars was arrested recently in Las Vegas, 10 years after the alleged thefts. As reported by the Associated Press, prosecutors said the accused collector bought 14 paintings from three galleries in southern California. He allegedly stopped payment on the personal checks he used to pay for them, and then fled to start a new life in Las Vegas under an assumed name. Local police are quoted as saying, "It wasn't that he was buying and selling these paintings. He kept them all." A tip led police to the collector's home where they found several of the missing paintings hanging on the walls. |
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| 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
- Collectors
- Framers
- Conservators
- Appraisers
- Antique Dealers
- Furniture & Design Dealers
- Boutiques
- Shippers, Packers & Handlers
We are licensed in the states of Illinois, Indiana, Michigan, New York, Ohio and Wisconsin.
How are we doing? Your feedback is always welcome! | |
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Common Insurance Terms
1. Floater
A form of insurance that applies to movable property (including art and antiques). The property is covered anywhere within the territory limits of the policy. The coverage floats with the property.
2. Business Owners Policy (BOP)
A package policy including property and liability coverage in one contract designed for small to medium-sized service businesses. Often an appropriate policy for galleries and dealers.
3. Directors and Officers Liability Insurance (D&O)
Insurance that protects directors and officers from liability claims relating to their work for an organization. This coverage is often appropriate for non-profit organizations.
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According to the FBI and Interpol, theft from collections held by cultural institutions is the third largest form of illegal trade worldwide. It follows only after drugs and guns.
-Security+Life Safety Systems magazine
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Do you have a sign that extends over a public sidewalk or street? You may be required to have liability insurance. In Chicago, for example, you must maintain a minimum of $1,000,000 insurance indemnification and list the city as co-insured.
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