| Fall is Art Season!
Welcome to the sixth 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 with fine and decorative arts, and collectibles.
I recently returned from the American Association for State and Local History conference in Indianapolis. I met with a number of small museums whose collections are under insured. Don't wait for catastrophe to determine if your insurance is adequate. I believe that your mission should be continued even if your current collection is destroyed. Insurance can make this possible.
At the end of September I'll be heading to St. Paul for the Association of Midwest Museums conference. I hope to see some of you there!
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| In 1989 a Fire Destroyed Nine Galleries in Chicago's River North District |
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The fire is infamous in the Chicago gallery community. It destroyed a city block and took with it 9 galleries. Luckily, there was no loss of life.
Galleries lost their entire inventories and business records, artists lost years of work, and the momentum of Chicago's leading gallery district was slowed.
-Chicago Gallery News, September/December 2009
As most people know, fires have played an important role in the history of Chicago. The second star on the city's flag (pictured above) commemorates the Great Chicago Fire of 1871.
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| Small Mistakes Can be Costly |
At least $750,000 worth of art, jewelry and other property - including a charcoal drawing by Vincent Van Gogh - were stolen from a house on Santa Fe's northeast side. Police reported that the homeowner admited that he had left home hurriedly and had "stupidly" forgotten to turn on his alarm. The Van Gogh drawing, which police said was worth $200,000, had been in his family for three generations.
 In Chicago's Edgewater neighborhood, a couple left a key to their home under an outdoor planter. Thieves used the key to steal an 18th Century Gagliano violin valued at approximately $100,000. The thieves knew what they were looking for; they took only the violin, its case and a decades-old Emile Ouchard bow valued at several thousand dollars.
At the Frankfurt airport, Brice Marden's 1969 piece, "Au Centre," came loose inside its crate when a forklift operator smashed into it. The operator did not report the incident. Much of the artwork's oil paint then got rubbed off as the canvas bumped around during the flight to New York. The $3 million painting was rendered worthless.
-The New Mexican, August 12, 2009; Chicago Tribune July 9, 2009; New York Post August 22, 2009
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| Over 100 Years Cedar Rapids, Iowa School District Built Multi-Million Dollar Art Collection |
The collection began almost 100 years ago, when it  became tradition in Cedar Rapids, Iowa for people to commission or donate art as memorials to district staff or students. Nothing in the collection, which includes more than 30 paintings, drawings and other pieces by Grant Wood, was purchased by the district with taxpayer money.
The Cedar Rapids school district's total art collection was recently appraised at approximately $16 million. The most valuable piece is Wood's painting "Young Corn" that was appraised at $8 million. The painting was commissioned by junior high students for $300 in 1931.
(Two pieces in the collection were damaged in the flooding that hit Iowa in the Spring of 2008. A Van Vechten photo was damaged beyond repair and the cost to restore an Edwin Bruns painting exceeded its original value.)
-Cedar Rapids Gazette
It is important that organizations and businesses review their collections that have been built-up over years. These collections can become valuable assets that should be properly protected.
The image is Grant Wood's boyhood home in Cedar Rapids, Iowa
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| Top Ten Art Thefts of All Time |
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At least according to the website "Design Crave", here they are:
- The Mona Lisa, 1911 - An Italian stole the world's most famous painting from the Louvre to return it to his own country
- Sao Paolo Museum of Art, 2007 - In just three minutes, three robbers walked out with $56 million worth of art
- The Collection of Stephane Breitwieser - Until his arrest in 2001, Breitwieser traveled through Europe, working as a waiter, and stealing cultural artifacts worth at least $1.4 billion
- The Duchess of Devonshire, 1876 - Adam Worth, a master criminal, stole Thomas Gainsborough's painting to get bail money for his jailed brother
- Emile Bührle Foundation, 2008 - four masterworks where stolen by three guys in broad daylight
- Jacob De Gheyn III - Rembrandt's masterpiece holds the record for most thefts of a single piece of artwork;four times since 1966 (see image below)
- Frankfurt and the Tate Gallery, 1994 - two thieves locked themselves in Frankfurt's Kunsthalle Schirn and overpowered a security guard
- The Scream and Madonna, 2004 - threatening Oslo's Munch Museum staff with guns, two men ripped the paintings from the walls and took off
- The Gardner Museum Theft, 1990 - the largest ever U.S. museum theft, this case remains unsolved
- Last Judgment Triptych, 1473 - the earliest-referenced art theft
-Design Crave, by Jared Newman |
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At the Johnsonese Brokerage it is always our goal to reduce your insurance costs! To get started immediately call 773.252.8750 or Email info@johnsonese.com.
Christopher Johnson
Johnsonese Brokerage LLC
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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:
- Creative Businesses
- Art Galleries & Consultants
- Antique Dealers
- Appraisers & Conservators
- Artists
- Photographers
- Framers
- Furniture & Design Dealers
- Art & Antique Fairs
Cultural Institutions
- Museums
- Libraries & Archives
- Historical Societies
- Non-Profit Art Galleries
Collectors
- Corporate Collections
- Art Collectors
- Antique Collectors
- Stamp & Coin Collectors
We are licensed in the following states:
- California (license #0G69323)
- Illinois
- Indiana
- Michigan
- New York
- Ohio
- Wisconsin
Upcoming events:
- Association of Midwest Museums annual conference September 28-29; St. Paul, MN; look for us in the exhibitor hall booth 30
- Merchandise Mart International Antique Fair October 3-4; Chicago; I'll be giving some collector clients personal tours of the fair
- Chicago Artists Month October 9; photographer Nick Azzaro will present his Man v. Kind project at our office
- SOFA Chicago 2009 November 6-8; I'll be wondering the hall saying hello to new and old clients
How are we doing? Your feedback is always welcome! | |
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Common Insurance Terms
1. Subrogation Clause
Gives an insurer the right to seek recoveries against third parties responsible for insured losses. This clause prevents an insured from collecting both from an insurer and a third party.
2. TRIA
The Terrorism Risk Insurance Act is federal law that includes a requirement for insurers to provide insureds with the portion of premium, if any, attributable to the risk of loss from terrorist acts.
3. Auditable Policy
The insurer has the right to review the insured's payroll records to determine if the premium charged was correct. Applies to workers' compensation and general liability policies.
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53% of collecting institutions have had their collections damaged by moisture.
-American Institute for Conservation website
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A recent situation in Arizona highlighted the dangers of tweeting vacation plans; doing so led to a home burglary. Also a growing trend is liability exposure brought on from libelous tweets or posts. Even the casual user of social media should have Personal Injury protection.
-Chubb Access News September 2009 | |
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