Traditionally, buying art included an in-person component at galleries, auction houses and fairs, Laura Doyle tells us in this article for Insurance Journal. Now, of course, as art lovers around the world are still impacted by COVID-19, the art world has had to go through years of digital transformation in just a short period of time.
But is buying art online safe? Some art buyers are wary, others though are eager to continue to add to their collections even, and perhaps especially, during the pandemic.
"Collecting art in the COVID era requires a few crucial considerations and it remains vital that insurance agents and brokers are equipped to help their clients navigate this shift," Doyle writes. She offers some important tips for those who want to continue building their collections digitally.
Get the Artwork Appraised by a Reputable Appraiser
Not all appraisers are equally qualified. Doyle recommends seeking an appraiser associated with "three major appraiser organizations: 1) The Appraisers Association of America, 2) American Society of Appraisers, or 3) the International Society of Appraisers."
Seek Provenance to Understand Ownership History
In the art world, provenance is a "must know." As Artwork Archive says: "Provenance is a pivotal vernacular in the art world." It's a French word that means "to come from" and "proves the history of ownership of a specific piece of art."
One of the issue here from a buyer's standpoint is the concern that the artwork might have been lost or stolen. Doyle recommends checking the Art Recovery International database or the Art Loss Register, or consulting with a researcher.
Consult With Your Insurance Advisor
Your insurance advisor is another important part of the process of purchasing artwork online. You will want to ensure the condition of the artwork and consider the transportation process for getting the artwork from the seller safely to you. You'll also want to discuss steps to take to keep your new purchase safe once you've received it and how much insurance is required for your new investment.
Art collectors, like many others, have been impacted by the virus. That doesn't mean, though, that they can't continue to enjoy and even purchase coveted pieces of art. It does mean, however, that they should exercise caution throughout the process and rely on the advice of trusted organizations and advisors.
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