…[she] estimated that the premium value of
insured art globally was somewhere between $500 million and $1 billion. If
those estimates are right, there’s a lot of uninsured art out there.
So, what are your favorite and
most valuable assets? Aside from your loved ones, you may turn to your stock
portfolio, your business, or your real property. For some, however, their
favorite and most valuable assets may be hanging on their walls.
If your art collection is
important to you and your heirs, and truly valuable in and of itself, then it’s
important to make proper plans to protect it.
In life we tend to limit our
risks through various forms of insurance. Accordingly, when it comes to your
art, this issue was addressed in a recent Forbes
article titled “Should Your Art Be Insured?” This is
not an easy question to resolve in every instance.
A previous article in Forbes explored another angle on
personally-owned art. The article, titled “Is Art An Asset Or An Investment?,”
added another take on the world of such art. Remember: the value of your “art”
is really whatever someone would be willing to pay for it.
As a review of these two
articles will reveal, when it comes to your art, there is more to it than meets
Contact your Newport Beach
estate planning attorneys at Meier Law Firm to discuss all of your estate
(October 31, 2012) “Should Your Art Be Insured?”
Forbes (October 5, 2012) “Is Art An Asset Or An Investment?”