Artist's studio
Space where the artist makes and keeps unsold works, insured on production value rather than market price, with cover for works in progress.
A sculptor loses twelve pieces in a studio fire. The bronzes sell for 25,000 euros each at the gallery, but the policy pays out at production value, meaning the cost of materials and foundry: about 6,000 euros each. The gap follows a common rule in studio policies, which indemnify at reconstruction value for works the artist made and pay the sale price only if the work is sold and awaiting delivery. Works in progress raise a particular question, because a half-painted canvas cannot be redone in the artist's own hand, and adjusters hesitate between cost of materials, time spent and a studio price. Storage matters too: oil paints and solvents carry a fire risk the insurer looks at closely, and a studio in a former industrial shed is not judged like a converted attic. Dealer or collector policies do not respond to this stock, which falls under a separate contract.
Textbook case: a painter loses 18 unsold canvases to water damage, valued by her gallery at 220,000 euros. The studio policy pays production value, 41,000 euros. She disputes it with three recent sales; the adjuster agrees to raise the basis for two finished canvases already reserved by buyers.
artist's studio insurance, works in the studio, artist's stock, studio cover
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