Handling damage (artworks)
Damage caused to an artwork while it is hung, taken down, packed or moved, the leading cause of claims in fine art insurance, ahead of theft and fire.
Contrary to the image conveyed by spectacular thefts, most fine art claims are ordinary accidents: a canvas struck by the corner of a crate, a frame slipping off a hook, a sculpture knocked over during a move, a work damaged by a clumsy gesture at a reception. Their cost lies less in the repair than in the depreciation that remains after restoration, which fine art policies pay in addition to restoration costs, up to the agreed value. Prevention relies on handling by professionals, suitable crates, condition reports and limiting moves. For the underwriter, how often a collection moves, loans, fairs, changes of residence, is one of the first rating factors, well ahead of total value.
In October 2006, collector Steve Wynn put his elbow through Picasso's Le Rêve, the day before its agreed sale for 139 million dollars, which was canceled; once restored, the work was sold in 2013 to the same buyer for 155 million, after a dispute with insurers over depreciation.
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