Diminution in value after restoration

A torn canvas that has been perfectly redone is no longer the same object on the market: the buyer reads the restoration in the file, raking light betrays it, and the price falls. This markdown, called diminution in value or post-restoration depreciation, is separate from the cost of the restoration itself. Many policies insure it under an express clause, provided it is proven: two independent appraisers or a comparison with the artist's sales. Total indemnity, restoration plus markdown, generally does not exceed the insured value. This is where second opinions are fought, because the amount has no invoice: it rests on the view of a market. A work on paper or a small painting often loses less than a large, well-documented one whose condition was part of the sales pitch.