Home Insurance Claim - Damaged Artwork

Martynt74

Martynt74

Martynt74

Soldato
Joined
20 Feb 2004
Posts
23,600
Location
Hondon de las Nieves, Spain
Hi all

No idea what happened but a picture fell off the wall this morning. Both screws are in the wall securely and the string on the back of the frame is fully intact. It’s been up on the wall without being moved for around 7 months since we moved into the house. So I’m really confused.

It’s a limited edition print rather than original but current valuations puts it around £10k ish (declared)

The glass has smashed and caused quite a lot of damage to the frame. I’ve had a quote of £350 to replace this.

The main issue is that there are a few small scratches on the print itself. Not hugely noticeable and not that hugely bothers me. But I am concerned that it’s going to have affected it’s value.

I’m wondering whether I can claim off the insurance for a reduction in value (once I have it valued). Has anyone got any experience of this type of claim?

The glass has also caused some damage to the floor so some planks will need replacing which is do-able as it’s Karndean.

So current thought process is I have 2 options

Option 1
Cover the costs myself of ~£500 and deal with the loss of value to the picture. Which isn’t hugely relevant as I have no intention to sell.

Option 2
Call the insurance and see what they say. Would like to try and understand their potential position on this first though.
 
Trying to copy this in on my phone so not sure if it’ll work.

I’m not saying it’s “worth” that much. But the local galleries price it around that. If not a little more. It generally changes hands on the private market around half that though.

Edit - Yep. Didn’t work. If you google Bob Dylan Train Tracks 2012 in red you should find it.
 
If you say the loss of value isn't relevant as you have no intention to sell, then just hang it back up?

I'd bet the loss of value is actually bothering you, even if you've no immediate plans to sell now (who knows what might happen in the future). Besides, if you've declared it, then you're already paying a premium to have it covered, so I'd just give the insurance company a ring and see what options you have.

I assume with it being that price that it's a unique piece of artwork.
 
Yeah. Sorry. I meant the damage itself doesn’t take away any pleasure I have from it visually as they’re small marks and you have to look closely to notice them.

Obviously it’s annoying from a value point of view, and if I can be compensated for that then great. As you say. I declare it on my insurance so do pay a premium.

It’s not unique. It’s one of 295 so there are others out there. But they’re not common on the open market. Certainly not the 2012 ones as they’re done in a larger size than other variations (there are many colours/variations done off the same sketch)

Need to try and dig out my insurance paperwork.
 
Marvt74 said:
I’m wondering whether I can claim off the insurance for a reduction in value (once I have it valued).
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they're going to replace it after having the damage assessed, you could proactively get an assessment at local gallery to decide cause of action, and use that in any negotiation,
but, also consider trade-off of loss versus possible premium increase on renewal.

- with hindsight prior insurance assessment could have been useful, and pictures.
 
Spoke to the Insurance. The woman was pretty good. Has pretty much said i'm covered up to the full £10k and to get a report done on the loss of value.

Spoke to the gallery i bought from. They can either arrange for mine to be destroyed and do another "official" print and re-frame it it put me back in the same position (which is obviously the point of insurance). Otherwise i could get a report stating the loss of value and i could get the cash value back as compensation.

Not sure what's the best option. Whilst i say i'm not bothered and that the damage doesn't take any enjoyment from the picture i wonder whether it would always be there in the back of my mind and niggle away at me. On the other hand the cash would always be nice even if i don't particularly need it.
 
My mind boggles at all this simply due to the ridiculous nature of art.

You have a print that can be reprinted and reframed and will retain its value entirely.

You don't care about the value and have no intention of selling it.

My advice based on this would be to do whatever makes the most monetary sense, sell it for as much as possible and then use some of that money to buy a new print of it that is not limited edition for a fraction of the cost. Unless of course it is likely to appreciate in value significantly over your lifetime.
 
fez said:
My mind boggles at all this simply due to the ridiculous nature of art.
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supply and demand .. they have limited editions on other products too.
... they're not literally going to print a new one as you imply.


But your artist may go out of trend ... relatives invested in some ltd edition Russell Flint prints ... now worth 1/4 of original investment ...
 
Ouch. That must sting. I’d be ok with it losing value based on general lack of demand but not due to them doing additional prints.

Due to the fairly simplistic nature of my picture I had actually considered approaching local artists about copying it on the basis that a “painted” version would end up looking superior. I’d also have been willing to print it myself if I could’ve found an image which would look alright reprinted on A1 size. In the end though I decided the purchase price was worthwhile for a picture which I love.

End of the day though I’ve tripled my investment in a few years so as “worthless” a purchase it was it’s done me well. Along with providing a huge amount of pleasure.
 
Marvt74 said:
Ouch. That must sting. I’d be ok with it losing value based on general lack of demand but not due to them doing additional prints.

Due to the fairly simplistic nature of my picture I had actually considered approaching local artists about copying it on the basis that a “painted” version would end up looking superior. I’d also have been willing to print it myself if I could’ve found an image which would look alright reprinted on A1 size. In the end though I decided the purchase price was worthwhile for a picture which I love.

End of the day though I’ve tripled my investment in a few years so as “worthless” a purchase it was it’s done me well. Along with providing a huge amount of pleasure.
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I looked at commissioning artists from china to duplicate originals from an artist i like. the artist would have wanted like £90K for the originals. these guys were willing to do the same stuff for like £1800.
 
I should open up an art gallery!

Went in today to discuss things properly. They now value the print at £15,850. They’re able to do an “official” reprint and destroy mine to keep the same total numbers. I assumed there’d be a discount for this. Nope they charge the full £16k.

Just need to call the insurance now tomorrow as I only had it declared at £10k. Presumably it’ll all be fine but it’s always a nervy time!
 
Marvt74 said:
I should open up an art gallery!

Went in today to discuss things properly. They now value the print at £15,850. They’re able to do an “official” reprint and destroy mine to keep the same total numbers. I assumed there’d be a discount for this. Nope they charge the full £16k.

Just need to call the insurance now tomorrow as I only had it declared at £10k. Presumably it’ll all be fine but it’s always a nervy time!
Click to expand...

16k to feed a bit of paper through a printer?!
 
Marvt74 said:
I should open up an art gallery!

Went in today to discuss things properly. They now value the print at £15,850. They’re able to do an “official” reprint and destroy mine to keep the same total numbers. I assumed there’d be a discount for this. Nope they charge the full £16k.

Just need to call the insurance now tomorrow as I only had it declared at £10k. Presumably it’ll all be fine but it’s always a nervy time!
Click to expand...

How the hell does that work? your item is not without value its just damaged, the thing that allows them to reprint you another one would be because its limited and you have one that you want to replace? how can they then justify charging you full price for what is essentially just reprinting it? Also, It might be valued at that much by the gallery (the higher they value it at it the more they are going to get to reprint it) but its only worth what someone else would pay for it.

Interested to see what the insurance company come back with, now that you are going to up your claim by 5k or so...
 
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