If your company holds a significant amount of fine art, you may be wondering how to protect your fine art collection. Even if you’ve already been researching different Fine Art Insurance options, you may still want to take extra steps to protect your collection from potential dangers such as weather and environmental damage, theft, vandalism, mishandling and more. No matter how large or how small your business’s fine art collection may be, these three tips could help you keep it safe and sound for years to come.
1. Create the Ideal Environment To Protect the Artwork From Degradation
In order to keep the value of your business’s art collection as high as possible, it’s important to store the art in the right type of environment. Placing your art in a poor environment can lead to rapid degradation, loss of quality, and overall loss of value. Fortunately, your company can create a storage unit or rent out a space where you can control certain environmental factors. For the best results, it’s important to place your art collection in:
- A dry, cool environment
- A temperature-controlled and humidity-controlled environment
- A space away from sunlight
- A space where the artwork won’t be touched or bothered
- Plexiglass framing and museum glass, when appropriate
- A dark space or a dedicated storage box or unit
2. Find Extensive Insurance Coverage Appropriate for Your Collection’s Needs
Having the right type of art insurance coverage can make all the difference should anything happen to your business’s art collection. In order to protect the company’s assets, you should research coverage that is adequate for the particular needs of your collection. For instance, different policies may have different payout levels for certain types of damage or events, such as theft, vandalism, or even natural disasters. Additionally, make sure your chosen policy covers the types of art in your collection. Many art insurance policies offer protection for:
- Decorative objects
- Antique items
- Tapestries and rugs
- Collectible pieces
- Oil and watercolor paintings
- Certain types of furnishings
- Other types of fine art, perhaps including sculptures and other media
3. Get the Artwork Regularly Restored, Maintained, and Appraised
Finally, keeping up with maintenance and having the collection appraised often can help keep the value high. Make sure that you:
- Have each piece examined by a professional for regular maintenance
- Get older pieces restored sooner rather than later, if necessary
- Get the entire collection appraised at least once a year for value and insurance purposes
For many businesses in possession of significant fine arts collections, learning how to best protect the collection is a must. If your company has already secured or is currently searching for basic Fine Art Insurance but hasn’t yet taken other steps to protect the art, now may be the right time to get started. These three tips can help ensure your fine art collection remains in good condition and out of harm’s way.
About Provident Protection Plus
At Provident Protection Plus, we have served the businesses and residents of New Jersey, New York, and Pennsylvania for more than 60 years. We are a wholly-owned subsidiary of Provident Bank, the region’s premier banking institution, and we are prepared to offer you personal, business, employee benefits, and risk management solutions. To learn more about our coverage options, contact our specialists today at (888) 990-0526.