The highest price paid for a work of art was $250 million in 2011. Obviously, there’s a lot of money in selling art. Unfortunately this also means there is a lot of money in producing forgeries.
One notable forger sold $60 million worth of phony Vermeers to a slew of people throughout Europe before being caught. When it comes to appraising fine art even the experts can get duped and when they do, buyers pay too high a price. Continue reading
A homeowner returns after an evening out and finds that her home was robbed. Among the many items missing is an expensive piece of art passed down for several generations in her family. After filing a police report and a claim with her insurance company, the insurance company contacts an appraiser to help them determine the value of the painting at the time of the loss so that their insured can be paid. In my career as a fine art appraiser at Enservio Select, I am often presented with these circumstances. Arriving at a value is just one part of the service we provide. I will also complete a brief search to make sure the work was not previously stolen. The implications of previously stolen work are far reaching and, if not discovered, can financially affect both the insured and the insurance company. Continue reading
As clean up from Hurricane Sandy continues, the art galleries of New York are reporting record losses. Reuters reports that art insurers may be paying claims up to a half a billion dollars in damages from storm flooding. But with a storm like Sandy of unprecedented strength and reach, could this have been avoided?
Some galleries took precautions to prepare for the storm, like moving artwork higher on walls, but even this wasn’t enough when Sandy’s flood waters raged through the Chelsea neighborhood of Manhattan. Numerous galleries experienced flooding up to six feet in the main floors of their showrooms, not to mention the surging flood waters that wreaked havoc on basement and warehouse storage units filled with art work. Continue reading