Insurance Value of Prints?

[tgtaylor]

With the recent uptick in earthquakes here in California, I finally decided to get a homeowners/renters insurance policy with earthquake coverage. Assigning a value to most items is pretty straight forward but what about your personal photography that you have on the walls? I have an even dozen framed prints that I personally made and 7 of those are salted-paper prints which in my mind are worth more than the silver gelatin even though the latter are toned in gold and/or selenium. In the event of loss, how would you declare their value for insurance purposes?

Thomas

[Vaughn]

More than likely it is the cost of materials only for our own work, unfortunately. Someone else's work on the walls you should be able to get full value if you can prove that value (purchase price w/ receipt or officially appraised value).

[Daniel Stone]

Whatever you feel their "worth" is to you is what I'd insure them for. Of course, you might need to put an extra "rider" on your plan, simply to cover your artwork, in case your insurance company doesn't allow for certain items to be worth more than a "set"(by them) amount...
If you're selling prints to others similar to the ones you're referring to, maybe using those sales figures/amounts will help assure your insurer that they're worth that much. Hopefully.

You might want to do some shopping, it's not illegal to have multiple policies, even if one policy might only be for your artwork/photography, with itemized items individually covered.

-Dan

EDIT: When I had a renters policy on a former apartment, I specifically asked my insurance agent about my stuff. He said that they would insure my stuff for whatever I felt it was worth. I had a "total loss" policy, where things were covered in the event of fire, smoke, water/flood, earthquake, etc... Basically "covered"... All items were individually mentioned, and photographed(my photography/darkroom equipment and personal items, like stereo and computer equipment were all photographed and documented, and I sent them a pdf file of everything w/ serial numbers).

Never had a claim, but for the $450/yr or so it cost me, I felt it was worth it just in case.

[BrianShaw]

My understanding of insurance (based on experience that does not include artwork) is that art is valued at "value of materials", or "comparable identical item value established in the marketplace", or an appraisal by independent appraiser, with the third being most definitive. Self-appraisal or "cost to buy" has never seemed to be acceptable. Insurance companies just love to claim all stuff at depreciated value rather than replacement value, unless your policy specifically states "replacement value". As you already know, you should ask your specific insurer since they have most likely have a clause on this buried somewhere in your policy's declaration page (or attachments, or ...). What I don't know without looking is if artwork fits within the normal bounds of household goods or not.

[Vaughn]

If one's business is photography and one claims to have an inventory of 100 signed, ready to sell prints worth $500 each ($50,000 worth) for insurance purposes, then beware of inventory tax! Probably not really a problem, but possible.

But when donating one's own prints for tax reasons, one can only claim material cost (not even one's time!) But if a friend buys your print for $500, he/she can donate it and claim the full $500. I am pretty sure the USPS works the same way if you insure a mailed print -- no matter how much the receiver paid for it.

[bob carnie]

Replacement value to remake and frame... if you start putting a high price , your insurance rate will reflect that high price.
For my Studio/Gallery I have both replacement and in some cases higher values... In extreme cases, we have had Kentriges, and as well a series of Penn' s in the hundred of thousand range, when that happens we phone up our insurance agent and put a rider on the art as its here and the client pays the premium.

With the recent uptick in earthquakes here in California, I finally decided to get a homeowners/renters insurance policy with earthquake coverage. Assigning a value to most items is pretty straight forward but what about your personal photography that you have on the walls? I have an even dozen framed prints that I personally made and 7 of those are salted-paper prints which in my mind are worth more than the silver gelatin even though the latter are toned in gold and/or selenium. In the event of loss, how would you declare their value for insurance purposes?

Thomas

[Jerry Bodine]

A couple years ago, I opted to inquire to Sotheby's to try to obtain their view on the worth of my two AA prints for insurance purposes. Bottom line to their reply is that they estimated a RANGE of value for each print. Here are responses from two different people there (just for additional info):

#1 - ...I have attached to this email several past auction records for other prints of each image which should give you a good sense of where these images have sold in the past. Please note that all prices include Buyer’s Premium, which is payable by the buyer to the auction house (not the consignor) on top of the hammer price (the buyer’s premium is structured as follows: 25% on the hammer price up to $50,000; 20% on the hammer price from $50,001 to $1,000,000; 12% on the hammer price above $1,000,001).

#2 - Sotheby’s Appraisals department can arrange for a formal insurance appraisal document for your Ansel Adams photographs, but it’s expensive. You may be better served by contacting one of the photographs appraisers on the attached list. An insurance appraisal is for retail replacement value. If you need auction estimates, I am happy to provide those. Auction estimates are related to fair market value, which is what the IRS uses for estates and donations. These values are less than retail replacement values (insurance).

[HMG]

I believe the appropriate term here is "declared value". You specify the value and that's what insurance covers. And your premium is based on that. May or may not be allowed with your own work.

[lenser]

The one actual experience I had was in the 80's when about forty-five stored display prints were ruined by a burst condensate line from an air conditioner that wasn't discovered until after the emulsion was actually dissolving. My agent said full coverage of the retail value, He was totally shot down by the adjuster and the company itself who declared only replacement value of the cost of reprinting each one.

I suspect that nothing has changed in that unless you can get the prints appraised now by a formal, recognized art appraiser, or two, or three and filed as a rider with your insurance company or as a separate "inland marine" type of specialty policy; you will be stuck like my experience.

[invisibleflash]

I only insure prints that I ship to museums for loss. If I put a lot of work in my prints maybe I'd think like you. I have some old silver prints from the 70's. My current work is all inkjet, so as long as the electric is on and I have a digital master I can turn them out like pancakes.