Global art theft is a multibillion dollar problem for fine art collectors, dealers and law enforcers. According to the FBI only five percent of stolen works are ever recovered and returned to their owner. Most thieves typically get away with stealing and selling off these works illegally or to unknowing dealers or private parties. Over half of the art pieces taken each year are from private residences where security is generally more lax and access is easier to obtain than a museum or space. While some artists are more often sought after than others, the ever changing market leaves no work safe from the threat of thievery and plundering. That’s why having a comprehensive Sussex Fine-Art Insurance addition to your Pennsylvania personal insurance program is an essential element of any security plan when protecting your collection.
Carefully choosing how and where to house your prized works of art can greatly decrease the potential that your works will be stolen. If you prefer to keep your works on display in your home or private property, you should highly consider installing the proper security technology to monitor the piece and surrounding area. Motion sensors detecting the presence of foreign objects including humans, and surveillance cameras can be a useful deterrent and means of monitoring the safety of your works. Specialists recommend that cameras should be placed in plain sight, low enough to capture the face of any observer. If you choose to house your pieces in a fine art storage facility, make sure that their security procedures include similar precautions as those you would implement in your home.
International officials suggest that stolen art stands a better chance of being recovered if it has been registered with the Art Loss Register, a large international private database of stolen art, antiques and collectibles.” Registration is inexpensive and the resource is frequently used to help track lost valuables. In the event that a stolen piece is recovered, proof of prior ownership will be essential to reacquiring your pieces. Some companies offer owners the option of applying a “DNA thread” which contains ownership history and origin information imprinted unobtrusively on the back of the canvas to help maintain a work’s authenticity trail.
At Tri-State Insurance Agency we offer coverage created especially to protect fine art collections of all shapes, sizes and composition. We will work with you to review your collection at its location, to best evaluate potential risks and help identify whether the potential for loss will arise from theft or from elements such as light, heat, water intrusion, or fire. Our Fine-art collection insurance can be a stand-alone policy or attach to your homeowners, renters or other personal insurance policies. Give us a call today at (888) 990-0526 for more information about how we can help keep your valuables protected.