Accidents happen, even to investors in fine art whom you’d expect to take every necessary precaution to protect their paintings – from having them professionally hung to checking the security of the wall bracket.
In the case of one collector, it was the latter which failed causing a valuable nineteenth century painting to fall to the floor tearing the canvas.
Happily he was also a Macbeth client and had taken out fine art insurance cover which not only paid for the physical repair to the heirloom but also brought an added bonus – a £16,000 compensation payout for the painting’s loss of value.
Macbeth Operations Director Ben Butler explained:
“While standard household insurance will pay for the actual repair, loss of value is a feature of specialised cover, something we’d advised our client to consider when he brought his business to us.
“Although this painting was repaired to a very high standard, a professional valuation would still detect the restoration and mark down the overall value accordingly should it ever be placed in a sale.
“Thanks to our advice our client has been compensated for this depreciation even though he has no intention of selling.”
The Macbeth solution
- Specialised fine art and antiques cover and advice – not widely available elsewhere
- Tailored insurance to suit individual requirements
- Compensation for any loss in original value due to damage
- Complete freedom to source your own repair professionals and services
“Obviously our client was delighted with this outcome,” went on Ben, “even though the damage caused to an heirloom which had been in the family for years did cause some distress at first.
“The quality of the repair and the level of compensation paid – even though the painting was never going to sale – more than justified the responsible approach taken to its care and preservation.”