Sculpture is Hot Property

In 2005, thieves spirited away a well-known artwork from the garden of the Henry Moore Foundation in the UK. This mammoth undertaking involved the theft of Moore’s Reclining Figure, a bronze sculpture weighing 2 tons. It was later discovered that the £3million sculpture had been melted down and sold for scrap for just £1500. This is an emerging trend, with public and private artworks, cemeteries and even church roofs being targeted by thieves looking to obtain quick cash from molten metal. Does your business have sculptures or other valuable items on show? It’s a good idea to take security measures and ensure you have New York business insurance for all artworks.

Speak to your insurer to see if they have specialist art policies and /or business policies to cover valuable items such as sculptures for both theft and vandalism. The cost of insurance for your art works will be dependent on various factors including the purchase price and location of the work. When a claim is made, insurers often work with damage appraisal firms to determine the replacement value, taking into account the current salability of the artist, the cost of similar works, the amount of damage and if the artist is alive and able to remake the work.

Mostly, theft and damage of sculptures occurs in public rather than private spaces, however security is still advisable in any location and can range from alarmed security systems to GPS tracking devices. New York business insurance policies generally have a range of options available for non-traditional business needs. To find out more, contact your agent.
 

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