Professional Insurance Appraisals & Estimating

The Art Diary:

Fine Art and Decorative Art -

Replacement -- Restoration?

The marketplace has been flooded in the past 10 to 20 years, with Limited Edition art on paper, touted as "signed and numbered investment art", observed Patrick B. King, president of an established appraisal firm in the Chicago area, Patrick B. King & Associates.

When dealing with water or fire damaged limited edition works, King advises that both the replacement cost and the restoration cost analysis be compared prior to making any insurance settlement.  Frequently, it is more cost effective to replace the limited edition fine art  print.  In many cases the cost to conserve the damaged art exceeds its current fair market value, additionally you must  factor in the loss in value to the piece after conservation.  Replacing it provides the owner with a piece of art in pristine condition, and the insurance company with a more cost effective method to resolve the claim.

In today’s market the replacement cost is often less then the original acquisition price.  For example, in 1989 the Salvador Dali "Peace" Suite was offered for $20,000 for a set of four images, or $5000 for an individual image.  In 1998 the value had decreased to $718 for the suite of four, and individual images sold at auction for $179. These pieces decreased in value by 96%.   Had these limited edition prints been damaged in a water or fire loss, replacing them would have been a more cost efficient method to resolving the claim, rather than attempting conservation damaged art.

Patrick B. King & Associates will evaluate the loss, provide a restoration cost analysis (with a loss in value, if applicable) and the actual replacement cost. Occasionally, King & Associates have physically replaced the prints when the insured opted for replacement rather than a cash settlement.  For additional information contact Patrick B. King & Associates, Ltd.,

Insurance Replacement or Restoration water or fire damaged Fine Art Painting

Insurance Replacement or Restoration water or fire damaged Fine Art Lithographs 

Insurance Replacement or Restoration water or fire damaged Fine Art Prints 

Insurance Replacement or Restoration water or fire damaged Fine Art Drawing

Insurance Replacement or Restoration water or fire damaged Fine Art Sculptures

Insurance Replacement or Restoration water or fire damaged Fine Art Photography

Insurance Replacement or Restoration water or fire damaged Fine Rare Books

Insurance Replacement or Restoration water or fire Fine Oriental Rugs

Insurance Replacement or Restoration water or fire damaged Fine Art Drawing

Insurance Replacement or Restoration water or fire damaged Decorative Art

Insurance Replacement or Restoration water or fire damaged Tiffany Lamps

Insurance Replacement or Restoration water or fire damaged Oriental Art

Insurance Replacement or Restoration water or fire damaged Silver

Insurance Replacement or Restoration water or fire damaged Antiques Furniture

e-mail us at:  pbking2@sbcglobal.net

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