Antiques Insurance Guide: How to Protect your Valuables

Guest post by Wayne Texeira, Murphy Insurance Agency

Skinner is pleased to join D.F. Murphy Insurance as co-presenting sponsor of the Wayside Inn Antiques Show. In the lead up to the show, we’ve invited Wayne Texeira, Marketing Director at Murphy Insurance to provide our readers with some insider insights on protecting antiques and collectibles.

Insuring Antiques and Fine Art

Do you know how much your antiques, fine arts, jewelry and other valuables are worth? You might be surprised at the value of what you’ve collected over the years. Whether you have an extensive collection or just a few high value pieces, it’s important to clearly understand how your valuables are protected by your insurance.

Coverage considerations

Even the most comprehensive home policy has limitations on how it protects your valuables in the event of damage, theft or loss. Your homeowner, condominium owner or renter’s policy has a specific coverage limit for your personal property, so you need to make sure that the value of your collection combined with all your other personal possessions does not exceed this limit. The big concern is that if you have a major fire that destroys everything, you need to have enough coverage to replace everything. Therefore, you need to think carefully about and determine if your personal property limit is sufficient.

Another consideration is that most policies have specified theft limits for jewelry, silverware and a few other types of items. Depending on your policy, theft limits often range from $1,000 to $5,000 after your policy deductible. If you have items of substantial value in these categories, you’ll need to assess carefully if your coverage offers the right protection.

Beyond having enough protection, you also need to understand what causes of loss are covered by your home policy. Some policies only cover specified situations such as fire, lightning, windstorms, hailstorms, burst pipes, or theft, while other policies offer broader coverage for all situations other than those specifically excluded. Also, most home policies exclude what is known as breakage coverage for fragile items such as glassware and porcelain, so if you have items for which you want breakage coverage, you’ll want to be sure that you’ve purchased this protection.

The physical location of your valuables can also affect coverage. If you have valuables in multiple locations such as a second home or office in addition to your primary residence, you’ll need to consider how your policy protects your personal property when it is not located in your primary residence. Some policies exclude coverage when your property is in transit and may not provide coverage if, for example, you loan items for an exhibition, so be sure that you are properly protected if your antique or fine art items are away from your home.

Coverage options for antiques, fine art, and collectibles

To have proper insurance protection for your antiques, fine arts and other valuables, there are several options for expanded coverage. A smaller collection can often be covered using a special floater endorsement on your home policy commonly referred to as scheduling. This method provides broader coverage for additional causes of loss and does not require a deductible for listed items. For larger collections or items that are extremely valuable, a separate policy may be required. If breakage coverage for fragile items is a concern, be sure to specifically request it whether you schedule an item on your home insurance or purchase a separate policy because insurance companies will differ in how they provide this coverage. Some carriers automatically include breakage coverage with the special protection while others only provide breakage protection if you specifically request it.

Because there can be so many nuances to protecting antiques and fine arts, the key to getting the right coverage is choosing a knowledgeable insurance professional, who takes the time to understand your unique needs. By working together with an insurer that understands antiques and fine arts, you can create a plan that protects your valuables for the broadest range of situations and ensures that you have sufficient coverage to protect your investment.

Murphy Insurance Agency is a full-service provider of insurance solutions for personal and business needs. http://www.dfmurphy.com/

Should I Collect Prints or Paintings?

Edward Hopper (American, 1882-1967) Night Shadows, 1921, Auctioned for $27,255 in September, 2010

“Want to come up and see my etchings?”

The opportunity to throw out a line like this may be one motive to collect prints, but there are much better reasons. Collecting prints is the auction equivalent of “having your cake and eating it too.”

“Print” is a broad term that, in the context of fine art, refers to a work for which the artist creates the printing matrix, such as an etched plate, a lithographic stone, or a carved woodblock, and uses this to create multiple impressions of an image.

The artist may or may not be the actual printer, but generally approves of the quality and methodology of printing, and often signs his or her prints by hand.

Prints tend to be smaller in scale than paintings – unless you’re looking at Modern and Contemporary works – and generally invite the close, intimate scrutiny that a smaller space engenders. This intimacy lends itself extremely well to adorning the walls of a regular-sized home.

If you have a limited budget—who doesn’t these days?—you should consider prints.

Because of their very nature, prints are less expensive than paintings. Prints are multiples, rather than one-of-a-kind works of art, so clearly they are less rare. This also means that condition is extremely important. In buying a unique work, if you absolutely love the image you may be more accepting of some minor condition problems.

With prints, however, the rules change. Consider an iconic etching like Edward Hopper’s Night Shadows of 1921. If that is the work you want, then you have options. This work was printed in an edition of 500. The very next one to come up at auction might be laid down or have trimmed margins or staining — all negative condition issues. If you’re willing to overlook those problems, you could get one of those 500 etchings for around $25,000 or less. Or, you can hold out for a fantastic impression in pristine condition for $40,000.

Thomas Hart Benton (American, 1889-1975), Threshing

The Hopper in poor condition may not be within your price range, but here’s another example: Let’s say you want to buy Thomas Hart Benton oil—just a minor one. Well, you need to be ready to spend $300,000 to $500,000. That’s the price of a house! It’s simply beyond most people’s budgets. And that doesn’t even address the cost of a prime example of his painting – his record for auction prices is just over $2.4 million.

But, you can get a great Thomas Hart Benton lithograph—a quintessential example of his work—for $3,000 to $5,000. That’s not cheap, but it’s only a mortgage payment or two, and if you’re in love, what are a few mortgage payments? And since you’re wondering; for a major Hopper painting, plan to spend the price of the house, two new cars, plus 4 years of college tuition… or over $1,000,000. Suddenly $25,000-40,000 seems like a bargain.

My advice to you is, “have your house and decorate it too.”

So, should you collect prints or paintings? It’s a few mortgage payments versus the whole house. You make the call!

View the Fine Paintings & Prints Auction Catalogue for our February 3, 2012 auction.

Originally published November 23, 2010. Revised and updated January 13, 2012.

Favorite Auction Highlights of 2011, Part II: From Dwarf Clocks to Diamonds

2011 was a great year for fine art & antiques. Here is the second round of picks, and the reasons why we feel these items are important and worthy of recognition.

Read Part I to learn about a record-breaking folk art portrait, a stunning Art Deco bracelet, and a bottle of 1961 Petrus wine.

Antique Dwarf Clock

This remarkable family heirloom had been kept running for 80 years - Stephen Fletcher, Executive Vice President and Director of American Furniture & Decorative Arts

It’s always exciting to discover a beautiful object that is unknown to the collecting world. When I saw this perfectly proportioned dwarf clock on a house call in Beverly, Massachusetts, it was still running, and had been passed down in the same family for 80 years. At the moment we discussed the possibility of selling it, the clock struck twelve.

The clock was made by Joshua Wilder in Hingham, Massachusetts between 1821 and 1824, and is a true miniature of a tall case clock constructed in the same manner, and with a full striking movement. This places it in a category of being the most sought-after and desirable type of dwarf clock.

Mahogany and Mahogany Veneer Dwarf Clock, Joshua Wilder, Hingham, Massachusetts, Auctioned for $189,600 in the American Furniture & Decorative Arts auction on March 6, 2011

Rock Crystal Cup

Truly a royal item, this cup was probably made for the ruling court in the Mughal Empire in India – Kerry Shrives, Vice President, Director of Information & Technology

I love the exquisite carving on this Mughal rock crystal cup. It was most likely made in the 17th/18th century for the ruling court of the Mughal Empire in India, and then embellished in 1867 when the London jeweler Robert Phillips added a delicate gold, enamel and stone mounted foot-rim. The bowl reflects a mid-19^th century fascination with Greek and Roman antiquity. Phillips is known to have visited Rome in the 1850s on a study trip where he viewed period Roman works of glass, gold, and lapidary. Phillips exhibited at the 1867 Paris Exposition Universelle, and it is quite possible that this bowl was exhibited there. My favorite museum, the Victoria & Albert Museum has a number of similar cups in their collections.

Fine Yellow Gold, Cloisonne Enamel, and Stone-mounted Carved Rock Crystal Bowl, Auctioned for $201,450 in the European Furniture & Decorative Arts auction on October 14, 2011

Rare Ornamental Turning Lathe

This machine and collection of tools will provide a lifetime of discovery to a superb craftsman - Robert Cheney, Director of Science, Technology & Clocks

An ornamental turning lathe was primarily a “Gentleman’s” turning tool which could provide a lifetime education for the lucky owner. This remarkable early 19^th century machine and its many accessories allowed an educated owner to perform complex tasks on exotic woods and materials like ebony, teak, rosewood and ivory. This is my 2011 favorite because it is such a rarity to find an ornamental turning lathe with all the numbered accessories and fitted two-part mahogany tall chest. More importantly however, this is my favorite because it was sold to a superb craftsman who will spend a lifetime rediscovering all the attributes that make this machine so special.

Holtzapffel & Deyerlein Ornamental Turning Lathe and Accessories, Auctioned for $65,175 on July 16, 2011

Antique Diamond Necklace

Who kept this in her jewelry box at the turn of the century? - Melissa Riebe, Specialist, Discovery auctions

It’s hard to pick just one, but thinking back on things that really struck me this past year, one is this antique silver and rose-cut diamond necklace. The piece was beautiful in the catalogue, but seeing the necklace in person, I was, in a word, dazzled.

The delicate construction and brilliant stones started me thinking about what sort of a high-society woman around the turn of the century would have had this piece in her jewelry box. Was it a gift from her husband? A fellow member of the elite? A self-indulgent purchase? We’ll never know, but it’s fun to wonder!

Antique Silver and Rose-cut Diamond Necklace, Auctioned for $30,810 on December 6, 2011

Top 5 Fine Art & Antiques Blog Posts this Holiday Season

The holidays are here, complete with great food, parties, and shopping excursions to find the perfect gift. When you feel like a break, read through these top five favorite blog articles written by Skinner expert appraisers during the busy fall auction season. Let us know which post was your favorite in the comments.

#5 Mature Wine vs. Young Wine: How Age Comes to Bear

by Marie Keep, Director of Fine Wines at Skinner, Inc.

There are few moments in the hectic tide of everyday life when a hush falls, you focus fully on one thing, and the world seems to stop. Drinking a mature wine as it is blooming in the glass can be one of those unexpected moments of transcendence. Granted, it is, after all, just a sip of a beverage, but the unexpected nature of the experience makes it that much more delightful.

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#4 Modern Design in Boston is Here to Stay

by Jane Prentiss, Director of 20th Century Design at Skinner, Inc.

When most people think of Boston, they see visions of the Revolutionary war, Revere silver and Simon Willard clocks. But despite this traditional reputation, Boston has been home to some fabulous modern design. Take a tour of Fenway Studios, the Saturday Evening Girls Club, and glass-making studios.

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#3 Perfection in a Rare Guitar: the Martin D-45

by David Bonsey, Director of Fine Musical Instruments at Skinner, Inc.

The Martin D-45 was the first guitar of the twentieth century to gain widespread popularity as a collector’s item. The fine workmanship and limited production make it a highly desirable rare instrument. Featured in the November 2011 Fine Musical Instruments auction, this guitar sold for $219,225.

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#2 Daguerreotypes Part I: Haunting, Beautiful, and Storied Pictures in the Early Photography Collection of Rod MacKenzie

by Stephen Fletcher, Executive Vice President and Director of American Furniture & Decorative Arts at Skinner, Inc.

The daguerreotypes, ambrotypes and tintypes in MacKenzie’s collection drew a crowd at the November 5th American Furniture & Decorative Arts auction. This daguerreotype of two hunters brought $18,960, well over the estimate. Stephen Fletcher writes, “Rod MacKenzie has a sophisticated taste for images that speak to him – and now to us – emotionally, historically, and artistically.”

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#1 My Top 5 Antique Truths: Debunking the Myths of Antiques Reality TV

by Karen Keane, CEO, Skinner, Inc.

Shady characters aren’t the norm and antique appraisals happen every day. These are just two of the truths you should know before tuning in to any antiques reality TV show. I’m a fan of these shows that entertain a lot, educate a little, and leave people wanting to know more about art, antiques, and auctions.

Top 5 Fine Art & Antiques Blog Posts of the Summer

It’s hard to believe that summer is already over. In the midst of vacations and appraisal house calls, Skinner antiques & fine art experts found the time to write intriguing and informative blog posts. These are the top 5 most popular articles from June, July, and August. Read them for the first time or enjoy a re-read, then join the conversation by leaving a comment.

#5 Pointed Caps and Silver Hat Bands: Intriguing Finds in an Important Penobscot Indian Collection

by Douglas Deihl, Director of American Indian & Ethnographic Art at Skinner, Inc.

The rare peaked cap you see here was once worn by the Penobscot woman Mary Molasses. The cap is part of Dr. Frank T. Siebert’s extensive collection of Penobscot Indian material, which has been exhibited in museums and will be offered at auction on September 24th.

#4 How to Decorate with Art Deco Glass

by Jane Prentiss, Director of 20th Century Design at Skinner, Inc.

This summer, Jane Prentiss began a series of blog posts about the mid-century modern period, great design, and decorating with antiques. Which of the four Art Deco vases pictured in this post do you love most, and where would you place it in your home?

See the Vases

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#3 Why People Want More Fashion & Jewelry at Museums

by Gloria Lieberman, Vice President and Fine Jewelry expert at Skinner, Inc.

It seems as if fashion and jewelry are among the new trends for museums. The Alexander McQueen exhibit drew huge crowds in New York, and the Museum of Fine Arts in Boston became one of the first museums to devote an entire gallery and curator to Jewelry. Gloria Lieberman writes, “It can inspire your own wardrobe and fashion choices, and that’s one reason these exhibits are so popular.”

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#2 Antique Weathervanes, Part I: Horses, Roosters, and Cars… Oh My!

by Stephen Fletcher, Vice President and Director of American Furniture & Decorative Arts at Skinner, Inc.

A veritable menagerie of weathervanes was available at the August 14th American antiques auction. Horses, roosters, cows, fish, stags, and more caught the attention of folk art collectors. Stephen Fletcher writes, “Collectors are most attracted to antique weathervanes that still have their original surface, and these are the most valuable weathervanes.”