High End Art Insurance: Met Receives $1 Billion Gift of Cubist Art

High End Art Insurance: Met Receives $1 Billion Gift of Cubist Art.

Philanthropist and cosmetics tycoon Leonard A. Lauder promised the Metropolitan Museum of Art his collection of 78 Cubist paintings, drawings and sculptures.

The highly valued collection of Cubist works includes 33 Picassos, 17 Braques, 14 Legers and 14 works by Gris. In total, the collection is valued at over $1 billion, according to the New York Times. The collection will boost the Met into the forefront of early 20^th century art, and fills a previously glaring gap in the Met’s collection. The Met only received in first Cubist painting in 1996.

Mr. Lauder’s collection remains unusual in its singular focus- where other art collectors expand beyond a particular genre and buy widely throughout multiple periods and styles, Mr. Lauder has focused exclusively on Cubism.

High end artwork comes with specific insurance requirements that far outstrip any basic coverage. Especially if you are a collector of high end art, your standard homeowners insurance won’t be enough to cover your collection in the event of theft, loss, or damage. Fine Art insurance is essential, either as a separate policy or an add-on to your Connecticut homeowners policy to make sure you have the correct coverage.

Fine art coverage can include itemized coverage for each item, protection against breakage, especially fragile pieces, and worldwide protection. To obtain adequate coverage, it is essential that a homeowner obtain a full appraisal of their collection so they know its current worth. At the Byrnes Agency, we can help you obtain a certified appraisal to properly establish the actual value of your items. We can also help you protect your valuables against environmental hazards by advising you on storage, temperature, and humidity controls and exposure to heat and sunlight. Contact us today for more information.

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