More than 40 years ago, Norman Rockwell's Boy Asleep with Hoe, also known as Lazy Bones or Taking a Break, was stolen from a home in Cherry Hill, New Jersey, and the family submitted a claim to their insurer.
In March 2017, the FBI announced that the painting was recovered. (One reason it was quickly identified was that the piece still had a minor indentation from the owner's pool cue.) In a ceremony in Philadelphia, the painting was returned to the family by the FBI and is currently slated for auction at an estimated value of $1,000,000 to $1,500,000 – significantly more than the value of the artwork when the claim was made in 1976.
For adjusters, involvement with these types of high-value — and high-profile — claims can be unusual. However, when they do occur, it is important to be well-equipped with the right information and skills to handle them effectively. Here are a few considerations to keep in mind.
|Time is of the essence
Causes of fine art claims vary but they are often accidental such as damage during transport. The financial consequences for clients can be devastating if damages are not reported and addressed in a timely manner, so respond as quickly as possible to avoid further damage.
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