When Hurricane Sandy flooded the streets of New York City in 2012, high-end galleries and artist studios in the Chelsea area were left with store rooms full of water and millions of dollars in fine art damage.
Settling fine art claims when the insured is the artist, or a when a gallery is claiming work by an artist whose creations they are holding on commission, can prove to be difficult for adjusters and appraisers alike. While the Hurricane Sandy situation was extreme, these types of claims happen frequently across the country.
|Special artist-to-gallery relationship
To understand how to properly value unsold art being claimed by the artist or gallery, one must consider the special artist-to-gallery relationship.
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