I have been asked for evidence of value after the above work 'Walking Shadows' was destroyed by fire during its journey back from an exhibition in the UK. I now have to try and claim back the value of my artwork from the insurance.
So do you know how much your art is really worth?
Retail price or market value is normally what an insurance company would look at first, but what if the work hasn't been sold? The price ticket on the artwork is only what the artist thinks it's worth, taking into account emotional value, time spent and materials used.
The piece of art could be valued on recent selling prices of similar work by the artist, but if the artist is less established and hasn't many recent documented sales that becomes more difficult.
So what I think my art is worth and how much an insurance company value it (if anything) is completely different.
So beware when shipping work around the world, check the insurance details and document wherever possible the value of your art, that includes newspaper articles, exhibitions and catalogues, auction site pages, anything that could be used as evidence of value.