An art collector should make sure they know how any damage the works of art in their collection have incurred can affect the value of the pieces, as well as what effect having them restored could have on their value.
This is essential whether you want to restore the piece in an attempt to restore its value or recover its value if the artwork is considered a loss. But it’s not always easy to protect the value of a piece of art. Art doesn’t have a set value as many assets do. So, when art is damaged, you may not always be able to get a settlement with your insurance company for what you believe the artwork was worth.
So to help you in dealing with your damaged art pieces, here are some important steps to take for restoring or recovering the value of your damaged art.
Determine Whether the Artwork Can Be Restored
One of the most critical components of this is determining if the artwork can even be repaired at all, particularly while retaining authenticity. If the original artist is still alive, they may be willing to restore the artwork or wish to be included in supervising the process.
In other cases, the artist may believe that the artwork can never be restored to its vision. In this case, they may demand that their names no longer be associated with the piece, which may play a role in whether or not you choose to proceed with the restoration.
Have the Damage Assessed
In some cases, dealing with a damaged piece of art may be easy. If restoring the piece will not cost more than the piece is worth, the insurance company may pay to have the restoration done without an argument. If this is the case, it is always best to have any damage repaired promptly before it becomes worse.
Obtain an Appraisal After the Restoration
Once the damage is repaired, you’ll want to have the art piece appraised to see if its value has declined. However, this can be difficult to determine. There are a number of factors to consider. For instance, it is important to consider not just what the damage is, such as a stain or tear, but also where the damage is, such as the center of the piece or the edge. There are many things that can affect the value of the restored piece.
Once an expert appraisal is obtained and agreed on by the owner and the insurance company, the insurance company will pay the policyholder for the loss in insured value. If the policyholder and insurance company disagree on the appraisal, there is often an arbitration clause in these policies that brings in a third appraiser to assess any valuations.
When it comes to the restoration of your precious artwork, it is important to trust it with professionals such as Manzi Appraisers & Restorers. Our professional restoration team has more than 20 years of experience helping people and organizations with valuations, appraisals, consulting, and restoration services. Call us at 617-948-2577 and connect with us on Facebook.