By: Christelle Colman, CEO of Ami Underwriting Managers (Ami)
Somewhere in the world right now, someone is living with a forgotten masterpiece. Maybe it’s tucked behind a bedroom door, or gathering dust in a holiday home. A few years ago, a family in Europe nearly threw out a “terrible” painting — only to discover it was a lost Picasso worth millions. In South Africa, a collector recently lost 31 irreplaceable artworks during a highway heist — and tragically, was not properly insured.
Stories like these aren’t rare. In fact, as the African art market booms and passion investments surge, they are becoming more common — and more costly.
Art has always been about more than aesthetics. It’s a marker of history, culture, personal passion — and increasingly, serious wealth. Globally, more than half of the world’s ultra-wealthy planned to invest in art last year. Here in South Africa, fine art prices have risen by more than 30% over the past decade, and African artists are setting new records at auctions from Cape Town to Paris.
Collecting isn’t just for the mega-rich anymore. Across the continent, young entrepreneurs, cultural institutions, and first-generation collectors are building extraordinary collections. Whether it’s a vibrant Peju Alatise sculpture, a rare Gerard Sekoto painting, or a collection of vintage Shona stone carvings, African collectors are stepping confidently onto the global stage.
But in the excitement of the chase — the gallery openings, the auctions, the thrill of finding a hidden gem — one critical element often gets overlooked: protection.
Art’s Greatest Risk Isn’t Theft. It’s Underinsurance.
When people think of risks to art, they picture cat burglars scaling museum walls. But the reality is usually far more mundane. A burst pipe. A clumsy mover. A forgotten update to an insurance policy that covers your house — but not that new R1 million sculpture you just bought.
“The saddest calls we get are from collectors who discover only after a loss that their insurance didn’t fully cover their artworks,” says Christelle Colman, CEO of Ami Underwriting Managers (Ami). “With art, the value can escalate so quickly that a policy taken out a few years ago is hopelessly out of date today.”
Insurance for art and collectables isn’t the same as ordinary household insurance. Standard policies often impose strict per-item limits, meaning that even a masterpiece could be dramatically underinsured.
Specialist art insurance works differently. It covers collections against theft, fire, accidental breakage, and even damage during exhibitions or transit. Critically, it insures the full agreed value of each item — based on up-to-date professional valuations — so that if disaster strikes, collectors aren’t left financially devastated.
And it’s not as expensive as many assume. “For a fraction of a piece’s value per year, collectors can have peace of mind knowing their treasures are properly protected,” Colman notes.
Recognising this need, specialist underwriters like Ami have developed bespoke solutions that cater specifically to collectors, investors, and private galleries. The focus is not just on replacement value, but on preserving the long-term integrity and legacy of every piece insured.
Know What You Own
Sometimes, the most astonishing art stories aren’t about grand heists — they’re about ordinary people discovering extraordinary things. A flea-market buy that turns out to be a forgotten master. A childhood souvenir that’s actually a rare sculpture. In a world where art values are rising rapidly, it pays to know what you own.
This is where professional valuations come in. Markets shift, tastes evolve, and what was once considered simply “decorative” can suddenly become a major asset.
“One of the most common mistakes collectors make is underestimating the current value of their art,” Colman explains. “An updated valuation isn’t just paperwork — it’s the foundation of any proper insurance strategy.”
Specialist underwriters often partner with expert valuators, conservators, and restorers who understand that passion investments aren’t just numbers on a balance sheet — they are stories, legacies, cultural treasures.
Passion, Meet Prudence
Art stirs the soul. But protecting it demands something a little more grounded: prudence. A properly insured and documented collection doesn’t just safeguard your investment. It respects the artist’s legacy, honours your stewardship, and preserves your passion for generations to come.
“Art is about emotion, identity, and connection — but insuring it is about stewardship,” says Colman. “Collectors today aren’t just buyers; they are custodians of culture. Insurance plays a vital role in that custodianship.”
Across Africa, creativity is flourishing. Every painting, sculpture, and photograph tells a story — of heritage, innovation, pride. By insuring those treasures, collectors help ensure that Africa’s artistic brilliance endures far beyond one lifetime.
Whether you’ve just acquired your first major work or spent decades building a collection, the message is simple: know your assets, value your passion, and protect your legacy.
After all, the greatest masterpieces are not just created — they are cared for.
Key Considerations for Brokers: Ensuring Comprehensive Art Insurance
For brokers advising clients on art and collectables insurance, here are essential points to ensure adequate coverage:
- Regular Valuations: Encourage clients to obtain professional appraisals every 12 to 24 months, or following the death of an artist, to reflect current market values.
- Specialist Policies: Recommend insurance products specifically designed for art and collectables, which offer broader coverage than standard household policies.
- Agreed Value Coverage: Ensure policies are based on agreed values to avoid disputes during claims.
- Comprehensive Documentation: Advise clients to maintain detailed records, including photographs, purchase receipts, and provenance documents.
- Security Measures: Discuss the importance of appropriate security systems, such as alarms and secure storage, to mitigate risks.
- Transit and Exhibition Coverage: Confirm that policies cover artworks during transportation and while on display at exhibitions or galleries.
By focusing on these areas, brokers can provide clients with the peace of mind that their valuable collections are properly protected — preserving not only financial value, but also cultural and emotional heritage.