By Gail Bosch, Product Head at ITOO Artinsure.
In light of recent events, institutions responsible for the safekeeping and preservation of artworks for the benefit of the public, including galleries and museums, are strongly urged to uphold meticulous records of the items within their custodianship.
The issue of maintaining comprehensive records of artworks has once again emerged as a matter of paramount global significance. The British Museum’s disclosure that over 2000 art pieces under its care were unaccounted for underscores the urgency of this matter. However, ARTnews reported recently that British Museum Chairman George Osborne noted that a portion of the missing items has since been recovered.
Art registers play a crucial role in the insurance of artworks. Insurance companies rely on the accuracy and completeness of the art register provided by curators when underwriting these items. Consequently, the art register serves as the foremost line of defense for these often irreplaceable works of art.
Osborne-as cited by ARTnews, concurs that maintaining an updated art register is pivotal not only for safeguarding artworks but also for facilitating the recovery of stolen items. According to ARTnews, Osborne said a critical challenge in the recovery efforts pertains to items that were inadequately documented and registered. He highlighted the advantageous position held by individuals with knowledge of unregistered items, enabling them to surreptitiously abscond with these valuable artifacts.
The art register serves as the foundational measure in shielding valuable artworks. The necessity of periodic review and audit of the art register to ensure the continued existence of all curatorship items. In the unfortunate event of missing items, the importance of promptly filing a claim within the stipulated timeframe as outlined in the insurance policy, which typically spans 30 days from the discovery of the disappearance.
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Furthermore, individual artists are encouraged to also maintain meticulous records of their own creative works. Such records not only aid in differentiating genuine artworks from counterfeits but also contribute to the broader integrity of the art ecosystem.
In its role as a prominent player in the specialized insurance sector, particularly in the provision of cover for art and collectibles, iTOO Artinsure maintains a comprehensive record of reported missing or stolen artworks. This record is readily accessible online to artists, curators, and the general public at no cost.
iTOO Artinsure remains steadfast in its commitment to support the growth of the local art sector. In line with this commitment, the company was one of the sponsors of the 16th edition of the FNB Art Fair, which took place in Sandton this month.
In conclusion, institutions opting not to maintain art registers subject themselves to an undue and preventable risk. The straightforward solution lies in the diligent upkeep of accurate and up-to-date art registers.