Recently, the last privately-owned copy of Edvard Munch’s famous
1895 pastel of The Scream sold for a record $119.9 million at Sotheby’s
Auction House. Dubbed “the portrait of a soul” and “the face that launched
1,000 therapists,” The Scream was purchased over the telephone through an
anonymous bid. While few collectors possess paintings of such renown, high net
worth families often amass significant collections that are improperly or
inadequately managed with regards to valuations and insurance.
Ordinarily, unscheduled valuable articles, such as jewelry, fine
art and furs, are covered in the same way as regular personal belongings,
clothing and furniture. By not having the proper insurance tools in place,
replacing the value of your properties can lead to controversy and dispute, and
may leave you with less coverage than you believed you had.
