Private collectors know a thing or two about insurance and insuring the value of fine collectibles. Those high-end collections of art, jewelry, antiques and wine need to be protected at all costs. While no amount of insurance can replace a cherished item from a prized collection, you need to make sure whatever money you have invested in it remains safeguarded.
Along with insurance, there are other ways to take care of precious parts of a collection. Just as there are different types of insurance depending on your needs, there are different strategies for protecting the various types of treasure.
Jewelry and Watches
Insurance is taken out to safeguard jewelry and watches against theft and damage. Theft is most easily avoided by keeping these luxury items under lock and key. A home security system should be in place wherever these items are held. Though uncommon, some even go as far as to have faux versions of their real jewelry made so that they can be outwardly enjoyed without the fear of loss or theft.
Watches can be protected against damage by keeping them serviced on a regular basis. Watches need to be wound in order to keep their internal mechanisms in the best shape. Self-winding watches also need occasional check-ups. A jeweler or watch repair professional should look over the collection every two years to make sure all components are in proper working order.
Like watches, jewelry needs to be inspected from time-to-time. Gem casings should be tested to make sure they have not come loose or damaged in any way. Jewelry should be professionally cleaned to keep stones and metals looking their best.
A fine art collection is one that requires upkeep only from trained professionals. Anyone who is not thoroughly skilled in the trade of art restoration should not be allowed near paintings or sculptures as they may unknowingly use chemicals or techniques that will damage the pieces.
It can be expensive to keep art in excellent condition, but it is a worthwhile endeavor. Other measures to take with your art collection is to install UV filters on any windows and ensure the area near the art, such as frames or pedestals, remains clean and dustfree.
If your collection is extremely valuable, you might consider loaning it to a gallery or museum. They will manage the upkeep for you while also allowing others to appreciate the art for themselves.
Wine is a collector’s item that only gets better and more valuable as the years pass. However, some wines should be consumed rather than stored. Chances are, if you are a wine collector, you already know which ones retain value and which turn to vinegar. However, if you are new to wine collecting, talk with a pro. They will give you a full lesson on how to know which wines are best left uncorked.
Wines should always be stored in a rack other than upright. They are also best stored in cool, dry locations. As some of the most fragile of collectibles, keep wine out of reach of any hands that may be clumsy or curious.
Private Management Insurance Agency is highly willing to offer whatever assistance you may need at each step of the quoting and transaction process. You can reach our customer service team on Monday through Friday from 9 am-5 pm PST— Call us at (858) 252-4111, or you can also set a schedule with us just by clicking here.