Last August 12, 2015, a 12 year old boy added to the list of art fumblers when he accidently tripped and punched a hole on a 350 year old canvass of Paolo Porpora called Flowers. The painting was valued at $1.5 million dollars. Nervous and awkward, the boy and his family is not required to pay the damage, with the curator stating that it is, after all, covered by insurance.
Accidents like these happen unexpectedly. With the increasing interest in artworks investments, insuring your art pieces can assist you in case you have recover the damage. Axis Capital Inc., with years of experience of handling artworks in Bermuda, Singapore, Australia, the United Kingdom and the United States, explains that property insurance follow the same procedure as homeowners or theft insurances.