Banksy Insurance

Banksy Insurance, Valuations, Authentication and Sales

Did you buy a £90 Banksy print in the early days only to find it is now worth over a hundred times that? Or perhaps you have recently acquired a Banksy Original?

Banksy Insurance

Regardless of your collection size, Brownhill are here to discuss your requirements. We have been insuring our clients Banksy and Urban Art collections since 2007 – we even insure our own collections. Our Art Team can provide cover for your private collection on an art only policy, or in some cases can combine with a general household policy.

To discuss your requirements, please call us on 020 8353 8905 or visit our art collector page.

Best Practices

There are many fake Banksy prints and originals on the market, so it is important to be cautious when buying from a dealer, gallery or individual. Always make sure there is a Pest Control Certificate or well documented paper trail back to the original owner. Pest Control may be able to confirm the original and/or current owner of a piece.

Insurers are often shy to insure them without an original receipt, pest control certificate or recent valuation.

It is a requirement on some insurance policies that you maintain an inventory of your collection. We suggest that your inventory includes:

  • Name of Artist
  • Name of Piece
  • Medium (Print/Original on Canvas etc..)
  • Edition Number (if applicable)
  • Signed/Unsigned
  • Dimensions
  • Purchase Value
  • Date of Purchase
  • Where it was purchased from
  • Current Market Value
  • Framing Costs
  • Documentation (receipts/invoices/certificates/valuations etc..)

It is also important to photograph your collection. We would suggest taking photos of:

  • The whole piece (front and back and before any framing is done – if unframed)
  • Edition Number
  • Signature
  • Hand finishing (on prints)
  • Any defects (creases, marks etc..)
  • Personalisation
  • Back and sides of canvas
  • Documentation (consider scanning your documents)

Keeping your inventory well organised is very important. In the event of a claim, you may be asked to provide your entire inventory to insurers. The easiest way to keep a well managed list is in Excel or Google Sheets. Alternatively Evernote allows you to collate images and text together in a searchable archive.

Pest Control

Pest Control is an authentication service acting on behalf of Banksy. They determine whether he was responsible for a piece of work and issue a Certificate where appropriate.

Pest Control do not make a profit and were set up to prevent fraud.

The company is also now the sole point of sale for new work by Banksy.

Valuations

Hang Up Pictures are a leading gallery offering Banksy prints and originals for sale. Their expert knowledge on Banksy allows them to offer an insurance valuation service. As of writing, the cost for this is £65 + VAT per piece. For more information please visit – www.hanguppictures.com/faq/do-you-offer-insurance-valuations-for-banksy-works.

Alternatively we can refer you to other valuation experts that specialise in more works than Banksy.

Selling a Banksy

If you have a Banksy or a collection of Banksy prints you are looking to sell, you may find it beneficial to use an experienced dealer who can help you get the right price for your collection. MyArtBroker specialise in the Banksy market, and have been connecting buyers with sellers for the best part of a decade. MyArtBroker has a network of over 10,000 art buyers and sellers around the world. If you want to sell a Banksy with MyArtBroker, they will:

  • Give you a valuation on the piece based on market demand and trends
  • Assign you a specialist broker to condition check the piece
  • Advise on restoration (if required)
  • Advise on authentication of the piece, if not already in place
  • Market your artwork to Banksy buyers
  • Support the sale of your Banksy artwork

You will need to be a member of MyArtBroker.com to access their support, which you can do for free on their website.

New Artworks? Automatic Acquisition cover for art and other valuable new purchases

If you have been lucky enough to acquire any new and exciting items over the festive period you may need to re-evaluate your Art Collection or Household Contents and Valuables insurance to ensure that you have enough cover to include your new items. Anything from an item of jewellery, fine art, luxurious coat or designer handbag, sports equipment or even new audio and/or visual equipment or furniture purchased in the sales will increase the value of your Contents and Valuables. Read more

Protecting your home this Christmas

Unfortunately, there are some potential perils of the festive season. Here are AXA ART’s top tips for protecting your home and art collection this Christmas:

Read more

The Future of Art Crime

The Future of Art Crime

With the publication of the assessment outlining how heritage crime is to be tackled in the future in the UK last week, several points stand out as being important to both private collectors and dealers alike.

Firstly the document outlines the nature of art crime, citing as example the theft of Henry Moore’s Sundial valued at £500,000 stolen and sold for scrap metal for £46.50. This highlights the importance for vigilance of items that might be of value for their material, for example metal sculpture and any art displayed outside. Not all of us have a Henry Moore sculpture, but awareness of the material value of our own artworks is important to understanding this sort of crime.

Another important topic that the assessment raises is the correlation between historic dates or events and the peak in art prices that might prompt art crime. The most obvious upcoming example of this is the centenary of the outbreak of the First World War in 2014. This will cause memorabilia, both in private and public collections and on heritage sites throughout Europe, to become more valuable and thus a more tempting prospect for art thieves.

The reason for highlighting this particular threat is that First World War memorabilia comes in such a diverse range and is in small private collections, larger public collections but also belonging to veterans of the Great War and their relatives. Any piece of art, or artefact that is of any value should be stored securely where possible and insured against theft and accidental damage. This is increasingly important as the risk of theft increases.

The key message of the report is that the profile of art and heritage theft should be raised in order to promote public awareness. This will allow both private collectors and larger heritage organisations to prepare their security and to allow them to promote a social sense of responsibility towards protecting our heritage.