8 Tips for Lending Art to Cultural Institutions | Canadian Insurance

Marilyn Horrick of Chubb Insurance Company of Canada states that collectors should remember:

“1) Museum Accreditation Standards: These vary between museums. Likewise, standards of Canadian museums differ from foreign museums. To verify a museum's credentials clients can check for accreditation with the Canadian Museums Association (www.museums.ca) or the International Council of Museums (http://icom.museum).”

Vastari helps you on this point, since all the institutional members are verified for the collector’s security.

“3) Appraisal: Recommend that your client have a current, independent appraisal to establish the proper value of the work at the time of the loan. This also reflects the kind of coverage you secure for them during and after the loan. Look for insurers that can assist you in identifying a relevant and qualified appraiser.”

Vastari assists collectors who wish to have a contact for appraisals. Call our office on +44 207 423 3079 for more details

“4) Title and Authenticity: If there are any concerns regarding authenticity or clear title to the fine art being loaned out, recommend that the client consult with a provenance researcher beforehand to ensure there are no issues.”

The Art Loss Register is great for this type of research. Vastari has a relationship with the Register to ensure that works on the system have a concrete provenance.

8) Labeling and Identification: For privacy and future security issues, your client might consider anonymous acknowledgment of the loan versus attribution of ownership.“

The Vastari system allows collectors and curators to correspond anonymously, especially to cater to the type of collector who would wish to remain anonymous on the acknowledgement of the loan.