The recent passing of acclaimed British artist David Hockney marks the end of an extraordinary artistic career spanning more than six decades. Hockney’s work remains among the most recognisable and sought-after in the world, and for collectors, it serves as a timely reminder of how quickly the value of artwork can change.
When no further works can be created, demand for existing pieces can increase, sometimes leading to significant shifts in market value.
I regularly speak to clients who have artwork insured on valuations that may have been obtained several years ago. The challenge is that art values can move significantly. If the value recorded on your policy no longer reflects the current market value of a piece, you may not have the level of protection you expect.
That’s why professional valuations are so important. They help ensure your collection is insured accurately and reduce the risk of underinsurance should the unexpected happen. We work with trusted specialists, including Doerr Dallas Valuations, to help clients obtain independent, up-to-date valuations that reflect current market conditions.
Many high-net-worth household policies include a valuable ‘Death of an Artist’ extension, which may provide a temporary uplift in value should an artist die during the period of insurance. However, this protection is typically subject to limits and time restrictions and should not be viewed as a substitute for obtaining an updated professional valuation.
An up-to-date valuation can also provide benefits beyond ensuring the correct sums insured. In many cases, it may support enhanced claims settlements and extended replacement cost provisions, helping to provide broader protection if a loss occurs.
Whether you own a David Hockney print, a contemporary collection, or a single piece of sentimental and financial significance, it’s worth taking the time to make sure your valuations still reflect today’s market.
If it has been some time since your collection was last reviewed, or if you have any concerns about whether your artwork is insured for its current value, please speak to your dedicated account handler.
We would be delighted to help arrange updated valuations and ensure your collection remains appropriately protected.
