Buried Treasure

Molly Bennett talks to the people behind Hiscox's fine art service about valuation, passion and exciting discoveries

“When I was an auctioneer, I bought a real crystal ball,” says Andrew Cheney, Senior Risk and Valuation Adviser at Hiscox. “That’s how unpredictable the art market is.”

No more so than now. The recession has seen art and antique values widely fluctuate over the past 12 months, particularly in the contemporary and modern art markets. Other areas, however, are performing much better – sometimes surprisingly so.

Andrew cites the example of the pair of silver wine coolers by renowned silversmith Paul Storr that recently sold at Sotheby’s for £163,000 – more than double their estimate. “They’re only ten inches high!” he says. “That is a classic example of what happens when people want to invest in real, tangible objects: they are attracted to the security of a familiar name rather than the next big thing."

These vagaries are why valuations are such an important part of Hiscox’s fine art insurance. Whether it’s a seasoned collector or someone who has inherited an attic-full of dusty antiques, the goal is to have cover appropriate to the collection. This requires regular professional valuations – Andrew suggests every five years – which can be undertaken by Hiscox’s recommended valuers or a valuer of the client’s choice.

“I provide advice as to how overinsured or underinsured a person may be and then suggest the best course of action,” he says. “This can be anything from a specialist valuation to a simple review of the numbers to ensure that sums insured are as accurate as they can be,” he says.

Andrew encourages the customer to contact at least two of Hiscox’s recommended valuers, as it is important to match like with like. “It’s a very personal thing,” he says. “They’re going into someone’s home, which has to be handled delicately and professionally. Hopefully, it will be the start of an ongoing relationship.”