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Art of collecting needs insurance

18 March 2005
The UK art scene is spawning a new kind of collector, attracted by affordable art that as well as looking great above the mantelpiece could generate significant returns in the future.

However, specialist insurer Hiscox is warning that collectors enjoying the range of affordable art works on sale at events like this weekend's Affordable Art Fair in London's Battersea Park must be sure that they have adequate contents insurance.

As art works increase in value over time, collectors are advised to revalue the art every few years to ensure they are covered for the right amount.

"If you buy something at this weekend's Affordable Art Fair, we would advise you to return to the dealer or gallery in five years time for a revised estimate of the painting's value and regularly every five years after that," said Andrew Cheney, senior risk management surveyor at Hiscox.

Standard contents policies may also not cover single items of significant value - according to Hiscox, 45 per cent of the claims it paid out last year would not have been covered by standard policies.

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