Art collectors could be losing a lot of money because their work is underinsured, which is why Hiscox has teamed up with international auctions database Gabrius to track the changing prices of artwork.
Less than 12% of art collectors have work valued in the past year, while 30% have never sought a valuation, according to research by Hiscox.
With the help of Gabrius, Hiscox will conduct a survey on the changing value of works by Turner Prize-winning artists. It aims to illustrate how a new tool called the Hiscox Gabrius Market Index will help track the prices of art works for insurance purposes.
Hiscox worked with the Gabrius Art Market Index (GAMI) to show that works by 1991 winner Anish Kapoor have risen in value by 61%, since 1998 when it was auctioned. Others who have seen a rise over the same period include 1986 winner Gilbert & George (+51%), Howard Hodgkin (+35%) and Damien Hirst (+27% since 1996). But Rachel Whiteread and Chris Ofili have both seen a decline (-21% and -24%, respectively).
Hiscox has also launched a Fine Art insurance product, which includes cover against mistakes by restorers or cleaners, while giving owners the opportunity to claim automatically in the case of works being damaged, rather than just covering restoration costs.
