Last year was a record-breaking year for us. After a quick holiday break to celebrate and catch our breath, we are excited to hit the ground running with new releases, new projects, and more fundraising. Read on for tips on insuring and appraising your artwork and our disaster relief sale.
Soundwaves are increasing in value. Have you insured your piece?
Last year was a big year for art collectors like you. Folks working from home because of Covid bought art to spruce up blank walls. NFTs exploded onto the scene. Auction houses went virtual. And all of it led to record global art sales of $6.5B in 2021, according to Barron's.
Art collectors have a variety of motivations when they purchase a piece - an emotional connection to the art's beauty, the thrill of building out a collection, and, for many, the financial prospect of investing in an artwork that will appreciate.
Soundwaves collectors are no different. We are constantly moved by the stories our collector's share of their attachments to the songs and musicians we design for. We've also seen Soundwaves auctioned and sold on the secondary market appreciate significantly in the past 18 months.
One of our "Wonderful Tonight" pieces signed by Eric Clapton sold at auction for over $5000, increasing in value almost 6x from its original sale price!
With this appreciation comes understandable fear of damage - we can't be the only ones with nightmares of house guests tripping and spraying glasses of red wine all over the wall, right? So, the question arises: should you get your artwork insured?
Here are a few steps to get started...
This artist proof ofBilly Joel's"Piano Man" sold for more than $3000, more thanquadruplethe price one of one of the 25 limited-edition prints.
The 100 prints ofMelissa Etheridge's"Come To My Window" originally sold for $300. Last year the #1 print sold on Charitybuzz for$2200.
The Nationalhas now signed with us three times. A print from our first edition "Fake Empire" artwork recently sold via blind-auction for$1000.
1. See if your homeowner's insurance already covers fine art
Some homeowners insurance policies cover jewelry, art, and collections just like any other possession, subject to your policy's deductible and coverage limits. So, it's worth checking there first. That said, these types of insurance tend to neglect the appreciation of artwork and may undervalue them if your art needs to be replaced. For pieces like Soundwaves that are one-of-a-kind, these types of insurances typically don't cover restoration if replacement is not a suitable option.
2. Get artwork appraised and compile documentation
Specialized art insurers often need an official appraisal and any documentation available to begin the insurance process. This art-collecting.com article lists a few of the leading appraisal organizations in the US. Some appraisers recommend getting your piece appraised every 3 - 5 years to stay up to date on the market. And be sure to hang on to that Soundwaves Certificate of Authenticity we sent! If you've lost one, it is possible to have it replaced.
3. Find a proper Fine Art Insurance Company
Fine Art insurance companies are trained to understand the nuance of art appraisal, appreciation, and restoration. Some name brand insurance companies like Progressive offer their own art insurance programs, while other companies focus exclusively on art. Whatever your needs are, there is certainly a policy that can suit your needs. Here's a great overview article from Benzinga laying out some of the big players.
Soundwaves for Disaster Relief
Through January 10th, all profits collected from unsigned prints will benefit those who have lost so much from the recent Midwest Tornados and Marshall Fires in Colorado. Funds are being distributed to help provide immediate emergency services and eventually long-term care to those who experienced the record-breaking natural disasters. Proceeds will be split between the Midwest US Tornado Relief Fund by GlobalGiving and Boulder County Wildfire Fund.
