Expensive Art Insurance
Art, like most other valuables in the home, have their very own insurance policies, which covers the items for theft, malicious and accidental damage. Really expensive art, such as the paintings featured on this list, must be accompanied with a certificate of authenticity to determine the art’s value. Unlike most other short-term insurable products, the value of art increases with age and so the insurance benefit must increase over time. Given the value of these paintings, an increasing value art insurance policy will be ridiculously expensive. Here are the 5 most expensive art insurance policies.
5 Most Expensive Art Insurance Policies
Portrait Of Adele Bloch-Bauer II
Even though Gustav Klimt is most famous for his painting “The Kiss”, his “Portrait of Adele Bloch-Bauer II” is the fifth most expensive painting ever sold. It went in November 2006 for a comfortable US$87.9 million. Given that it was painted 99 years prior, it’s no wonder. “The Kiss”, though, has never sold and is appropriately on display in Vienna, where Klimt co-founded the Vienna Secession.
Dora Maar Au Chat
Pablo Picasso’s “Dora Maar Au Chat” was also sold in 2006 and is the fourth most expensive painting ever sold at US$95.2 million. After being on display in Chicago for some time, the painting was auctioned and taken by an anonymous buyer.
Boy With a Pipe
Picasso appears again on this list with his “Boy With a Pipe” which went for US$104.1 million, most amazingly during the credit crunch in the US in 2004. Under better circumstances, it might have rivaled Munch’s “The Scream”. Picasso painted this in 1905 when he was only 24 years old.
Nude, Green Leaves and Bust
Another Picasso on this list, “Nude, Green Leaves and Bust” was the record holder as the most expensive painting ever sold until earlier this year. It went for US$106.4 million in 2010 to an anonymous purchaser. The painting was sold by a wealthy family in Los Angeles who purchased it for an estimated US$17,000 in 1952; only 20 years after Picasso created it.
The Scream
In May this year, in only 12 minutes, Edvund Munch’s “The Scream” went for US$119,922,500 making it the most expensive painting ever sold. It was hailed as being as popular as “The Mona Lisa”, the most popular painting in the world. The buyer bought it anonymously over the phone, while the seller was a Norwegian businessman whose father knew Munch personally.
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