From attorneys to adjusters, claims professionals often regale us with tales of how certain noteworthy cases challenged and intrigued them. As the years go by, some claims resonate with our audience more so than others. The lesson learned from this recent contents claims was clear: Not all appraisals are created equal.

The Situation

A claims adjuster received a call on contents claims specialists to review a claim of $185,000 for a stolen painting. The painting was a depiction of a religious scene dating from the 17th century. The claim amount was based upon an appraisal from a prominent west coast art gallery. The art gallery staff completing the appraisal had the additional credentials of being associate members of the Appraisers Association of America. Despite the gallery's prominence and the staff's impressive credentials, the claims adjuster handling the case wanted to investigate further before approving settlement and payment of the full amount. He consulted with a team of specialists to confirm the appraisal.

Case Background

Provenance is a key element when valuing art. Fine arts specialists from the contents team interviewed the owner who reported that he had acquired the art in a barter situation years earlier, in which he had been led to believe that the painting was worth $165,000.

Further investigation revealed the painting in question was a 20^th century copy, of a famous 17^th century painting currently displayed at the National Gallery of Art in Washington, DC. Careful reading of the appraisal revealed the copy was painted by an obscure artist who could not be found in any art databases. His work had never been listed for sale in any available auction records. The appraisal also listed exhibitions credited to the artist. The contents specialists' efforts to locate the listed venues found that they actually did not exist.

The Result

The painting can best be described as a late 20th century copy of a 17th century masterpiece done on canvas with oils by an unlisted artist. As the copy was “in the style” of the original artist and well executed, it was determined that it would have a retail replacement value of approximately $14,660 inclusive of custom framing.

Special Reports /

Contents Claims Solved: The Case of the 20th Century Copy

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