A woman looks at a forgery of Vincent van Gogh’s painting ‘The Sower’ by Leonhard Wackerforger at a 2014 exhibition of fakes at Moritzburg art museum in Germany. (Peter Endig/dpa/Alamy Live News)

One of the most intriguing and confusing categories in property insurance involves appraising fine art. With the highest price paid for a work of art now at $250 million, a forgery is comparatively worthless; the potential cost of making an error is enormous.

The official definition of fine art is “a visual art created primarily for aesthetic purposes and viewed positively for its beauty and meaningfulness.” Objects considered fine art include paintings, sculptures, drawings, watercolors, graphics, and architecture. Fine art should not be confused with mass produced decorative items, IKEA art, children’s drawings, framed posters and the like.

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