Comment: the experts write
The principle of insurance is to put you back into the position that you were in before the loss occurred. This can be challenging when navigating the art market, writes Dr Abigail Price.
As most works of art cannot be easily replaced – or given a straightforward ‘replacement value’ – a ‘basis of valuation’ clause in your insurance contract will stipulate the formula for calculating the amount of money which you may expect to receive if you experience a covered loss.