Our artwork valuations are based on the original purchase price(portable)/artwork budget(permanently sited) - increased each year for inflation using the
Consumer Price index.
Here are some examples of how this is figured:
If the artwork in question was purchased in 1977 for $10,000 the value would be figured like this in 2016 :
$10,000.00 * 240.007/60.06 = $39,605.12
(org valuation) *(2016 CPI/original valuation years CPI) = current valuation.
If the same artwork was appraised in 2017 at $20,000 the formula would look like this:
$20,000.00 * 245.120/240.007= $20,426.07
(current valuation) *(2017 CPI/2016 CPI) = current valuation.
If it were appraised again in 2018 at $30,000 the formula would look like this:
$30,000*252.006/252.006=30,000 because it is the current year.
These figures are used for the City’s insurance values.
Generally, the only time artworks are appraised is for outside loans. (paid for by the borrowing institution)
Best,
Sandy
Sandy Esene (she/her)
Registrar | Civic Art Collection
206.233.3930
Mail: PO Box 94748, Seattle, WA, 98104
seattle.gov/arts |
Making Art Work
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From: public_art_network@americansforthearts.simplelists.com <public_art_network@americansforthearts.simplelists.com>
Sent: Tuesday, March 24, 2020 4:39 PM
To: public_art_network@americansforthearts.simplelists.com
Subject: Updating insurance values
CAUTION: External Email
Hi,
Trying this again with much less complication.
-
I would love to hear strategies on updating insurance values of an artwork collection without doing a full appraisal. For example, spot appraising, developing a formula to apply across all artworks, or?
-
Also, how do you value commissioned works for insurance purposes? Do you ask artists to supply a replacement cost for newly commissioned works?
Thanks for your input!
Best,
Eleanor
Eleanor Sandys | Registrar & Research Specialist
she/her pronouns
Oregon Arts Commission
775 Summer St. NE, Salem, OR 97301
o: 503-986-0091 | m: 971-707-3004
From:
public_art_network@americansforthearts.simplelists.com <public_art_network@americansforthearts.simplelists.com>
Sent: Friday, March 6, 2020 2:13 PM
To:
public_art_network@americansforthearts.simplelists.com
Subject: Decentralized public collections + insurance
Hello!
I am seeking to connect with anyone who has experience with or is working with a public collection that has a decentralized system of ownership –
specifically related to insurance. Most of the other public art collections that I am aware of have a centralized system of ownership and care, where a government (city, county, state) owns the collection, and the management and care of the collection
is allocated to a single entity, like an arts agency.
In Oregon things are a little different. The Oregon Arts Commission manages active Percent for Art projects, keeps an inventory and records of the collection, maintains decision-making authority on some things (such as relocation and deaccessioning),
and advises on conservation, maintenance, security, plaques, etc. However, each different state agency maintains title to the artworks in their buildings (ie. they ‘own’ the artwork in the name of the State), is legally responsible for maintaining and caring
for their artworks, and must report the value of the artworks on their annual insurance risk reports (or the artworks won’t be insured by the State).
Among other issues related to this decentralized system of ownership, I am working on developing methods for establishing current artwork values for insurance purposes and making sure that the artworks are reported and insured across many
state agencies and site locations. Does anyone else have a similar situation (or an insurance-related situation that might apply)? If you have ideas or experience you’d be willing to share I would appreciate speaking with you!
Thanks for reading.
Best,
Eleanor Sandys | Registrar & Research Specialist
she/her pronouns
Oregon Arts Commission
775 Summer St. NE, Salem, OR 97301
o: 503-986-0091 | m: 971-707-3004
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