New Delhi: A Tyeb Mehta painting crosses the million mark, and a Husain piece beats that bid within a week. There is a good chance that your family heirloom hanging on your wall will make you a millionaire some day.
"Paintings are a huge asset today but we don't know why they are not included in household good insurance," Sanjeev Bhargav, art collector, said.
Sanjeev has tried getting his private collection insured but is put off by the lack of well-defined art insurance policies. And artists are frowning as well.
"There is always a fear to what will happen if our art work is damaged. An organization called Osian is planning to open a Rs 100 crore art investment company," Amitava Das, artist, said.
"Its about the credibility of the valuation process and providing transparent auditing figures so that insurers have a fair and clear process," Neville Tuli, chairperson, Osian, said.
Its fluctuating market prices that keep art insurers at bay. The only way to entice an insurance company is to throw in other items in the list also. That way the company has the security of a steady premium.
Instead of going all out to grab the market of art insurance, the companies are being very particular about getting into this new segment, Arun Agarwal, art investment consultant, said.
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