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www.privateairny.com Private Air New York | Winter 2014/2015 19 ART 1. Get an updated appraisal. "Make sure the value of your artwork is current," Impey advises, explaining that the value of artwork, especially contemporary artwork, can fluctuate. 2. Check insurance policy. "Make sure you have automatic coverage before lending out any of your collection," Impey says. She points out that the museum should also have a wall-to-wall (sometimes called a "nail-to-nail") policy that covers your art from the time it is taken down from your wall, throughout its loan period, to the time it is returned to your wall. Impey says that it is a good sign if the museum is insured through the highly- selective U.S. Art and Indemnity Program. Although this federal program primarily provides insurance for works of art frominternational lenders, it also includes domestic loans. 3. Request packing and shipping details. Although we usually think about careful packaging for a plane trip or for a long car or truck ride, protective packaging is important any time artwork is moved. As an example, Impey mentions a painting that was damaged as it was being loaded onto a truck for a trip of only a few blocks in New York City. e painting was not packaged properly, and when the mover tripped, he poked a hole in the canvas, she recalled. 4. Ask about security. Security includes the entire time the art is out of your hands, Impey says, not just the time it is in the museum. She gives the example of a valuable loaned painting that was stolen out of a parked truck while the painting was in transit to a museum. She also recommends that you request a facility report to understand how security at the museum operates. 5. Learn display details. "Collectors can make requests on how a museum displays the art," Impey says. "It comes down to how badly they want the piece." You may request that you artwork is placed under Plexiglas or in a low traffic area, for example. If your artwork is part of a traveling exhibit, ask for details about each leg of the trip, including where and how it will be stored. You may request a courier to accompany your artwork as it travels. 6. Create a condition report. Another important step is to obtain a full condition report of your artwork before you lend it out, and again after you get it back. Photographs and a careful analysis by an expert who is familiar with the art and the artist, will help you be certain that the artwork is returned to you in the same condition it was in before the loan. Sometimes this report can allay your fears. Impey recalls a collector who thought his contemporary painting had been damaged while it was on loan because some paint was missing from one corner of the canvas. After consulting with an expert on that particular artist however, the collector discovered that the missing paint was actually the artist's intention and no damage had occurred. 7. Consider labeling carefully. Impey suggests that you may want to have your artwork acknowledged as an anonymous loan to protect your identity. 8. Keep track of your loans. If you have a large collection, it may be difficult to keep track of what pieces are on loan, what pieces are in storage, and what pieces are on display in your homes or offices. Impey recommends you install a computer software program specifically designed to help you keep track of your pieces and to alert you when a piece is due to be returned. When you have built a valuable art collection, you may be eager to share it with others. Beyond showcasing your pieces in your home or your workplace, you may be considering lending all or part of your collection to a museum. Before you agree to make this generous offer however, there are some steps you need to take to ensure the safety of your artwork. "Many people assume everything is taken care of by the museum," Michelle Impey, Fine Art Director of Fireman's Fund Insurance Company says, "But you need to ask appropriate questions every step of the way." Here are her suggestions for keeping your valuable investments safe:

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