The death of an artist and the value of a collection

What happens to the value of a collection in the event of an artist’s death?

Whether it’s a single painting or a collection of work, the possibility of a spike in value means that an artist’s passing should not be ignored, as you may need to re-evaluate the work and your insurance cover.

Does an artist’s death make their work more valuable?

The passing of an artist can have a profound impact on the value of their work. Vincent Van Gogh, for example, died a penniless painter, yet decades later his art commands some of the highest prices in the world.

A sudden or premature death can lead to a spike in value, particularly if the artist was already well-established and their work in high demand. However, this isn’t guaranteed. Many artists pass away without a significant change in the market value of their work. While such dramatic shifts are rare, they highlight the importance of understanding how an artist’s death might affect your collection and your insurance cover.

It’s also worth noting that an artist’s output often slows in later life, but this doesn’t necessarily diminish the value of their existing work. Once an artist has passed, their legacy is defined by what remains and the art world may reassess their significance over time.

Be wary of a surge in demand following an artist’s death

Spikes in value following an artist’s death can be influenced by a range of factors including speculation, impulse buying, and attempts to manipulate the market. These reactions may not reflect the true, long-term value of the work.

Additionally, if a large volume of the artist’s work enters the market at once, it can lead to saturation. Even for renowned artists, a flooded market can suppress prices.

Take your time

Whether you collect for personal enjoyment or as part of a long-term investment strategy, it’s important to remain patient. The most sustainable gains in value tend to occur gradually, as the artist’s legacy is reassessed and demand stabilises.

While prices might spike in the short term, seeing a slow, sensible rise is always the safest bet.

Make sure you have suitable fine art insurance

If you do see an increase in value for your fine art, ensure your contents cover is aligned to the valuation and notify your insurance provider.

NFU Mutual Bespoke Home Insurance is designed to cover valuable items and more complex insurance needs, including fine art and collections. If you are unsure of the true worth of your collection, we can help there too. We offer access to a panel of expert valuers who can, for a fee, provide guidance and valuations.

Standard cover for fine art and collections includes up to £10,000 for any item, pair and set during any one period of insurance.

Customers can choose to take out the optional Fine Art and Collections section, which provides wider cover, including cover for death of an artist, terms and limitations apply.