Managing Director, ITOO Artinsure
Monetary, sensory and aesthetic values in the collecting world
It is rare that when someone asks me about buying a collectable that they don’t push for comment on the investment value. Here they are asking about the financial appreciation potential. We don’t provide that financial investment advice but recognize this as a core connection between the collector and the object. It is an important aspect of their collection that has become a wealth creator, preserver and portable asset.
So what does all this mean when it comes to your insurance? How does the equation of synaesthesia, rarity, irreplaceability, and appreciating asset affect the financial value of your collectable? In our session we are going to drill down into more detail about these curious aspects of collectables as appreciating assets. We will look at valuation techniques, why there can be least four varying values for an identified classic car, what drives these values, which one should you ensure your insurer uses, how your insurer should be reacting to these values and how can we define a classic car.
Standard insurers struggle with the philosophical change of having depreciated your asset year on year, worked on low cost replacement part processes and efficient arrangements with general panel beaters. Now we have an asset that has appreciated beyond its original retail price (including adjustment for the change in value of money). So most importantly what should happen when you have a claim? How should your insurer behave? How do they recognize and account for your various synaesthesia, such that their work is mindful of, and harmonious with the integrity, provenance and history of your collectable asset? These are some of the questions we will explore.
Originally from Scotland, Gordon holds a Masters Degree in Art History but has spent his career in the finance world. built specialist insurance skills in London at Lloyds and has been in RSA for the last twelve years of which the last ten have been servicing the local collector community and businesses. Keen collector of many categories but passionate about vintage photography. The closer he can get to the negative the better!