02 12 / 2021

ART Risk Management

How does Risk Management relate to Art?

This is perhaps what you think of when you hear of Art Risk Management. And the misconception that art is just only about getting new experiences, feelings, beauty or aesthetics. However, managing and keeping the arts risk-free is a big challenge. So why should we properly manage risk away from art? Today, JWD Art Space is here to help you better understand why a piece of art might be at risk.

What is Art Risk and Risk Management?

In general, risks are the probability of errors, damages, or any harmful situations that can happen at any time beyond our control. It is threatening to know that something could likely to go wrong, that’s why we have to find a way to prevent potential risks. You may have heard the term risk management from large businesses and organizations, where risk management department is always needed to prevent unwanted problems. So what about Art?

You can see that a lot of risks could happen to an artwork, whether caused by home storage, transportation or moving the art unprofessionally, installations, fires, flood, or so many other risk factors. Therefore, these precious works of art need a safety protection, just like any important businesses or even human beings.

Art risk management is a systematic and continuous process to help prevent or reduce the likelihood of your valuable artwork being damaged, evaluated, controlled, inspected. Let’s take a look in this article at see what might be the risk factor for Art.

Storing of artwork

The first thing that appears to mind after acquiring work of art is where to store them. That seems to be something that many people least expected or unaware of, there is a probability that something went wrong during the storage process, and it would be too late when the damage has already happened to the artwork. There are a few basic boxes to tick on whether your DIY storage is a good fit for the expensive art piece: cleanliness from mold or dust, storing area size, safety, away from pets or uninvited animals, temperature and humidity, or exposure to sunlight or lights that can harm the art pieces.

Art Shipping and transportation

No matter what kind of transport is used, your cherish art has a very high chance to be damaged by unexpected factors, such as breaking, torn, a lack of skills of the team, or there is no equipment suitable for the type of work, even an experienced perhaps could unforeseen factors such as accident during the trip. It can be disheartening to know that there are always possible scenarios that would eradicate your work of art. The first thing you should consider of is art work insurance, paying to hedge potential risks is something you can verify first.

Fire and Flood

Rainy season in Thailand is almost a canal sometimes, your precious art is likely to be exposed to damp, humidity, or even drowning. In addition, the carelessness that caused a fire was always possible as often as seen on the news. In some cases, you may have a suitable storage location as ‘How to’ recommendation, but the problem may come from other external factors, perhaps the cause is within your own home such as short circuit or negligence. There are so many reasons could damage your art, and these horrible nightmares are the reason to think of art risk managing before it’s too late.

Artwork insurance

Life, car, real estate, many things that are valuable assets of yours might be under uncertainty situations whether it is a matter of health or an accident and no matter how careful you pay attention for, things could still go wrong. That is the why reason we are willing to pay for insurances in exchange for the safety value to ease our worries. Then what about art? Some of them cannot be replaced, or reproduced. Because they are made ‘One and only’, or there are very limited editions around the world. Under a good art insurance, if there is any accident happen to your art, you can be sure the insurance company will certify the damage and help fix the problem on the spot. Art risk management such as Art insurance, therefore, is an important decision to consider to mitigate the risks. A good art insurance must also cover a wide range of artistic services, whether storage, shipping, transportation, installation, or de-installation. These are what JWD Art Space would offer to you! Our art services are always covered by art insurance, which makes us different from others. Don’t miss out this amazing opportunity, because we have a team whom is happy to help you and finding a best solution for your best Arts.

Everything about art services and logistics solution, find it at JWD Art Space.

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