A painting by the renowned artist S H Raza, valued at Rs 2.5 crore, was recently reported stolen from an auction house’s warehouse in south Mumbai. It was last seen in March 2022, and the theft was discovered in 2024 when the owner requested it be auctioned. This incident highlights the importance of insuring artwork.
Expensive works of art, whether privately owned or displayed in public galleries, face various risks. “They are exposed to burglary, fire, water damage, accidental damage, terrorism, and so on,” says Gaurav Arora, chief of underwriting, claims, property and casualty, ICICI Lombard General Insurance Company. Natural disasters can also affect them. Additionally, they may suffer on account of vandalism, or mishandling during transportation or exhibition.
