Art is a form of expression that can take many shapes and forms. From paintings to sculptures, each piece holds a unique value and meaning to its creator. However, what happens when the art is meant to degrade over time? How can it be insured? This is a question that has been raised in the art world, as more and more artists are creating pieces that are designed to deteriorate.
One example of this is the work of Japanese artist, Tatsuo Miyajima. His installation, “Counter Void,” consists of 3,000 LED digital counters that are programmed to count down from 9 to 1, representing the cycle of life and death. Once the countdown reaches 1, the counters turn off and the piece is considered complete. This means that the artwork is constantly changing and eventually, it will cease to exist.
Another example is the work of American artist, Felix Gonzalez-Torres. His piece, “Untitled (Portrait of Ross in L.A.),” is a pile of candy that is meant to be taken by viewers. As the candy is consumed, the pile decreases in size, symbolizing the loss of the artist’s partner to AIDS. This piece also raises questions about how it can be insured, as it is constantly changing and disappearing.
So, how can art that is meant to degrade be insured? According to insurance experts, it is not an easy task. Traditional insurance policies are designed to cover physical objects that have a set value. However, with these types of artworks, the value is constantly changing and cannot be determined. This makes it difficult for insurance companies to assess the risk and provide coverage.
One solution that has been proposed is to insure the potential value of the artwork. This means that the insurance policy would cover the estimated value of the piece at the time of its creation, as well as any potential increase in value due to its uniqueness and concept. However, this approach is still in its early stages and has not been widely adopted by insurance companies.
Another option is to insure the materials used to create the artwork. For example, in the case of “Counter Void,” the LED counters could be insured for their replacement cost. This would not cover the value of the artwork itself, but it would provide some protection for the artist and the owner in case of damage or loss.
In the end, insuring art that is meant to degrade is a complex and evolving issue. As more artists push the boundaries of traditional art forms, insurance companies will need to adapt and find new ways to provide coverage. Until then, it is important for artists and owners to carefully consider the risks and potential solutions when creating and displaying these types of artworks.
