• <b>Forum Auctions: Music, Opera, Ballet and Theatre. Online Sale, Now through November 30, 2017</b>
    <b>Forum Auctions, Now thru Nov. 30:</b> Levinson (Andre). <i>Bakst: the Story of the Artist's Life</i>, one of 315 copies, The Bayard Press, 1923. £1,000 to £1,500
    <b>Forum Auctions, Now thru Nov. 30:</b> Levinson (Andre). <i>The Designs of Leon Bakst for the Sleeping Princess</i>, one of 1000 copies, 1923. £800 to £1,200
    <b>Forum Auctions, Now thru Nov. 30:</b> Brunoff (Maurice de). <i>Collection des Plus Beaux Numeros de Comoedia Illustre et des Programmes consacres aux Ballets & Galas Russes</i>...1909-1921, Paris, 1922. £800 to £1,200
    <b>Forum Auctions: Music, Opera, Ballet and Theatre. Online Sale, Now through November 30, 2017</b>
    <b>Forum Auctions, Now thru Nov. 30:</b> Bartolozzi (Francesco, 1727-1815). <i>Jason et Medée, Ballet tragique</i> (after Nathaniel Dance), 1781. £600 to £800
    <b>Forum Auctions, Now thru Nov. 30:</b> [Ivchenko (Valerien I.)], "V.Svetlov". <i>Sovremennyi Balet [The Modern Ballet]</i>, first edition, St. Petersburg, 1911. £600 to £800
    <b>Forum Auctions, Now thru Nov. 30:</b> Set and costume designs.- A collection of six original set designs for Guiseppe Verdi's 'Aida'; and with a good group of related costume and prop designs. £600 to £800
  • <b>Christie’s Paris, Nov. 28:</b> Seba, Albertus. <i>Locupletissimi rerum naturalium thesauri.</i> Amsterdam: J. Wetsten, 1734[-1769]. €350,000–550,000
    <b>Christie’s Paris, Nov. 28:</b> Janssonius, Joannes. <i>Novus Atlas Absolutissimus</i>. Amsterdam: J Jansson, 1658 [after 1664]. €250,000–450,000
    <b>Christie’s Paris, Nov. 28:</b> Goya, Francisco de. <i>[La Tauromaquia.] Treinta y tres estampas, que representan diferentes suertes y actitudes del arte de lidiar los Toros</i>. Madrid: [Rafael Esteve, 1816]. €150,000–250,000
    <b>Christie’s Online, Nov. 29 – Dec. 06:</b> Einstein, Albert. <i>On residual rays – and guilt about an old girlfriend</i>. Prague, 26 December 1911. US$10,000–15,000
    <b>Christie’s Online, Nov. 29 – Dec. 06:</b> Einstein, Albert. <i>‘What is logically simple is so difficult mathematically'</i>. Princeton, 16 August 1949. US$20,000–30,000
    <b>Christie’s New York, Dec. 5:</b> Yorktown Campaign manuscript map. ‘No 1 Carte générale de l’Isle de New York et des Environs...No 2. Reconnoissance Geometrique…’ n.p., c. 1781–1782. US$150,000–200,000
    <b>Christie’s New York, Dec. 5:</b> Le Hay, Jacques and Ferriol, Charles de (1637–1722). <i>Recueil de cent estampes représentant differentes nations du Levant</i>. Paris: Le Hay and Duchange, 1714. US$30,000–40,000
    <b>Christie’s New York, Dec. 7:</b> Cresswell, Samuel Gurney. <i>A Series of Eight Sketches … of the Voyage of the H.M.S. Investigator during the Discovery of the North-west Passage</i>. London: 1854. US$30,000–40,000.
    <b>Christie’s New York, Dec. 7:</b> Veer, Gerrit de. <i>Diarium nauticum seu vera descriptio trium navigationum admirandarum</i>. Amsterdam: Cornelius [Claesz], 1598. US$25,000–35,000
  • <b>Bonhams: History of Science and Technology. Wednesday, December 6, 2017. New York</b>
    <b>Bonhams, Dec. 6:</b> Lot 95. Turing. <i>Systems of Logic Based on Ordinals</i>. Offprint. London, 1939. Robin Gandy's Copy. $20,000 to $30,000
    <b>Bonhams, Dec. 6:</b> Lot 98. Zernike, Fritz. The 1953 Nobel Prize for Physics: The Invention of the Phase-Contrast Microscope. $100,000 to $150,000
    <b>Bonhams, Dec. 6:</b> Lot 111. Apple 1 Computer, operational, with exceptional provenance. $400,000 to $600,000
    <b>Bonhams: Voices of the 20th Century. Wednesday, December 6, 2017. New York</b>
    <b>Bonhams, Dec. 6:</b> Lot 1074. Bruce, Lenny. An unreleased 16 mm film by "Count" Lewis DePasquale featuring Lenny Bruce. $7,000 to $10,000
    <b>Bonhams, Dec. 6:</b> Lot 1254. Hirohito. Manuscript in Japanese, "The Emperor's Monologue," transcribed by Terasaki Hidenari. $100,000 to $150,000
    <b>Bonhams, Dec. 6:</b> Lot 1095. Goldman. Emma. Large archive of correspondence, much of it to Warren Starr Van Valkenburgh. $70,000 to $100,000
    <b>Bonhams: History of Science and Technology. Wednesday, December 6, 2017. New York</b>
    <b>Bonhams, Dec. 6:</b> Lot 109. Wozniak and Jobs. The First Digital "Blue Box", Berkeley, 1972. $30,000 to $50,000
    <b>Bonhams, Dec. 6:</b> Lot 46. Newton, Isaac. <i>Philosophiae naturalis principia mathematica</i>. 1st issue. London, 1687. $300,000 to $500,000
    <b>Bonhams, Dec. 6:</b> Lot 49. Newton. Autograph Manuscript in English, a portion of a draft of Newton's study on revelation. $15,000 to $20,000
    <b>Bonhams: Voices of the 20th Century. Wednesday, December 6, 2017. New York</b>
    <b>Bonhams, Dec. 6:</b> Lot 1027. Fitzgerald, F. Scott. The Great Gatsby. 1st edition, 1st issue. Scribners, 1925. $40,000 to $60,000
    <b>Bonhams, Dec. 6:</b> Lot 1042. Hemingway., Ernest. For Whom the Bell Tolls. Presentation copy, one of 15 copies. Scribners, 1940. $25,000 to $35,000
    <b>Bonhams, Dec. 6:</b> Lot 1215. A 48-star American Flag, flown from LCT-703, sunk on Omaha Beach, December 1944. $15,000 to $20,000
  • <b>19th Century Shop’s Catalog 170 Great Books and Photos. Please inquire for a copy!</b>
    <b>19th Century Shop:</b> Walt Whitman. Poetical manuscript from <i>Leaves of Grass</i> (1865)
    <b>19th Century Shop:</b> (Daniel Boone.) Filson. <i>The Discovery ... of Kentucke</i> (1784)
    <b>19th Century Shop:</b> Edgar A. Poe. <i>Tales</i> (1845) original cloth
    <b>19th Century Shop’s Catalog 170 Great Books and Photos. Please inquire for a copy!</b>
    <b>19th Century Shop:</b> Emerson. Autograph letter signed on his philosophy of poetry (1841)
    <b>19th Century Shop:</b> Fitzgerald. <i>This Side of Paradise</i> (1920) presentation copy

Rare Book Monthly

Articles - May - 2017 Issue

Insuring Valuable Books: Some Comments from a Specialist

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Advice from an insurance specialist on what to consider when insuring your book collection.

Even though there are a great many companies that advertise themselves as insurance specialists for collectors, when you visit their sites you find there is precious little specific information provided that would serve as guidance for those interested in coverage for rare books.

 

Earlier this year a thread on the Ex-Libris listserve went into some detail about the particular needs individuals, companies and institutions have in this area. At that time the name of the Michals Insurance Agency in Watertown, MA was mentioned by several of the writers as a firm with a good reputation and a specialized knowledge in this field. RBH contacted Susan Michals, the Vice President of Operations for the company, and asked her to go over some of the basics.

 

“Our agency has been specializing in insuring fine art collections and businesses since we opened our doors in 1964,” she wrote in email answers to a series of questions. “For many years, we were located in Boston’s Back Bay area, right in the hub of businesses that are in this industry. Clients come to us seeking insurance and risk management advice for their collections and businesses.

 

“Most of our clients come to us looking to insure their business or private collections for inventory, transit, and show coverage. Many of them come through referrals, including members of the ABAA. We have an exceptional relationship with the ABAA. We have private collectors who rely on our expertise when it comes to shipping irreplaceable objects. We have dealers who look to us to ensure that they have liability coverage before attending a book fair.

 

“The main questions of concern," she continued, "are on how collectors/dealers can protect their inventory from all types of risks including fire, theft, vandalism and shipments. We are able to offer a comprehensive type of specialty insurance that includes all of these type of perils. We pride ourselves on our prompt service and depth of knowledge in this niche market. We use only companies that specialize in this type of business."

 

In her comments she stressed the need for accurate documentation: “It is important to make sure the collector and/or dealer has an inventory in place and knows what they have. For owned items, document both the cost and selling price. For consigned items, have consignment agreements in place. Electronic inventory is ideal because it can be backed up. This documentation will be needed to confirm the inventory in the event of a claim and it also will guarantee that the dealer/collector is getting the correct insurance limits to protect their valuables in the event of a loss. The collector/dealer should maintain accurate records showing purchases and sales. Photographs are helpful but not imperative. This is important because when there is an actual loss, the claim process goes more smoothly when the records are clear.”

 

“For private collections,” she said, “we recommend that items be listed as a schedule with descriptions and values. The total schedule can be insured for the total value of the collection. The collection may be separated by type of items: rare books, fine arts, jewelry, antiques, etc. because different pricing may apply to each category.

 

“Depending on the type of policy, we recommend that the dealer/collector either have a scheduled policy or a policy with general aggregate. Many book dealers have a general policy without a schedule. Another option is to purchase an insurance policy called “blanket policy limit.” Usually, there is a per item limit with this type of policy. The difficulty here is when there is a claim, there is no specific value to reference. The process to settle a claim with this policy takes longer; however, it is another way to insure collections. A client would need umbrella coverage if they wish to protect themselves or their business from any possible liability.

 

"When it comes to determining value she said, “We ask our insureds to keep up-to-date appraisals for the most valuable items as well as including the market condition for rare books.

 

“Appraisers often will look at comparable sales in order to determine value, so it is important to know the details and have a record about the books including publication year, edition, author. In order to determine value of whole collections or libraries, we need to have an understanding of the inventory – which is why it is important to know what you have.

 

“We would use the scheduled values based on appraisals for the individual items, and, if the collection has a specific focus, there could be an overall collection value due to the unique nature of the collection. Usually, in the collection world, the parts are greater than the whole but if it is a rare collection, it could go the other way.

 

“We prefer to focus on insuring businesses within the US. Our fine art insurance policies include worldwide coverage, including exhibitions and transit. As for rates, she said, “In most cases, rates are based on a per $100 of replacement value.”

 

"Insuring items in transit whether for loan, exhibit or sale is something that needs to be understood and carefully considered, especially when materials of high value are involved.

 

“If transit coverage is included in the policy,” Michals said, “it is recommended that items be professionally packed for shipment and a reputable, specialty shipper be used. When on exhibit and/on loan, it is important to understand the contractual liabilities, meaning who is responsible—for example, on consigned items, the insured should always have a written consignment agreement in place. Make sure the values are listed on agreements and that they are accurate.

 

“When packing for shipping,” she continued, “it is best to wrap each book in acid-free tissue and place it between two archival boards so that the books do not shift in transit. Each book can then be wrapped in a material such a bubble wrap for extra protection. It is best to ship books upright as if they were sitting on the shelf, whenever possible. When packing books in a box, fill any voids with a material such as bubble wrap to limit movement. We suggest double boxing the books for added protection and do not pack multiple books so that they are heavier than one person could lift.

 

What is the procedure in the event of loss or damage?

 

“When an insured has a loss," Michals said, "we notify the insurance company immediately. We ask the insured to provide us with full details, documents, and photos, if possible. We recommend that they contain the loss to the best of their capabilities, and keep all receipts for cleanups or emergency repairs until the claim adjuster is in touch with them.

 

“The claim adjuster will either look at pictures of damaged items or, depending on the size of the loss, visit the loss location to better understand what caused the loss. The claim adjuster will want to see price listings, receipts for owned items, and consignment agreements for consigned items. The adjuster also may ask the insured to clarify the condition of the books before the loss. If an item damaged is not a total loss, a loss depreciation can be negotiated, or if there is disagreement, an appraiser may be able to assist in determining the loss in value. We only use reputable insurers that specialize in insuring these items. There are times when insurers call in outside appraisers. This is usually a process that takes some time but the goal for all insurers, especially the companies we use, is to settle claims fairly.

 

As for the claims timeline: “Some claims can be settled within a day or two. Others, depending on the type of loss and what is needed to settle the claim, can be settled within 30 days. If you have accurate paperwork and receipts showing your cost for owned items or consignment agreements for consigned works, the process will move much faster. This is why we recommend having a complete inventory.

 

Michals declined to comment on other companies offering similar services, but added, “Competitive quotes are obtained by completing an application, providing complete details of the risk/business, prior insurance company information, and loss information. By providing the insurance company with this information, the insurance company is able to assess the risk and provide the best rate and coverage."

 

Her own opinion is: “We recommend only using specialty brokers and insurance companies for insuring rare books and fine art collections. Claims in this arena can be complex with loss in value and repairs. A collector does not want to find out after a claim that the insurance company has no idea what it is doing. We only work with insurance companies with specific knowledge of fine art risks and have expert claims staff to assess losses.

 

"As they say, 'you only need insurance when you do.' Do not find out when it is too late that you are with the wrong insurance broker and company.”

 

Contact info for Susan Michals: VP Operation

Michals Insurance Agency

85 Main Street, Watertown, MA 02472

General Phone: (617) 924 1100 General Fax: (617) 926 2162

 

susan@michalsinsurance.com

 

www.michalsinsurance.com

 

 

Links Selected links on the general topic of insurance for collectibles:

 

Some advice posted by ABEBOOKS.com adapted or a piece that originally appeared in Fine Books and Collecting Magazine: www.abebooks.com/books/rarebooks/Avid-Collector/Dec06/book-insurance.shtml

 

This is the website for American Collectors Insurance which offers policies for a wide variety of collectibles including books and maps, but not fine arts: americancollectors.com/plans/collectibles/faq/

 

Website for Bernard Fleischer & Sons, which offers a wide variety of coverage for collectibles: artinsurancenow.com/blog/category/collectables/books-and-maps/

 

Huntington Block is a long established firm specializing in fine arts insurance: www.huntingtontblock.com/Coverages/Fine-Art-Insurance

 

A brochure for collectors from Collectibles Insurance Service: collectinsure.com/CollectInsure/media/Documents/CollectorBrochure_Agents.pdf?ext=.pdf

 

NB: This article provides general information we hope our readers will find useful in assessing their needs. It is not intended as an endorsement of one particular company or companies and their service(s). We urge readers to review the information provided, ask questions that apply to their own situation, and obtain comparative quotes.

Rare Book Monthly

  • <b>Swann Auction Galleries Dec 5:<br>Maps & Atlases, Natural History & Color Plate Books</b>
    <b>Swann Auction Galleries Dec 5:</b><br>John Norman, <i>The American Pilot</i>, complete copy with 11 folding charts, Boston, 1810. $80,000 to $120,000.
    <b>Swann Auction Galleries Dec 5:</b><br>John Smith, <i>New England</i>, London, 1616. $20,000 to $30,000.
    <b>Swann Auction Galleries Dec 5:</b><br>Plancius Petrus, <i>Orbis Terrarum Typus de Integro Multis in Locis Emendatus</i>, Amsterdam, 1594. $10,000 to $15,000.
    <b>Swann Auction Galleries Dec 5:<br>Maps & Atlases, Natural History & Color Plate Books</b>
    <b>Swann Auction Galleries Dec 5:</b><br>Martin Waldseemüller, <i>Tabula Terre Nove</i>, woodcut, Strasbourg, 1513. $30,000 to $40,000.
    <b>Swann Auction Galleries Dec 5:</b><br>Forlani & Zaltieri, <i>Il Disegno del Discoperto della Noua Franza</i>, Venice, 1566. $30,000 to $50,000.
    <b>Swann Auction Galleries Dec 5:</b><br>Richard Hakluyt, <i>Novus Orbis</i>, first appearance of "Virginia" on a printed map, Paris, 1587. $40,000 to $60,000.
    <b>Swann Auction Galleries Dec 5:<br>Maps & Atlases, Natural History & Color Plate Books</b>
    <b>Swann Auction Galleries Dec 5:</b><br>Pieter van den Keere, <i>Nova Totius Terrarum Orbis Geographica</i>, Amsterdam, 1608. $8,000 to $12,000.
    <b>Swann Auction Galleries Dec 5:</b><br>Abraham Ortelius, <i>Theatrum Orbis Terrarum</i>, Antwerp, 1584. $25,000 to $35,000.
    <b>Swann Auction Galleries Dec 5:</b><br>George B. Goode & Samuel A. Kilbourne, <i>Game Fishes of the United States</i>, New York, 1879. $10,000 to $15,000.
    <b>Swann Auction Galleries Dec 5:<br>Maps & Atlases, Natural History & Color Plate Books</b>
    <b>Swann Auction Galleries Dec 5:</b><br>William Faden, <i>The Province of New Jersey</i>, London, 1777. $10,000 to $15,000.
    <b>Swann Auction Galleries Dec 5:</b><br>James Gillray, <i>The Plumb-Pudding in Danger</i>, hand-colored etching, London, 1805. $8,000 to $12,000.
    <b>Swann Auction Galleries Dec 5:</b><br>Pierre Belon, <i>L'Histoire de la Nature des Oyseaux</i>, with woodcut illustrations, Paris, 1555. $8,000 to $12,000.
  • <b>Fonsie Mealy: Rare Books, Literature, Manuscripts. December 5, 2017</b>
    <b>Fonsie Mealy, Dec. 5:</b> With Fine Contemporary Hand-Coloured Folding Maps Atlas: MOLL (Hermann). <i>The World Described</i>. 15,000 to 20,000 €
    <b>Fonsie Mealy, Dec. 5:</b> The Holy Grail of Early Photographic Illustrated Irish Books: HEMPHILL (William Despard). <i>Stereoscopic Illustrations of Clonmel, and the Surrounding Country</i>… 7,000 to 10,000 €
    <b>Fonsie Mealy, Dec. 5:</b> "The Nugent Manuscript Archive" including letters on 1798 rebellion In Co. 7,000 to 9,000 €
    <b>Fonsie Mealy: Rare Books, Literature, Manuscripts. December 5, 2017</b>
    <b>Fonsie Mealy, Dec. 5:</b> The Greatest Irish Coloured Plate Book Original Coloured Copy: MALTON (James). <i>A Picturesque and Descriptive View of the City of Dublin Described</i>. 7,000 to 9,000 €
    <b>Fonsie Mealy, Dec. 5:</b> BLAEU (Johannes). <i>Atlas Hibernia</i>, Amsterdam? c. 1662. 1,750 to <br>2,500 €
    <b>Fonsie Mealy, Dec. 5:</b> Rare Limited Edition: YEATS (W.B.). Arion Press, San Francisco. <i>Poems of W.B. Yeats.</i> 1,700 to 2,200 €
    <b>Fonsie Mealy: Rare Books, Literature, Manuscripts. December 5, 2017</b>
    <b>Fonsie Mealy, Dec. 5:</b> [YEATS, W.B.]. Cradle of Genius. Original drawing, pen-and-ink and wash. 1,500 to 2,500 €
    <b>Fonsie Mealy, Dec. 5:</b> W.B. Yeats Meets James Bond? YEATS (W. B.). <i>Selected Poems, Lyrical and Narrative</i>. 1,400 to 1,600 €
    <b>Fonsie Mealy, Dec. 5:</b> Rare Unauthorized U.S. Edition of <i>Ulysses</i>: JOYCE (James). <i>Ulysses</i> - [Two World Monthly, Vol. 1 (No. 1) - vol. 3 (no.3)]. 1,200 to 1,500 €
    <b>Fonsie Mealy: Rare Books, Literature, Manuscripts. December 5, 2017</b>
    <b>Fonsie Mealy, Dec. 5:</b> With Original Holograph Passage by the Author: HEANEY (Seamus). <i>Door Into the Dark</i>. 1,000 to 1,500 €
    <b>Fonsie Mealy, Dec. 5:</b> First American Edition: JOYCE (James). <i>Dubliners</i>, 8vo N. York (B.W. Huebsch) 1916. 600 to 800 €
    <b>Fonsie Mealy, Dec. 5:</b> Rare American Photographs of Niagara Falls: ZYBACK (J.). Photographer, Niagara. Two large original photographs. 300 to 400 €
  • <b>Announcing a new Books for Sale platform hosted by Biblio!</b>
    <b>List your books simultaneously on Rare Book Hub and Biblio!</b>

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