Resources
Loaning Art to Museums and Cultural Institutions
Before you agree to a loan, consider the following:
Museum Accreditation
Standards vary between museums. Likewise, standards of U.S. museums differ greatly from those overseas. The American Association of Museums sets standards for U.S. accreditation, while the International Council of Museums is responsible for international standards. Make certain the museum is properly accredited.
Fine Art Insurance
The borrowing museum is responsible for all aspects of the loan and associated costs, including insurance. The museum should provide “wall-to-wall” insurance from the time the work is taken from your “wall,” during transit, throughout the exhibition, and until the work is returned to you. Ask your agent/broker to review the museum’s insurance policy and evaluate the financial strength of the insurance carrier. Discuss whether you should maintain your own insurance, in addition to the museum policy. Many museum exhibitions are insured through the U.S. Art and Indemnity Program, a federal program that primarily provides insurance for works of art from international lenders but also includes domestic loans. This program is highly selective, requires the museum to have the highest standards, and is awarded only to museums following a rigorous review of all details of the exhibition.
Appraisal
A current, independent appraisal to establish the proper value of the work at the time of the loan will help avoid problems in case of damage or loss to your work of art. Undervaluing the work can be just as problematic as overvaluation for both you and the museum.
Title and Authenticity
If you have concerns regarding authenticity or clear title to your work, consult with a provenance researcher to ensure there are no issues.
Packing and Shipping
Consult with the museum conservator regarding protocol for packing and shipping and whether special travel considerations are necessary. If the work is part of a traveling exhibit, obtain details about each leg of the trip. For highly valued or fragile items, request a courier to accompany these works. A condition report is a must – before lending, following each transit, after the loan, and upon return to you.
Storage Facilities
Determine if the art will be held temporarily at a storage facility. If so, obtain details regarding fire protection and security for this location.
Museum Security
Request a facility report from the museum registrar to evaluate the security and protection at the museum. If there is more than one venue for the exhibit, get a facility report for each venue.
Display Conditions
Consider a trip to the museum to discuss the layout of the exhibition and see where the work will be displayed. You might request special display cases for protection from the public or due to nature of the work. Obtain details regarding the location of the piece in relation to visitor flow.
Labeling and Identification For privacy and security issues, consider anonymous acknowledgment of your loan versus attribution of ownership.
(Source: Chubb Insurance Company)