FNB Art Joburg
Sandton Convention
Centre, Johannesburg,
South Africa

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In Case You Missed It

An educational reflection on Insurance, Valuations and Collection Keeping

with iTOO Artinsure, Capital Art & Strauss & Co.


Programmed event | On Insurance, Valuations & Collection Keeping

Contributors: Gail Bosch, Susie Goodman & Karabo Morule

Key outcomes of day’s programme

  • Unlike household insurance, insuring art requires industry insight to ensure the correct valuation of the work in question. This will ensure financial security in cases of unforeseen risk like theft, damage or loss.
  • Valuations (which are based on provenance, condition and artist reputation) keep collectors up to speed with market trends. This makes for more informed sales, acquisitions, donations and insurance payouts.
  • With several variables involved, there is no singular rate with which to determine the appreciation of an artwork. However collection management keeps collectors up to date as the market changes.


On the morning of 4 May 2024, the BMW Young Collectors Co. made their way to Villa Arcadia to expand their knowledge on insurance, valuations and managing with regards to their burgeoning collections.

Recognised by the Johannesburg Heritage Foundation, Villa Arcadia is the former home of Sir Lionel Phillps. One of the mining magnet Randlords who contributed towards the foundation of the Johannesburg Art Gallery’s collection, the home now sits within the Hollard City Campus Grounds. Boasting an enviable collection, the art welcomed members while demonstrating ways that art can live in a home.

Integral to the art ecosystem, for the masterclass, iToo ArtInsure, Strauss & Co. as well as BMW Young Collectors Co. member Karabo Morule’s Capital Art were invited to offer their insight.

Understanding the role of auction houses in the secondary market

– There are a large number of artists who have reached celebrity status on the continent. Without support, collectors could easily buy an illegitimate work. This can be avoided by buying from trusted sources. In the primary market these include galleries and institutions like FNB Art Joburg. On the secondary market, reputable auctioneers like Strauss & Co. are secure for collectors because they have done the work of provenance by the time a work is up for auction.

– In the process of valuation, auction houses set estimates that are informed by factors including the artist’s reputation, the condition of the work, who has collected the work, rarity of the work as well as the medium. “A work on paper is not nearly as valuable as a work on canvas.

– At Strauss & Co. collectors can request access to databases that track an artist’s value trajectory in order to inform a possible purchase.

The difference between conventional insurers and an art insurer:

– A specialist insurer in the art industry, iTOO Artinsure insures appreciating assets. “With other insurers, it’s quite easy to replace what you are insuring. With appreciating assets like artwork, they are often irreplaceable.”

– To insure art, iTOO Artinsure would, through the help of secondary market experts like Strauss & Co. determine the value of an art work. Unlike household items, insuring art requires industry insight. Once the value is set, that is what the work in question will be insured for as well as what the collector who suffered damage or loss will be paid out for.

– With traditional insurance, the insurer will decide if the damage or loss of an item will result in a pay out of total loss. In the case of damaged artwork, iTOO ArtInsure offers the option of getting damaged artwork restored. Once the work is restored, it is revalued. The collector would then get their restored work back as well as the cash equivalent of the depreciation following restoration. However if the collector decides to part ways with the work, releasing it to the secondary market, iTOO ArtInsure will pay out based on its worth after it was revalued.

– With a specialist insurer like iTOO Artinsure comes a recognition of appreciation. This means that if something is valued at more than what it was initially insured for, provided that the collector’s last valuation was two or less years ago, the insurer will recognise the new value and pay up to a 20% difference.

The value of collection management

– Capital Art is a web-based art collection management system which enables art collectors to better manage and protect the value of their art collections. It is also the first art collection management platform that is focused on African Art.

– On what informed her establishing Capital Art, Morule shared: “My background in the personal finance space where I was advising people about their wealth and investment protection; I realised that people are thinking so much of the value of other assets that they are forgetting about the art.”

– With so many variables involved, it is difficult to determine a standard rate at which an artwork appreciates over a year, especially in a way that would apply across the entire art ecosystem. However through interventions such as Capital Art, collectors are able to keep up with market activities that may influence the value of their collection.

– From an investment point of view, keeping up with market activities puts collectors in a position that makes for more informed decisions.



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Ruth Ige. Don't hide your glory, 2022.
Acrylic on canvas. 122 x 122cm. (© Copyright 2022, STEVENSON. All rights reserved)

Friday, 8th September

Collection tour of Anglo American

144 Oxford Rd, Rosebank

8 September 2023

Event details

The Anglo American art and object collection is a combination of art collected over several decades through four different companies: Anglo American, de Beers Group, Anglo American Platinum and Kumba Iron Ore.

The collection comprises of 3600 works, with around 1000 pieces in the collection on display at the newly commissioned Rosebank offices. Although vast, the collection experienced an acquisition hiatus from the early 2000s until 2021 creating a significant gap in the collection’s representation of contemporary art. The collection now has a dedicated curator, Megan Scott, tasked with its cataloguing and digitisation, opening an exciting new chapter which will see the gradual procurement of significant works that reflect our contemporary South African and African art world.

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