The New York-based insurer Crystal & Company is teaming up with AIG Private Client Group to offer insurance for conceptual art pieces. The new scheme aims to solve a problem that has plagued collectors of work by artists such as Sol LeWitt and Lawrence Weiner, who create instructions rather than one-of-a-kind paintings, drawings or sculptures. Such works of art are nearly impossible to resell without a certificate of authenticity, which many estates, including that of LeWitt, refuse to issue more than once, leading to difficulties for collectors. “Since a piece of paper is often the only document essentially giving value to a work of conceptual art, we wanted to find a way to protect our clients’ investments even if something happens to their certificate,” says Jonathan Crystal, the executive vice president of Crystal & Co. The new service allows collectors to pay premiums on a wall drawing by LeWitt just as they would on a Picasso—and be reimbursed if the certificate is lost or damaged.
