Thursday, October 21, 2010

Embedded value....

I recently had the misfortune of having one of my prints quite severely damaged in transit to an award over east. This was packed and sent via a specialist company (Pack'N'Send Balcatta) at considerable expense.

It turned up with two distinctive folds and a few creases, rendering it worthless and excluded it as a salable item. Further to this it was, professionally-speaking, extremely embarrassing.

I am currently going through the process of filing an insurance claim. The work was insured to it's 'wholesale' value as the form asked for 'Market Value'. That is, what would be left after commission was calculated on any potential sale.

I have been told that I'm now supposed to calculate the cost of 'replacement' or 'repair' excluding any 'loss of profit'.

I am having problems communicating to the company the idea of embedded value. Whilst it might cost me x to reprint the image, it doesn't mean the damaged artwork is worth x. The example I sited was that of a painting. If a painting was ruined would they then expect the artist to get a quote of x sqm of canvas and y litres of paint?

I'm seriously considering put together a costing of the photo shoots, proofs, travel, parking, film, scanning, head time, administration, etc to prove the point.

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