Collectables

Some people collect because they love stamps or coins, others because they think non-fungible tokens (NFTs) or wine will shoot up in value, but whatever their motivation, the risk of damage or theft can turn joy to tears and cash to ashes – so Emma’s work to insure treasured possessions is vital.

An English literature graduate from the University of Exeter, Emma works for insurer Liberty Specialty Markets looking at, amongst other things, the world of collectibles. “Lots of people collect traditional items like stamps and coins, it’s a huge market” says Emma, “but people collect all sorts of things they feel passionate about; musical instruments, baseball cards, and, more recently, NFTs. And the values can be very high.”

Collectables are also fascinating because you have to think about a lot of different things. You need to know their history, so keeping a box that a watch came in and all the paperwork to prove ownership means an item is worth more. You have to ask how something gets from place to place as, in many cases, the objects don’t live in a house but in a storage facility. A building that looks like a standard industrial unit from the outside may be like Fort Knox inside.

“What I love is the sheer variety” says Emma. “I never know what might come across my desk and our job is affected by everything that goes on in the world. And we see new trends like NFTs. So, I’m always learning on the job.”

The potential for personal development is tremendous. Emma travels a great deal to meet clients, whether that is a show, exhibition, or gallery. “I find out so much from those conversations” she says. “You might not share their passion, but their depth of knowledge is extraordinary. I don’t need to be an expert on all these things, but some basics are good. You also need to be, if not highly numerate, at least comfortable with numbers. This is financial services at the end of the day.”

Birkin handbags from Hermès are one of the most sought-after fashion accessories today. They can retail for around £16,000 but can then be sold on the secondary market for £20,000–£30,000 because demand for them is exceptionally high. So, if one of the bags is damaged, how much is it really worth? That’s the question for Grace.

Loss adjusters are specialists who investigate when things go wrong. One of Grace’s specialisms is collectables – a deceptively simple description for an incredibly varied range of rare or sought-after items including limited edition Nike trainers, comic books, Pokémon cards, 1800s French porcelain objects, even avant-garde light fixtures. Should these items be damaged or lost, then it’s Grace’s job to assess the claim and report to the insurers the facts at hand. Grace calculates an accurate market value for the item and makes payment recommendations so that the owner can be compensated.

“The market for collectables is really broad,” Grace explains. “It’s also a much larger market than people realise. Some of the most unusual items I’ve seen are original cassette tapes and vinyls of the rapper Eminem. But I’ve also encountered drum kits, diecast metal toy cars, Victorian decanters shaped like ducks, and Rolex watches.”

Born in America, with a British dual citizenship, Grace began her career as a sculptor. After working for a fine art museum in Seattle, she moved to London to complete a Masters’ degree with the Sotheby’s Institute of Art, where she published her dissertation on insuring contemporary art. After a stint as a gallery manager, she joined a Lloyd’s insurance broker before moving to loss adjuster McLarens.

“Because claims are so varied, I have to do a lot of research,” Grace says. “That means I might need to spend a lot of time in the library of London’s Victoria & Albert Museum or browsing through auction records. It mostly requires doing online research and also identifying specialist experts for their specific knowledge. With collectables, I’ve got to be open to hearing from experts and taking their advice.”