Saturday, October 6, 2007

Civic Value

Putting price on Courthouse art
Insured value is set at $34.8 million

"Much like the building around it, the fine artwork housed inside the Allen County Courthouse has increased in value even though it could never really be replaced in the event of a natural disaster or fire.

The county commissioners Friday agreed to provide a separate insurance policy for the fine art, valued at $34.8 million. The county previously included the artwork as part of the blanket policy that covers the building structure and contents, said Cathy Serrano, risk manager and human resources attorney for the county."

"The fine art was appraised for the first time while the interior of the 105-year-old Courthouse was being renovated during the late 1990s. The value of about $9 million was low because the artwork was in the midst of being restored and cleaned"

"Officials knew at the time that the artwork would need to be appraised again. The Courthouse structural elements were also appraised during the renovation for a value of $38 million, but the value of the Courthouse almost tripled after a recent reappraisal to $107 million."