SCOTLAND.- Lindsey Roberson of theScotsman.Com reported that if a picture�s worth 1,000 words make sure its insured. The record price set for a Scottish painting this week, when Jack Vettriano�s �The Singing Butler� sold for three times its estimate, should serve as a timely reminder to all art collectors to keep abreast of the current market values of the paintings on the walls of their homes. While the �744,800 price paid for The Singing Butler may have set a record, and netted a nice return for the seller - 2,300 per cent after just six short years of ownership - Vettriano is far from the only artist whose works have risen sharply in value in recent years.

The blunt message from specialist insurance group Hiscox is that many collectors might be seriously under insured, especially if relying on a standard home contents insurance policy, which typically have single item limits of just �1,500. Charles Dupplin, head of private client division, said: "The rise in value and popularity of Vettriano has been meteoric, but such peaks and troughs in value are not uncommon within the art market. You don�t need to be the sole owner of a Dutch master or a piece of American pop art to have a piece of art worth insuring."

He points out that buying art is no longer the preserve of the seriously rich. The proliferation of art fairs aimed at beginners and greater access to exhibitions, has meant that an increasing number of homeowners are investing in art - last year alone saw a 21 per cent rise in sales of contemporary art. He advises anyone who is in possession of a rapidly appreciating piece of art to ensure that it is insured by an appropriate policy as many standard policies will only replace damaged art or antiques after making a deduction for wear and tear. Additionally, the insurer recommends that homeowners keep a photo catalogue of all works in their collections and have them revalued regularly as a policy will only cover the figure the item was insured for at its most recent valuation and not for what it may truly be worth.