Stradivarius musical instruments insured for millions

September 21, 10:11 PMInsurance Industry ExaminerDanny Workman

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In Toronto’s Glenn Gould studio, a dozen musicians are competing in a series of closed competitions for the right to borrow some of the world’s most valuable violins, cellos and cello bows for a 3-year period.

In 2012, these same competitors will be given an opportunity to regain custodianship of the same or a different treasured musical instrument.

An American benefactor who prefers to remain anonymous, has donated these among other rare musical instruments as prizes for a Canadian competition among that country’s best musicians.

Among the set of 12 rare musical instruments in the Canadian Collection are:

• Three Stradivarius violins each of which is insured for $4 million
• The 1696 Stradivarius Bonjour cello which is insured for $7.5 million.

The Stradivarius violins include the 1689 Baumgartner Strad. The Bonjour cello is the single most valuable instrument in the Canadian collection, and was crafted by Antonio Stradivarius in Cremona, Italy.

Why are these instruments insured for such high amounts?

Feature writer Oakland Ross from the Toronto Star quotes violinist Jean-Sebastien Roy of Montreal:

It gets to the point where the money difference between a really good violin and an amazing violin doesn’t make any sense. They are becoming objects of art for collection.

These treasured musical tools are also now among the most expensive collectible items to insure.