Space Age Insurance Covers

 The laws of supply and demand are key tenets of the art and collectibles world, as we see in dramatic fashion time and time again. Stradivarius violins selling in the millions or, per our previous post, one-of-a-kind xrays of Marilyn Monroe selling for $45,0000. A recent article I saw on www.ukinsurancenet.com, though, shows a very unique motivation behind cashing in on the allure of rarity.

At the beginning of the Apollo space program, astronauts were denied life insurance due to the significant – and in some sense unknowable - risks they would be exposed to once they stepped onto the launch pad. In an effort to provide their families some financial security, astronauts started the practice of signing aptly named “Insurance Covers” (official postcards issued by NASA for each mission). If something were to happen to the astronauts during a mission, the assumption was that the demand for the signed memorabilia would drastically increase – providing post-sale income to the families in lieu of insurance payments.

The practice of signing insurance covers ended with Apollo 16, and happily no incidents occurred that would have made the sale of them necessary. Instead, they now reside in the hands of interested collectors – examples can be found here.