4 Tips for Art Collectors to Start the Year Right
Proper collection management is really about protecting your investments. Get the year started right by taking a few basic steps to give you peace of mind that your collection is well protected.
1. Obtain Current Valuations
Like any asset, it’s important to know the current value of your art. It affects insurance coverage, charitable giving, and estate planning. The general consensus is the more current, the better. But it can be costly to commission appraisals and most of us fall short as a result. Now is a good time to assess your entire collection and determine a reasonable schedule to get up-to-date with professional and current fair-market valuations.
2. Take Photos and Store Them in the Cloud
Whether displaying or storing your art, it should be well archived. In the event of a loss or theft, contemporaneous photos are the best way to validate ownership and will go a long way to ensure you are compensated properly. Make sure there is proper lighting and resolution so details and condition are visible. But you can’t stop there. Keep your photo documentation stored securely on a cloud-based platform to protect against a calamitous event at your home or office.
3. Revisit Your Insurance Policies
Different collections require different coverage. And we all know that collections, and their values, change over time. A collection that was once covered by your existing property policy might require specialized insurance now. You are only entitled to receive fair market value compensation if your policies are both current and sufficient. Make sure your insurance professional has current valuations and photo records, so they can ensure your policies are adequate and up-to-date.
4. Update Your Will
Proper estate planning is an important part of life. Updating your will is a dreary but critical task for collectors, who might have sold or acquired works over the last year. It’s important that these changes are reflected in your legal documents so your estate professional can assess their impact and ensure your plan remains properly in place.
How ARTBnk can help:
Easily upload and manage your art in a secure cloud-based management system.
Obtain objective Real Time Valuations (RTVs) for select artists.
Stay informed of upcoming auctions and private sales.
Share works with buyers, sellers, or your insurance provider.
Request a free ARTBnk demo today!