What is the true cost of art ownership?
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What you will find in the guide.
Your investment in your art goes beyond the purchase price. In this short guide, you will get an overview of the various costs associated with maintaining the integrity of your precious art collection.
Appraisals & Insurance
Appraisals should be obtained prior to making financial decisions related to the artwork including but not limited to the sale of the artwork, estate planning, tax planning and estimating insurance coverage.
An art collection also should be insured against theft, fire, flood, and any other damages that may impact its physical well-being.
Conservation & Installation
Conservation is not just for museums. Taking care of the art will ensure that it is in the best condition that a collector can provide when one day preparing to sell, gift or donate it.
A collection may also require services from a professional installer who has the expertise and equipment to properly install art objects.
If installed incorrectly, the object could be damaged from falling or may hurt a person. There may also be several parts of the object that are complicated to install.
Storage, Crating & Shipping
Storage designed specifically for art provides a safe secure space and proper temperature control for the collection.
Transporting an artwork to a destination for exhibition or sale requires professional crating, shipping and additional insurance costs.
In addition, collectors should be sure to review the insurance coverage for transport, as some shipping companies will only provide a small amount of coverage relative to the valuation of the artwork.
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