Over the last several decades, art collecting has evolved from being a pastime exclusive to the wealthiest to a phenomenon that appeals to art lovers everywhere. Many, particularly in the wake of the epidemic, credit these shifts to the digitization of the art market. The need for easily accessible, superior art collection management services has surged with the rise of the new generation of art collectors.
Collections of art are priceless assets that should always be treated with consideration for their fragility and scarcity. Professional artwork collection management services may be extremely beneficial to both novice and experienced collectors. A collection of works of art may be preserved for many years, future sales can be facilitated, and damage-related losses in artwork value can be avoided by keeping thorough records and regularly checking the collection’s state.
What is art collection management?
A valuable collection must be built and maintained with effective management. Imagine the following scenario: a recently minted art collector has just purchased many original pieces of art by their favorite artist. But what happens to them after the excitement of having their very first work of art wears off? At this point, it becomes crucial to understand how to handle a valuable collection.
According to AMS, managing your collection will start from shipping your collection to inventory, tracking, and a detailed checklist.
Inventory
Keeping track of and collecting pertinent information is a smart first step. Keep a different file for every project. Include the date and vendor on the purchase invoice. For information about accessible photos, exhibitions, and conservation histories, get in touch with the gallery or auction house. Take color pictures of a three-dimensional item from various angles and the front and back of a painting. Take note of any information on a photo’s reverse side, as it will be obscured after the piece is framed.
Develop your ability to see all the subtleties about each object’s initial state. Is there a strange paint patch? Does a bronze sculpture’s patina have striations? Put a date on each observation. Complete the checklist included after this article to wrap up.
You may keep electronic, paper, or a combination of records. You may easily construct reports using an off-the-shelf collection management program, an MS Access database, or a basic spreadsheet. Make sure you have a duplicate of your data stored somewhere else. Keep the records even if you decide to reduce the number of pieces in your collection. They have a significant historical role in your collection.
Research
Do your best to understand the meaning or substance of each piece, as well as the historical context in which it was created. Check out the biography of the artist. Make it your mission to attend shows featuring the artists you own. Cut out and store online magazine and newspaper reviews.
Observe how their style is evolving. Whose creations resemble theirs? Which stages of their job are deemed most significant? Strive to understand both the big picture and the intricacies.
Tracking
The state of the market in your region is something you should be aware of. Do values continue to rise, decline, or stay the same? Numerous decisions, ranging from security and estate planning to insurance and gifting, will be guided by this knowledge. Online auction databases and auction catalogs offer a helpful variety of prices for sculptures and paintings.
Seek the assistance of a trained appraiser for an exact figure. Indicate if you need replacement value (for insurance purposes) or fair market value (the base ¼ with modifications ¼ for taxes, gifts, and contributions). The price that is anticipated to be obtained at auction is equal to the fair market value.
The replacement value, which is equivalent to the retail price of an item, is typically greater. Having a collection reassessed about every five years is a prudent decision. The logical side of collecting is, as the above says, excellent collection management. However, the benefits are equally fulfilling, and the end product is excellent: a collection preserved for all time.
Checklist
Any indications of damage or improper upkeep need to be fixed right away. Entrusting a fine art storage agency with your collection is the best method to make sure it is properly cared for.
The details you should note about every item in your collection are shown below.
- Maker/Artist
- Dates of the Maker/Artist
- The work’s title
- An explanation of the topic or kind of work
- Date of Work
- Materials
- Measurements
- Condition: During recurring re-examinations, describe the object’s surface and take close note of any changes. Obtain and submit the conservator’s report if you send a piece of art for conservation. Make a note in your documentation of the report’s date and your addition to the file.
- Inscriptions and Markings: Inspect each two-dimensional piece from the front to the rear. Keep track of all writing, including artist signatures, inventory numbers, and previous labels.
- Differentiating Characteristics
- Location of Object: Particularly significant if you own many residences
- Display: Did someone mount or frame it? How was it locked down?
- Provenance: How long has the item been in collections? Whom did it once belong to? Give particular attention to antiques and any artwork produced before 1946, which is believed to have been in Europe following 1932.
- List of references: Is your work mentioned in the artist’s catalog raisonné? This will undoubtedly have an impact on valuation because a work’s presence in the recognized catalog raisonné is often a prerequisite for authentication. Do you have any more citations?
- Exhibition History: Keep a copy of every show’s catalog that a piece of art has been in, if at all possible. If not, create a duplicate of the whole reference, including the place and dates.
- Date and Purchase Price
- Evaluation Record
- Loan History: Note the dates, locations, and appraisal of the piece at the time of loan. Before it leaves, make notes on its condition and get a condition report from each place.