Managing an art collection only looks like a simple and exciting process. It seems to be straightforward and self-indulging to an external observer while, in fact, a lot of hard work hides behind the scenes. The stakes are high, as artworks are unique and valuable. Thus, you should be alert to the common blunders that beginner art managers often commit.
What Can Go Wrong When Managing an Art Collection?
As you approach a new art collection management project or enter the profession, you should be careful about the following potential issues and complexities.
#1 Disorderly Records
Comprehensive and diligent documentation is at the heart of any successful collection. You need to maintain accurate and full records about every artwork included in the collection so that you can easily trace its provenance, appraisal, and condition. If you have no documents or face gaps in documentation, the artwork’s management and value assessment may become problematic.
#2 Lack of Conservation Measures
Every artwork requires proper care and conservation, as all objects of art are susceptible to environmental damage and degradation. If you fail to schedule timely conservation activities for your art assets, they may be irreversibly damaged and lose their market value because of mishandling.
#3 Wrong Insurance
Every art collection is living its active life, with art objects traveling to exhibitions and fairs, getting displayed in many places, and undergoing the cycle of storage and transportation many times. Anything can happen with precious artworks at these stages, including loss, damage, or theft. Thus, to keep your financial interests covered, you need to know the latest art insurance trends and acquire a comprehensive insurance plan for the entire collection.
#4 Disregard to Ethical and Legal Aspects
Ethical acquisition of artworks, especially their provenance, plays a huge role in the art collection management process. Thus, you should know the professional code and the laws of your jurisdiction from A to Z to conduct management activities compliantly and without implications.
#5 Lack of Financial Planning
Art collection management is a financially demanding activity, so it requires thorough budgeting. A failure to plan your expenditures may cause unexpected financial gaps, which is detrimental to your reputation in the industry.
As you can see, many things can hinder the effectiveness of managing an art collection. Yet, the good news is that they are all avoidable. By honing your skills and expertise in art management or getting a formal education in this area, you may avoid or mitigate the effects of these blunders and set your collection on the right track.