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Art Collecting Tips for Profit and Pleasure (A Six-Part Series): Part 6 – Leaving a Legacy of Art
PART 6 – LEAVING AN ART LEGACY
It is a waste when wonderful collections of art are destroyed on the collector’s collection
decline! This happens all too often due to a lack of records and guidance
left about the pieces of art.
Ignorance means that the art is relegated to a dusty and moldy storehouse or,
worse, to be put in the trash. Perhaps more conscientious ‘beneficiaries’
away the pieces to stores and charities. Usually, hackers are called
remove the pieces. Some astute hackers have learned to talk to art dealers
find them, because they have discovered that there can be gold in dirt.
Imagine paying someone to remove priceless art! Unfortunately, this situation is played out
out year after year around the world, because not too many art collectors plan for it
future owners of their art. Have you planned for the future?
Who would you like your art collection to one day go to? Beloved? Charity? A
foundation? Or maybe a museum? Which will be a beneficiary for your loved ones
and valuable art? If you don’t want your art pieces to fall into unwanted hands or
to destroy, you need to start keeping detailed records and make clear
provisions NOW.
Importance of Documents
A few years ago, while I was cleaning out my parents’ old crooked house that was just
On sale, I came across 10 glass beer mugs, stored away in a small musty
store under the stairs. The mugs were plain and simple, except
for round design, thumbnail size inch below edge. No documents
with them.
For a moment, I thought about keeping the mugs, because I thought they could serve
some practical use around my own home, although they were rather unattractive.
That time passed very quickly, as I still had a lot of cleaning and packing to do.
After all, the mugs seemed pretty pedestrian. I knew I could always get more
attractive mugs whenever I wanted. So I left the mugs behind in the old one
a house I don’t know if anyone ever took them before the demolition team started
their work.
Less than a month later, there was a newspaper ad looking for beer
mugs just like the ones I saw in my parents old house. The company is
posted the ad willing to pay $500 for each cup in good condition turned
in. Those 10 mugs I left behind were in almost mint condition. I could be
cried.
From Treasure To Junk
Have you ever seen the sign “We buy junk and sell antiques”? Although this may sound
funny, there is also a lot of poignancy and irony mixed in. Don’t let your art
finances become waste. Do your best to ensure they are treated with respect
and go where you want them to go.
List of options and instructions
No matter how large your art collection is, provide a list of options and directions
to go with In addition to the usual documents that should accompany each item,
this should include contact details of parties who can assist with valuation,
sell or give away the art pieces.
Select Beneficiaries
Also mention any parties you could donate your art to. Remember, you can
know the subject and the market like the back of your hand, but others may
won’t be. Do not leave your beneficiaries at the mercy of recipients or other people who
you may not be able to estimate the value of your art collection.
Provide quotes
It is a good idea to include the insurance or replacement values of your art
pieces. You might even want to provide suggested wholesale prices, so your
beneficiaries will be better prepared if they decide to sell your artwork.
Ideally, if you haven’t already started, let the people closest to you understand
the importance of your art collection now. As soon as they gain a healthy respect for him,
the better the chances are that your art collection will be in good hands and go where you are
wants him to go.
Become an artistic collector – design like a pro all the way.
Copyright © 2006 Carol Chua
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