How often do you ask yourself if you are managing your art collection properly? Even if you have been building your collection for decades, you are most likely not immune to some mistakes that can cause great damage to your valuable pieces. We have historical and anecdotal proof of mere accidents resulting in devastating consequences when it comes to fine art storage, handling, and transportation. Some situations are simply laughable because of how absurd they are. Practically anything can happen, from a museum visitor tripping and landing on a valuable canvas to a guest spilling a glass of wine all over your antique tapestry piece. For that reason, insurance companies and art handlers recommend that all fine art collectors follow these three simple rules.
Three Golden Rules That All Fine Art Collectors Must Heed To
Only buy your art from reputable sources
Seems easy enough, right? However, finding a reliable source and making sure you do not encounter fraud is not as easy as it sounds. Collectors losing hundreds of thousands of dollars, because their newly purchased, allegedly blue-chip artwork turned out to be fake, is not unheard of. To protect yourself from dishonest sellers, always request documentation proving the artwork’s provenance before sealing the deal. In addition, consulting conservators and advisors before making a purchase never hurts. Preventive measures are everything, so save yourself from trying to get compensation from your insurance company for something you could have easily avoided.
Insure your collection, even if it is small
A lot of fine art collectors do not consider art insurance before their collections grow. However, small collections not needing insurance is a common misconception. Expert art insurance companies do not discriminate based on the number of objects in your collection. It is highly recommended that you insure your valuable collectibles even if you do not have a lot of them at the moment.
Get regular checkups from professional art handlers
Simply hanging a painting on a wall and forgetting about it will not do it. Art installation is a surprisingly delicate craft that has to be handled, or at least supervised, by trained professionals. If you have been collecting art for over a decade and still haven’t contacted a fine art handler or conservator to assess the condition of your valuables, now is the time to do it.
Remembering these three rules of fine art collecting will safeguard you from terrible accidents and ensure your collection stays with you for a very long time.
