Even if it can help, you do not always have to be rich to become art collectors. Here we discover the four good rules for creating a true art collection
Becoming a collector of artworks does not always mean being a millionaire, because as the story of the collectors couple Herb e Dorothy Vogel, teaches us, respectively a postman and a librarian in the America of the ’60s, the main propeller is not the financial calculation, but rather establishing a method to increase with consistency and curiosity one’s own art collection.
Passion, social status or investment: whatever the motivation is, in order to start a collection of artworks it is important to follow some guidelines for the valorisation of your collection.
Here are the 4 rules for becoming a collector of artworks:
- Acquire without risking
- Manage to monitor
- Preserve not to lose
- Forward to the future
-Acquire without risking
Acquiring works of art through art dealers in art galleries, fairs or auction houses always implies a series of checks to be carried out before concluding the purchase. The first form of protection of the collector lies in the use of common sense, but other essential factors are the informations on the work and the artist and checking the documentations which goes with the work itself, which must be issued by a professional seller pursuant to the ’art. 64 of “Code of Cultural Goods and Landscape” (Legislative Decree no. 42 of January 22, 2004).
The risks are around the corner: verify the authenticity of the certificate with the artist, the archive or the person authorised to archive and authenticate the works:
-do not neglect the state of conservation and the origin;
– if you are abroad, make sure that the work has the export license and carry out the payment through banking services, to facilitate the preservation of all transaction documents.
Before posting on social networks like Instagram any image of the work that just entered your collection, it is necessary to acquire, at the time of purchase, the related reproduction rights (they last 70 years after the artist’s death) and exhibition rights of the work.
-Manage to Monitor
The cataloguing, preferably in electronic form and updateable over time, is among the first actions to be carried out for a careful collector: archiving the works properly, accompanying them with images, identification data and the documentation found during the acquisition phase is essential for different reasons.
The loan, on the occasion of important exhibitions, turns out to be among the main valorisation activities of your collection: having a complete inventory simplifies loan operations.
In case of theft, having an updated list of the works present in the collection is essential to proceed with the search and possible recovery through the Database of the Carabinieri to Protect the Cultural Heritage .
The archive is therefore a valid tool for monitoring the economic value and update the insurance value of works over time.
-Preserve not to lose
Preserving is better than losing: Preserving over time every work of your collection is a decisive key choice.
In case of loans or shipments it is important to rely on professionals in the sector, at the national level you can turn to the Open Care,which will be able to draft the Condition report, a document that records the state of conservation of a work at the time of analysis.
It is also necessary to take out an insurance policy, among the most complete are those of the all-risk type, which provides you with complete protection and insurance value for each individual work.
-Forward to the future
The passion and commitment in creating your own art collection should never be lost.
On the occasion of generational change, it is necessary to put in place a management process of your heritage to guarantee and protect the heirs. Rely on lawyers specialised in art law who will be able to provide you with the best tools to guarantee a future to your art collection
Are you ready to create your art collection?