When was the last time you reassessed your art collection? When was the last time you checked on the price of some of the artworks you own? Do you carry enough insurance? Maybe it is time to ask yourself all these questions.
Chances are, if you have been collecting art for quite some time; have worked and benefited from the advice of experienced art professionals; the works of art in your collection have increased in value, and some significantly so. Several of my long-time clients now own works of art that have doubled in value since they bought them and we started working together.
So, how often do you need to reappraise your art collection for insurance purposes? A professional art appraiser I consulted recommends every 5 to 8 years.
Here is what I can do to help:
- Check on the value of artworks and make recommendations based on client-specific needs. As an art advisor, I have access to information and databases that allow me to check on the market value of artworks.
- Refer clients to a professional art appraiser that appraises art for insurance purposes and estate tax planning, tax returns and charitable contributions.
- Make recommendations about art insurance and refer clients to fine art insurance experts if needed.
While most collectors don’t initially buy art thinking about the potential for a strong return on investment, over time, contemporary art turns out to be a surprisingly good investment with the Artprice 100 index consistently outperforming the S&P 500. For advice on managing, maintaining, and keeping your art collection, contact your art advisor. #artadvisor#contemporaryart#artmarket#appraisals#fineart#insurance#planning#collectart#artcollectors#collectionsmanagement#artcollecting#buyart
This post was published on LinkedIn at: https://www.linkedin.com/posts/estelle-fournier-art-consultant_artadvisor-contemporaryart-artmarket-activity-7029157631202099201-mvIy?utm_source=share&utm_medium=member_desktop