Tips to Manage Your Valuable Art Collection
Now that you have finally managed to acquire artwork for your collection, your work as an art collector has just gotten started. An enormous amount of time and effort can go into managing an art collection, unless you take advantage of some tools available today that make it fast and easy.
Whether you are collecting artwork of famous artists professionally or doing it to feed your own passion, these three tips can help you easily manage and maintain your collection.
No. 1 Record and Document your Collection
The first step to managing your collection is documenting the history and condition of your art pieces. For that, you can use a spreadsheet or database to create separate files for each work and routinely update them, however, unless using customized software, these often lack the needed capability to store photos, images, videos, and documents. This is important for the purpose of insurance and the de-acquisition process. Even if you are involved in buying and selling, you must keep a record of your work, including receipts and documents certifying authenticity.
Today, most art collectors use art collection inventory software that enable them to document their collection and every item’s value on a cloud-based platform. This way, they have easy access to their work from anywhere in the world, which they can use for any purpose.
Some important artwork information that you can document on art inventory software for collectors are:
- Purchase Invoice with date and seller information,
- Appraised Value, and
- Certificates of Authenticity, which should include:
- Images of artwork and close-ups from several angles
- Date of work
- Purchase Price, and Current Value
No. 2 Consult with a Professional
The value of artwork will vary over time, and often can grow substantially, and this is why it’s recommended to confer with an appraiser in 5 years or so to fully understand the value of your collection. When doing so, make sure you mention whether you need the replacement value or the fair market value for an Appraisal, as they both differ.
No. 3 Research Artists in your Collection
To grow your collection, it’s often recommended to know each artist and their work individually. To do this, you can research about the artist’s background, other work and stylistic development. This can give you an idea of how your favorite artist’s work fits into the market and thus, help you determine which pieces to purchase as you add additional art to your collection.
Whether you have been collecting artwork for years or just bought your first piece, it is essential to take advantage of the power, speed, and capabilities of art inventory software for collectors to document your collection with photo’s, documents, videos, and any other images to substantiate your collections values for insurance purposes, as well as your Estate’s overall valuation.
For more information on how to document your art, go to www.iINVENTORYpro.com. To take advantage of the FREE fully functional iINVENTORYpro App’s, go to the iPhone App Store or the Google Play Store and install the FREE App. No need to remember every detail about your collection or be concerned about loosing important documentation on your art collection because you can have your own personal art and documentation assistant by using iINVENTORYpro.com.
iINVENTORYpro.com work’s in the cloud so you can relax on the ground