Evergreen, Colorado 80439-5420
"Art is never an extravagance"
Home | Credentials | Fee Schedule | Frequently Asked Questions | How to Maintain Value | American Society of Appraisers |
You can use a spreadsheet, or inventory management
system but document your collection and keep it up to date. Photograph your
collection from multiple angles including the back and include purchase receipts
this will help expedite a claim in the event of a loss. Cloud based platforms
will maintain this information and protect it from loss.
Your piece's provenance or history of ownership is essential
Although standard homeowner's insurance policies address
losses to the home itself and its general contents, they don't typically provide
adequate coverage for artwork. This is sometimes done with an insurance rider
specifically covering your art collection. It is best to check with your
insurance company or insurance broker.
High value collections deserve
the best protection possible use security systems and make your security is
visible, maintain a controlled climate, install artwork away from windows which
helps prevent UV fading. If you have household staff, repair men, and
contractors conduct background checks.
If
you have occasion to store your collection or portions there-of use fine-art
storage facilities that utilize security guards and visit regularly.
Some art market segments can change value relatively
quickly. Different types of appraisals use different value conclusions, for
estates or donations
"Market Value”
is used
which
presumes the transfer of property while insurance appraisals use "Replacement
Value" which is typically the highest value placed on an item.