Tips for Collecting Art for Profit and Pleasure (A Six Part Series): Part 6 – Leaving an Art Legacy
PART 6 – LEAVING A LEGACY OF ART
What a waste when wonderful art collections are decimated on the collector!
surrender! This happens all too often due to a lack of records and instructions.
left behind regarding pieces of art.
Ignorance results in art being relegated to a dusty and musty warehouse or,
worse, being sent to the trash. The more conscientious ‘beneficiaries’ can give
the pieces to thrift stores and charities. Commonly, carriers are called upon to
get rid of the pieces. Some astute carriers have learned to consult art dealers about
their ‘finds’, as they have discovered that there may be gold in the earth.
Imagine paying someone to take away priceless works of art! Sadly, this scenario is played out
year after year around the world, because too many art collectors do not plan
future owners of their art. Have you planned for posterity?
Who would you like your art collection to be one day? A loved one? in charity? IN
base? Or maybe a museum? Who will be the beneficiary of your beloved
and treasured art? If you do not want your works of art to fall into the wrong hands or
destroyed, you will need to start keeping detailed records and make it clear
provisions NOW.
The importance of documentation
A few years ago, while cleaning my parents’ rambling old house that I had just finished
sold, found 10 glass beer mugs, kept in a small moldy container
storage room under the stairs. The cups were plain and ordinary-looking, except
for a thumbnail-sized circular design, one inch below the edge. without documents
accompanied them.
For a moment, I contemplated keeping the mugs, as I thought they might do the trick.
some practical use in my own home, though they were rather unattractive.
That time passed very quickly, as I still had a lot to clean up and pack up.
After all, the cups looked very pedestrian. She knew that she could always get more
attractive cups whenever he wanted. So I left the cups in the old
home. I don’t know if anyone took them before the wrecking crew started.
his work.
Less than a month later, there was an ad in the newspaper looking for beer.
cups like the ones I had seen in my parents’ old house. the company that
had placed the ad was willing to pay $500 for each cup delivered in good condition
in. Those 10 cups she had left behind were practically in mint condition. could have
cried.
From treasure to scrap
Have you ever seen the sign “We buy junk and sell antiques”? Although this may sound
humorous, there is also a lot of poignancy and irony intermingled. Don’t let your art
treasures become junk. Do everything you can to make sure they are treated with respect.
and go where you want them to go.
List Options and Addresses
Whatever the size of your art collection, please provide a list of options and instructions
Go with her. In addition to the usual documentation that must accompany each item,
this should include contact details of parties who can assist in the valuation,
sale or dispensation of works of art.
Choose Beneficiaries
Also mention any parties you would like to give your art to. remember, you can
they know the subject and their market like the back of their hand, but others probably
I will not. Do not leave your beneficiaries at the mercy of opportunists or others who
you may not be able to appreciate the value of your art collection.
provide values
It is a very good idea to include the insurance or replacement values of your art
coins. You may even want to provide suggested wholesale values, so your
recipients will be more prepared if they decide to sell their artwork.
Ideally, if you haven’t started yet, let those closest to you understand the
importance of your art collection now. Once they develop a healthy respect for it,
increase the chances that your art collection is in good hands and will go where you want it to go
I want him to go away
Be a nifty collector – plan like a pro every time.
Copyright © 2006 Carol Chua