People begin collecting art for different reasons, but whatever is driving you to start an art collection, you want to make sure to do it right to maximize your investment. Once you start your collection, always consider the artwork insurance you need right away.
Establish how much you are willing to spend to begin your art collection, and adjust your budget as your collection grows. Budgets will depend on your income, disposable funds, and how often you want to make new purchases.
Why are you starting your collection? What do you wish to achieve? Defining your goals will help build the type of collection that is right for you. Do you want art strictly for investment purposes? Do you want art to beautify your home?
In any situation, you want to invest in art that speaks to you since you will see it every day.
Take time to learn about different art mediums, styles, and artists. Train your eye to identify styles and pieces you love and are drawn to. Also, consider which types of artwork you want in your collection, which might include:
Some collectors focus on one medium, while others include a variety in their collections. This is a personal decision that you should carefully consider.
Once you find a piece that you believe you want to purchase, you should first review its certificate of authenticity. This verifies the authenticity of the art and will be useful when you insure, donate, or sell the artwork.
Also, keep in mind the condition of the artwork. Restoring artwork can be a difficult and costly process, and it is always more cost-efficient to purchase art that is already in good condition.
Once you make the purchase, take steps to preserve its condition, which will differ depending on the type of artwork it is.
As your collection grows, you might want to hire an art consultant to help guide your continuing purchases. They can help you take steps from an amateur art purchaser to an art connoisseur.
We know that art collections are priceless to many collectors, but in reality, there is a very real value in your collections.
Many people think that their homeowner’s insurance is enough to cover their art collections, but this type of insurance is rarely sophisticated enough to do so. Instead, you need the right fine art collection specialized coverage near you.
Your insurance should be tailored to your collection. Do you keep the pieces at your home at all times, or do you loan them out? Do you have artwork in multiple properties? What are the risks of damage to your collection? The right insurance company will consider all these factors when tailoring the right coverage for you.