PROTECTING YOUR CLOSETS
Following Hurricane Sandy clean up, The Fine Art Group recognized that all too often closets were an overlooked entity of the risk management portfolio. Entire collections of custom suits, evening gowns, handmade leather handbags and luxury apparel, often highly prized by our clients, were left in ruins with few avenues to rectify the situation.
As a direct result of our clients’ increased demands to appraise their wearable collections, we have developed the Wearable Collection Inventory and Valuation Service. As with our other appraisal services, the The Fine Art Group team will document and photograph the collection on-site. The wearable assets will be appropriately catalogued, photographed, researched and valued, and clients will be presented with a detailed appraisal report containing the retail replacement values for each item.
As part of the report, The Fine Art Group will also provide market data on couture items that are rapidly appreciating –– arming clients with the necessary information to better bolster their risk management portfolio as well as provide necessary metrics for monetization strategies in wealth management.
DUE DILIGENCE IN BUILDING OUR COLLECTION OF CONTEMPORARY ART
With prices high and artist’s incorporating a vast array of media, collectors must be hyper-vigilant when selecting works of contemporary art. Not sure what to look for? Here is a quick overview that every collector should consider before committing to a purchase.
- Investigate the value: With respect to valuation, do not rely on the seller’s representations. Instead, research the value of the work yourself, and consult with an independent professional such as an appraiser or art advisor familiar with the artist’s market.
- Evaluate the condition: Always physically inspect the work in person (and for significant purchases, obtain a condition report) to ensure the work is not damaged and free of obvious condition issues.
- Consider the materials used: For works with non-traditional or ephemeral materials, investigate the risk that the work will deteriorate, and learn the best methods to preserve the work. No one wants to purchase an expensive work of art that is not made to withhold the test of time.
- Research the history of the work: For previously-owned works, conduct some background research to verify the authenticity of the work and the provenance information provided by the seller. The Art Loss Register and Art Claim are great resources to find out whether the work has been reported as stolen, looted or missing, and searching state Uniform Commercial Code databases will confirm that the work is not subject to a third-party’s security interest.
- Seek advice: The Fine Art Group is equipped with the necessary expertise to guide you in building your collection. We work with collectors every step of the way, from defining tastes and negotiating list prices, to delivery, storage and conservation.
*With information provided by Amelia K. Brankov, Attorney, Frankfurt KurnitKlein + Selz PC
Understanding value is the cornerstone to effectively managing a collection – and at The Fine Art Group, it is this understanding that enables us to work as trusted fiduciaries for our clients, and their objects. We are experienced providing appraisals for a wide range of purposes, and are also specialists in unique and complicated appraisal scenarios.