FROM CHAOS TO CLARITY: DEVELOPING A PLAN & IMPLEMENTING STRATEGIES FOR LONG-TERM COLLECTION MANAGEMENT

It’s a scenario many of us are all too familiar with. Overtime as large collections grow and management changes hands, collections have a tendency to become unorganized, valuable items are misplaced or missing all together, and no one really has a clear picture of the entire collection or its significance. The frustrating scenario conjures up images of dusty piles of paper, leaning stacks of old frames, dated filing cabinets and storage closets employees would just as soon forget.

Spring is here, and with the brighter days it is time to clear the cobwebs, assess the situation and implement a strategy in alignment with your organization’s goals. The good news is, you don’t have to do it alone.  As a range of services and expertise that Pall Mall Art Advisors provides, we begin at square one with clients who seek clarity and are in need of an extra hand to provide direction for long-term collection management and development. Here is how we can assist:

COLLECT THE DATA FOR DECISION-MAKING AND STRATEGIC PLANNING

Pall Mall Art Advisors can help you understand the scope of the collection by establishing an updated inventory and providing an appraisal that provides comprehensive values derived from the most current market data. These reports are designed to provide you with a basis for strategic development and decision making. Is there a gap in risk management? Are there new exposures to consider? What should you prioritize in the collection? What are the lower-valued items that merit less attention? Should you sell some of the pieces? And to what end?

DEFINE A PURPOSE OF THE COLLECTION

Your collection can and should align with your organization’s mission, vision and brand. Pall Mall Art Advisors works alongside corporate and institution leaders to articulate a clearly defined mission for the collection. Are you seeking to engage the community with local artists? Market to millennials with emerging art? Create a collection with investment potential? Defining purpose establishes a direction in order to move forward with editing, refining and curating the collection. 

EDIT AND REFINE

Once a purpose is in place and inventory is complete, it is time to edit and refine. Pall Mall Art Advisors provides recommendations for monetizing or donating items that are not aligned with your organization’s ultimate goal. We have assisted organizations with the delicate process of deaccessioning items that have been donated yet are not accentuated within the collection. There may be duplicates that can be sold or items that dilute the overall quality. Editing the collection can reduce the amount of resources expended on the collection and clear storage space. Monetizing specific works can contribute funds to reinvest in collection management and curated acquisitions.

RECOVER YOUR LOSSES

During this process, it often comes to light that pieces from the collection are missing and others are in disrepair. For missing items, just because the item is no longer there doesn’t mean it should be forgotten. As options to explore, Pall Mall Art Advisors may facilitate the claims process, file a report with the Art Loss Registry and secure a replacement. With regards to damage, we will establish whether or not the item was covered on your insurance, evaluate the loss in value and, if suitable, coordinate conservation. After the work has been conserved, Pall Mall Art Advisors will recommend an updated retail replacement value of the item for adequate insurance coverage on your current policy.

CONSERVATION

In addition to conversation of damaged items, Pall Mall Art Advisors can arrange annual inspections by a professional conservationist. Delicate, rare and/or expensive items should be watched over carefully by trained professionals who can treat or prevent condition issues before they tarnish the value. As required, we will incorporate annual conservation inspections as a component of our recommendations for collection management.

UPDATE YOUR RISK MANAGEMENT STRATEGY

We regularly work alongside Insurance Brokers to establish thorough insurance coverage as part of the risk management portfolio. Pall Mall Art Advisors then takes it a step further: With expertise in the preservation and care of artwork, we provide recommendations on where best and how to display works of art from the collection with consideration to conservation and theft prevention.

LONG-TERM COLLECTION MANAGEMENT

With values determined and purpose defined, it is time to move forward with Collections Management and establish plans to maintain the collection. In order to protect and preserve the sentimental, aesthetic, historic, and financial values of your collection, Pall Mall Art Advisors offers routine appraisals, inventory management, database systems, logistical support, storage solutions and additional research for the long-term care of your collection.

GET YOUR TEAM INVOLVED

Pall Mall Art Advisors provides educational workshops for employees on Best Practices for handling, storing, displaying and preserving valuable objects, antiques and works of art. Workshops may be one-on-one or with a group, and are customized to meet the needs of your organization and collection.