It is the summer doldrums in the art world. Galleries in Europe are shut down, email outbox communications announce that your favorite art advisor or dealer is on vacation. So what is there possibly to say during the heat of summer when no one is thinking about art or their collections. This is exactly the question I asked myself when I sat down to write. With this conundrum in mind, I decided to “pass the buck” and ask everyone on the Pall Mall Art Advisors Staff one simple question. If you could give our Pall Mall Art Advisors clients one piece of advice around their art acquisitions, sales or valuations, what would it be? Actually, I phrased the question differently. I actually said, “If you were on your death bed and could only give one piece of advice to our clients, what would it be? I know… dramatic.
As the nougats of brilliance from my staff came rolling in, it became very clear to me that there was a thread woven through all of their pieces of advice, which I can summarize as, “ipsa scientia potestas est”. Believed to be spoken by Francis Bacon in his Meditationes Sacrae written in 1597, it can be translated into the English, “Knowledge is Power”. The following insights from our staff at Pall Mall Art Advisors will hopefully help you to increase your knowledge of your own tangible assets so that you have the power to make good decisions.
While the days are long and the beach takes precedence over strategizing about future art acquisitions or sales, take this information with into the fall and beyond.
- Buy quality. When you buy the highest quality, the value will hold over time. Buy the best you can afford.
– Colleen Boyle, SVP, National Sales Director.
- Whenever you purchase a piece of art, utilize experts to assist in conducting the proper due diligence before acquiring.
– Felix Cadman, Arts Management Assistant
- It is very important to rely on those that really understand the market for the piece you want to acquire. Experts know the market. Utilize expertise. An expert can help you save money and prevent you from losing thousands of dollars.
– Christiana Scavuzzo, Appraiser and Advisor
- Put your preconceived notions about what you own and its value to the side. Trust the experts and let them help you to make smart decisions around your collections.
– Heather Burke, National Tangible Asset Manager
- When buying or selling your art put impulsivity to the side. Look before you leap and allow experts to guide you so that you don’t make a financial mistake.
– Daryl Boling, National Operations Manager
- Keep a detailed record of everything you own – photos, receipts and all documentation that are up-to-date. This way you can always prove what you own.
– Kate Molets, Southeastern Sales Director
- If you do nothing else to protect your collections, get a curated inventory of your collection. It is simple to have Pall Mall conduct a curated video inventory and it will save you money and a massive headache if you have a loss.
– Shane Hall, National Tangible Asset Manager
- Allow your tastes to change and evolve. Take risks with your collection and consider acquiring works of art that challenge you in some way.
– Stephanie McNeil, Art Advisor and Appraiser
Once you have the knowledge of what you own or you are going to buy and you understand the value then you have the power to make smart decisions about your tangible assets. Put passion aside and replace it with intelligence around your tangible assets.
Have a happy summer and a productive fall.