Taking care of your art collection protects its financial value
Top quality curatorial management has always been the purview of museums and public galleries. In order to protect our heritage, our cultural institutions enforce strict protocols for conservation and information management. Alas, notable exceptions aside, private art collections are not always managed to the same degree of professionalism. A disconnect exists between the notion that artworks always increase in value and the reluctance of collectors to invest in protecting their art collections.
This is unfortunate because it is beneficial to protect the condition of your art assets: you’ll maintain their financial value. Risk management in relation to art assets is not just about an artwork losing value due to market fluctuations. It is also paramount to maintain the condition of the collection: artworks are naturally subject to deterioration over time and their value may decrease as a result. Therefore, art collections should be condition-checked periodically, conserved where necessary and insured adequately.
Your domestic staff are experts at running a household but art is a different matter: dealing with extremely valuable art can be quite nerve-wracking and specialist knowledge is required when problems arise. In the case of damage, it is usually best to leave the damaged artwork alone until your art advisor or curator can assess the situation. To prevent problems, make sure your artworks are kept out of direct sunlight which is extremely damaging. Also avoid fluctuations in temperature – as most artworks are made out of organic materials, the expansions and contractions of the material will eventually cause damage.
COO and senior art advisor
Tang Art Advisory
347 409 2786