Image Credit: Terill Welch
“No matter how many pieces you have, you should keep excellent records,” recommends Kimberly Maier, representative of the Association of Professional Art Advisors (APAA). These records include bill of sale, provenance, and all appraisal records. “Whether you keep [the artwork] for the rest of your life or sell it, these are important things that are integral to any kind of estate planning or long-range gifts,” she continues. Although best practices are to start documenting with your first purchase of art, it’s understandable to neglect using an artwork management system with only a few pieces in your collection. The question is: when does it start to get risky to avoid a documentation strategy?
We spoke with Maier on some of the basics of managing your art collection. Although she agrees that keeping excellent records is a pertinent part of maintenance at any stage, she notes that after you own 12 pieces of value a documentation strategy should be implemented. “It’s really most efficient to keep it in a database,” she advises. A database of your provenance documents and images will be your first resource in theft, fire or flood damage, and any unpredictable loss. If you’re still conflicted on how to start documenting, or trying to stabilize your strategy, try using Artwork Archive, your first 30-days are on us.
