PROFITING FROM PLEASURE - ART COLLECTING TIPS(Six-Part Series)Part 6: Leaving a Legacy
By Carol Chua
PART 6 – LEAVING A LEGACY OF ART
Copyright © 2006 Carol Chua
www.CherishCollectibles.com
Art, collectibles and gifts
What a waste when wonderful collections of art are decimated upon the collector's demise! This happens all too often because of the lack of records and instructions left behind concerning the art pieces.
Ignorance results in the art being relegated to a dusty and moldy storeroom or, worse, being consigned to the trash. More conscientious 'beneficiaries' may give away the pieces to thrift stores and charities. Commonly, haulers are summoned to dispose of the pieces. Some shrewd haulers have learned to consult art dealers on their 'finds', as they have discovered that there can be gold in dirt.
Imagine paying someone to take away priceless art! Sadly, this scenario is played out year after year around the world, because too many art collectors fail to plan for future owners of their art. Have you planned for posterity?
Who would you like your art collection to go to some day? A loved one? A charity? A foundation? Or perhaps a museum? Who will be the beneficiary of your much-loved and treasured art? If you don't want your art pieces to fall into undesirable hands or be destroyed, you'll need to start keeping detailed records and make clear provisions NOW.
The Importance Of Documentation
Some years ago, while clearing out my parents' rambling old house which had just been sold, I came across 10 glass beer mugs, stored away in a small musty storeroom under the staircase. The mugs were plain and ordinary-looking, except for a circular, thumbnail-sized design an inch below the rim. No documents accompanied them.
For a moment, I contemplated keeping the mugs, as I thought they could serve some practical use around my own home, although they were rather unattractive. That moment passed very quickly, as I still had much clearing and packing to do. After all, the mugs appeared very pedestrian. I knew that I could always get more appealing-looking mugs whenever I wanted. So I left the mugs behind in the old house. I don't know if anyone ever took them before the demolition crew started their work.
Less than a month later, there was a newspaper advertisement looking for beer mugs just like the ones I had seen in my parents' old house. The company which had placed the ad was willing to pay $500 for each mug in good condition turned in. Those 10 mugs I had left behind were practically in mint condition. I could have cried.
From Treasure To Junk
Have you ever seen the sign "We buy junk and sell antiques"? While this may sound humorous, there's also a lot of poignancy and irony intermingled. Don't let your art treasures become junk. Do your utmost to ensure that they are treated with respect and go where you wish them to go.
List Options And Directions
Whatever the size of your art collection, do provide a list of options and directions to go with it. Besides the usual documentation which should accompany every item, this should include the contact particulars of parties who can assist in the valuation, sale or dispensation of the art pieces.
Choose Beneficiaries
Do also mention any parties you may like to give your art to. Remember, you may know the subject and its market like the back of your hand, but others probably won't. Don't leave your beneficiaries at the mercy of opportunists or others who may not be able to appreciate the value of your art collection.
Provide Values
It's a very good idea to include the insurance or replacement values of your art pieces. You might even wish to provide suggested wholesale values, so your beneficiaries will be more prepared should they decide to sell your art pieces.
Ideally, if you haven't already begun, let the people closest to you understand the importance of your art collection now. Once they develop a healthy respect for it, the chances improve that your art collection will be in good hands and go where you want it to go.
Be an artful collector – plan like a pro all the way.
About the Author
Copyright © 2006 Carol Chua - Carol is co-owner of Cherish Collectibles, an online gallery of art, collectibles and gifts by multiple award-winning American artist Edna Hibel. Visit www.cherishcollectibles.com to see this renowned artist's heartwarming artwork. Carol also co-owns an online jewelry store with creations by award-winning artist JonY, at www.silver-butterfly-jewelry.com. Like to make money online risk free?
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