Art advisors are very familiar with the nitty-gritty details of owning an art collection. They are a great resource when managing items such as taxes and estate planning. Here are six art collection details where your consultant can advise.
Guarantee You Have the Proper Insurance
Art insurance is your defense against the unexpected. An art advisor is well-versed in how to secure the proper insurance for your collection. They can help you understand different coverage plans and what type of claims can be made.
Interested in insuring your collection? Ask yourself these 6 questions.
Sell Pieces From Your Collection at the Right Time
If you are interested in selling a piece of art, the first suggestion is always to contact the original seller—whether that be a gallery or artist. Your art consultant can assist in this. If the gallery or artist is not available or interested, your consultant can assist in finding other avenues.
Understand your options—learn how to find the right gallery or auction house to sell a piece, or parts, of your art collection.
Locate the Right Person for Conservation
Art advisors will either be familiar with or have the tools to research the different conservationists in your area. They can find a candidate with the experience needed as well as manage the art repairs and restorations.
How do you know if you are working with the right art restorer? See if they understand the complexity of the work with these questions.
Take the Headache Out of Shipping & Shipping Insurance
If you need to ship an artwork, special attention and care should be given to the packaging and shipping insurance. In some cases, it is inadvisable to ship certain works or you might need special crating and shipping materials. You need to know when these situations arise. Your art advisor can handle this for you.
Guide You Through Estate Planning
Advisors are a knowledgeable resource to consult with when going through the beginning stages of planning an estate. While most collectors don’t start thinking about estate planning until later in their life, advisors can help you plan out the future of your collection.
Beginning by gathering all the proper provenance documents, advisors will help you set up one of three choices: selling your collection, transferring your collection to your heirs in an LLC, or donating your artwork.
Looking to learn more on this topic? Check out How to Create and Estate Plan for Your Art Collection.
Ensure Your Taxes are Accurate
When purchasing art out of state or filing taxes, advisors are experienced in the best way to handle your payments. Sales tax differs from state to state and advisors can make sure you have everything properly recorded and filed, so that no issues arise and that you save as much money as possible.
Did you know that in some cases, you can save money on your taxes by displaying your purchased artwork out of state before bringing it home? See how one collector saved over $60k in taxes on his collection.
Learn more about the entire network of art professionals who can contribute value to your art collection with our Essential Guide to Collecting Art.