Skates pp.11 12
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This document outlines key aspects of art collection management, including collecting objectives, sources, and systems; valuation; insurance; shipping and installation; conservation; sharing collections through loans and foundations; and parting with collections through de-accessioning, estate planning, and donations. It discusses inventorying collections, determining value, maintaining condition reports, correctly packing and shipping artworks, mitigating risks, insuring for full value, title issues, customs procedures, installation best practices, preventing damage and inherent vice, climate control systems, exhibition loans, de-accessioning plans, lifetime gifts, bequests, and "bargain sales" to reduce tax burdens.
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Skates pp.11 12
- 1. 12 November 2013 Art Collection Management sothebysinstitute.com
- 3. Collecting Objectives Personal Vision Conceptual Theme Vertical Collecting (Buying in Depth) Horizontal Collecting Crossover Collecting The Very Best Medium
- 4. Collecting Sources At Auction Dealers Artists Studio Online Via Agent Due Diligence
- 5. Collection Management Systems (CMS) Software Artsystems/Gallery Pro ArtBase The Museum System Filemaker Pro (My Art Collection) vs. The Cloud iCollect/CollectorSystems (Sothebys Official Client CMS)
- 7. My Art Collection Art List
- 8. Valuation Valuation v. Appraising What Kind of Value? Valuation Factors Authenticity Quality Rarity Condition Provenance Publications and Exhibition
- 9. Insurance Art Insurance Explosion of art market = Explosion of insurance business Premium revenues have increased by 30% in last 5 years U.S. is fastest-growing market; Brazil Increased values also mean increased liability
- 10. Why Insure? DESTRUCTION Jackson Pollock, Drips on Black partially destroyed in Corral Canyon Fire 2007
- 11. Why Insure? DAMAGE PARTIAL LOSS Picassos $138 million La Reve post elbow
- 12. Issues for Insurer At-Risk Addresses: Florida
- 13. Issues for Insurer: HOTSPOTS Momart Warehouse Fire, London, 2004
- 14. How much to insure for? Richard Prince, Man-Crazy Nurse No.2 sold for $7,433,000 at Christies, May 2008 2003: Nurse painting purchased for $100,000 2006: Same Nurse painting valued at $250,000 New buyers from Russia, Middle East and Asia concentrate on artists with momentum
- 15. Title Insurance When is title not clear? Theft, Liens, Divorce Provenance Gap Reassure Buyer Muddy Ownership .Note: most reputable dealers guarantee clear title and auction houses offer warranty Suffland Holdings v. Gagosian Gallery (Mark Tansey) 2010 Consignor forgot work had been partially gifted to Met when signed representation of warranty to title
- 16. Shipping International Freight 9/11 Commission Act of 2007 TSA screens 100% cargo on passenger aircraft (some shipping companies are Cargo Screening Facilities)
- 17. Shipping Mitigate Risk Reputable Art Handlers ICEFAT (International Convention of Exhibition Fine Art Transporters) www.icefat.org Before anything is shipped: Condition Report with Images Correctly Packed: Crate, Travel Frame, Conservation Grade Soft Packing Materials Most Direct Route Possible
- 18. Shipping Road Freight Air-Ride Suspension; Humidity, Temperature Control Security Tracking Alarm Consolidated Shipment? LOFO (Last On, First Off) Is Someone with Artwork At All Times? Can Art Be Unloaded in Building? By Courier Delivery Must be supervised Signature constitutes owners approval of arrival condition Conservator should be on hand for valuable and vulnerable pieces
- 19. Shipping Customs Generally: Fine Art is Duty Free But what is Fine Art? executed entirely by hand -- YES Antiques over 100 years old YES Disassembled light art NO! (EU) Haunch of Venison Case (2010) = VAT 20% instead of 5% + Customs 損 Viola and Flavin works are wall lighting and fixtures
- 20. INSTALLATION
- 21. INSTALLATION Does it fit?? Avoid Direct Sunlight Ultraviolet radiation (cumulative damage cannot be reversed) solar shades UV filters/Glazing Rotate works Location (Radiators, Fireplaces, Under Sprinkler Systems, Near Heaters) Humidity fluctuations (optimal: stabilized between 40-60%) Beware of spotlights (heat) Sculpture and Objects: consider plinths, display cases, bases and mounts
- 22. Conservation Only 5% of the worlds artworks will survive the next 100 years!
- 26. SHARING COLLECTIONS Don and Mera Rubell
- 27. SHARING COLLECTIONS Exhibition Loans Duration?/How many venues? Security?/Climate control? Publication? Insurance? Costs? Courier? Replacement work? Immunity from Seizure? UCC-1
- 28. SHARING COLLECTIONS Foundations Rubell Family Collection/Contemporary Art Foundation
- 29. PARTING WITH COLLECTIONS DE-ACCESSION No more room/doesnt fit 27 Rue de Fleurus, Paris
- 30. PARTING WITH COLLECTIONS Tired of the Artwork/Change of Taste Raise money to buy more art No more room/doesnt fit Approaching end of life/priorities shifting
- 31. PARTING WITH COLLECTIONS DE-ACCESSIONING: SELLING Auction - open, public (not discreet), transparent, but all at once can be a risk Private Sales Dealer or not Conflict? Selling For multiple pieces: De-accession Plan Analyze Each Market Sector Dont Flood the Market
- 32. PARTING WITH COLLECTIONS ESTATE PLANNING GOALS 1.Respect collectors wishes vis-vis collection 2.Reduce tax burden on estate
- 33. PARTING WITH COLLECTIONS ESTATE PLANNING: LIFETIME GIFT Jane and Aerin Lauder
- 34. PARTING WITH COLLECTIONS ESTATE PLANNING: GIFT/BEQUEST DONATE WORKS TO CHARITIBLE INSTITUTIONS Dorothy and Herbert Vogel National Gallery of Art Washington, DC (Collectors Deduct FMV)
- 35. PARTING WITH COLLECTIONS BARGAIN SALE Sammlung Berggruen Heinz Berggruen Sold works to Berlins State Museums for $129 million, 1/10 market value
Editor's Notes
- #32: Executors prefer auctions
- #33: Blockage: Artists estate or estate of their families. Can bring value of estate down significantly 20 90% BUT NOT CASE WHEN CHILDREN INHERIT
- #35: Files IRS Form 8232 Noncash Charitable Contributions with tax return, subject to audit. If FMV is worth more than 5k, must obtain qualified appreaisal not more than 60 days prior to donation date. Appraisal must be signed and dated and included in tax return. /MISTAKE: accept artwork as gift from artist and donate because valuation limited to cost of materials