Every collector is a custodian of cultural heritage, whatever their area of interest, and yet they may be unaware of the broad responsibilities associated with this. Once that picture is on the wall, or that new piece of furniture is in its place, the provision of professional care for that prized acquisition may sometimes be overlooked. Having an effective, durable system in place to properly register all items within a collection - along with their value, provenance, location, condition, maintenance needs, customs status, loan arrangements, ownership, future legacy, and more – is essential. The knowledge that this kind of information is being managed and safely stored provides welcome peace of mind to the collector, but also streamlines the work of other professionals in their lives such as lawyers, insurance brokers, trustees and tax advisors. If a collector decides to sell, or to leave their collection to a family member that later wishes to sell, having a clear understanding of the structure and value of that collection also facilitates a much smoother process for auction house specialists.
What is Collections Management?
For many art collectors, the joy that comes with a new acquisition – the thrill of that gavel slamming, the rush of dopamine that hits when a deal is secured, finding the perfect piece to fit that gap, or feeling that they have made a prudent investment – is what propels them to collect. But every work of art has a life of its own far beyond that. Even a brand-new contemporary artwork needs to be appropriately cared for to preserve it for future generations. Of course, it should be skilfully installed in well-lit and safe environmental conditions. But it should also be properly logged, photographed and documented in a secure database, with all relevant paperwork, to save time and money on administrative procedures further down the line.
In the same way that all public museums and galleries have at least one curator – if not several – to carry out these tasks, it follows that private collections (which may contain more items than some public institutions) should be able to secure with absolute confidence that same detailed level of care. Understandably, the prospect of organising and itemising a collection is less appealing than the act of collecting itself, presenting a rather daunting and time-consuming task to any collector. Having a dedicated, skilled and experienced collections manager to provide research, administration, curatorship and preventive conservation advice, lifts this hefty burden from collectors, enabling them to focus their energy on what they truly love: collecting.
A thorough audit is key
When seeking our help, it sometimes emerges that a collector does not know where a number of their valuable pieces are located. Typically, they may have been placed in storage and forgotten about, or misplaced during a property refurbishment or move. We once had a client joyfully exclaim 'my Matisse! I forgot about that’. This can be problematic for a whole host of reasons, not least from an insurance perspective! Our team will always begin with a thorough audit to create a proper inventory of the collection, collating documentation associated with every item – purchase records, sales invoices, photography, literature, loan agreements, import/export and shipping documents. This then simplifies other processes, from organising insurance policies to will-writing and succession planning. At the click of a button, we can securely access all available information for any item in our care and, if requested, export this as a document to share with the relevant professionals working with our clients.
Establishing ownership and planning for the future
What we regularly hear from new clients at Talbot Capes Fine Art Management is an expression of concern that they do not want their collection to be ‘their children’s problem’ when the worst happens. They worry that their family may be left with a collection that is in a state of disarray, with no clear indication of its value, content or importance. We work to assuage those fears by clearly establishing not only the contents of a collection and where all items are located, but its value, origin, and importantly, ownership structure. It is not uncommon for works of art to be purchased through various channels and under different titles. A work might have been acquired and paid for by the collector personally, through a limited company, a trust, or in the name of a family member. It is therefore essential to understand which entity owns what, to ensure accuracy and clarity in legacy planning.
There is no ‘right time’
Although it would be tempting to suggest that every new collector should engage with a collection manager from the beginning, this rarely happens. Most who seek our advice are seasoned collectors, encouraged to take control of their collection’s administration by a professional advisor, such as their lawyer. This is usually sparked by a discussion about something like an insurance policy renewal, a conversation about legacy planning, or a legal matter such as a divorce or an issue with a defective title. In short, while there is no ‘right time’ to take control of one’s art collection, it is never too late! No collection is too large, too far-flung or too disorganised for the dedicated specialists at Talbot Capes to rectify.
