PART 6 – LEAVING A LEGACY OF ART
Copyright © 2006 Carol Chua
http://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.
Copyright © Carol Chua - Carol owns a gallery of art and collectibles by award-winning US artist Edna Hibel at http://www.cherishcollectibles.com. See another award-winning artist’s creations at http://www.silver-butterfly-jewelry.com. Make money online at http://reach-on-line.com/rfp1
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