Stage two: enjoying your art
In the first part of this series, we delved into the complexities and risks of purchasing art, drawing parallels to property transactions, emphasising the importance of due diligence, clear contracts and planning. In this article, I discuss key factors to consider following a successful purchase and bringing it into a home. Much like property, careful management will ensure that you get the most from your collection, while also preserving its value.
- Display conditions.
Deciding where to display your art is one of the great joys of acquiring it for your home. While an interior designer can assist with the aesthetic, it is also sensible to speak to conservation and art logistics experts. Generally speaking, areas with direct sunlight, high humidity, or fluctuating temperatures can leave artworks (e.g. on paper or photography) particularly vulnerable. Moths are another significant concern, especially for canvasses, textile and taxidermy pieces. To minimise risks at the outset, consider UV-filtering glass, protective barriers, and specialist art brackets.
- Maintenance and care.
A professional conservator can provide invaluable advice on preserving your artworks to ensure the longevity of your collection. Inform household staff about the risks associated with certain cleaning techniques and products used on or near the artworks. Regular inspections for signs of deterioration, such as fading, cracking, or mould can enable early intervention where necessary. Prevention is better than cure.
- Cataloguing.
Maintaining a detailed catalogue of your collection is akin to having comprehensive property records. This should include photographs, purchase details, provenance, and any restoration work undertaken. A well-organised catalogue not only aids in managing your collection but also adds value by providing a comprehensive history of each piece. Art advisors and even various software options are available to assist in organising this information efficiently.
- Security Measures.
Home security measures such as cameras and alarms can also protect your art from theft or damage. Insurance policies covering artworks often set out minimum requirements to maintain their validity. It is also important to understand exclusions and force majeure terms in such policies. Regular valuations ensure artworks are insured for the correct amount. Establishing a protocol for emergency measures and training staff is another sensible precaution – particularly if art needs to be moved quickly in the event of a flood or fire.
- Sharing artwork.
If an art collection is to be shared among family members, having clear loan agreements is essential and can avoid significant tax implications. The loans should outline key terms, including duration, responsibilities, and conditions for display and care. This clarity can help prevent disputes and ensure that all parties understand their obligations. Any movement of art increases risks for loss or damage and we would recommend obtaining specialist insurance and art transportation services. If exporting art abroad, it is important to consider whether licences are required, and seizure risks.
Taking the time to implement the above considerations can help to ensure an art collection remains a source of enjoyment and value for years to come. Should you have any questions, Mishcon de Reya's Art Law team is here to assist on all aspects of art ownership.