Storing Expensive Works of Art

Alison Gregor of The Financial Times recently ran an interesting article on secure art storage facilities. The article states that in many metropolitan locations where there are an abundance of collectors, these collectors run out of space to display and soon look for secure storage facilities.

In the past on the AW Blog I have discussed being aware of services that may give your client value added benefits. Some of these value added services included fine art title insurance, art moving services, art loans, and now fine art storage. Professional personal property appraiser should be aware of these types of value added services and be ready to recommend and refer them to clients when needed. It is all part of being a professional personal property appraiser. We can do more than just value property.

Gregor states in her FT article Besides cataloging, packaging, shipping and installing the art works, fine art storage facilities house them for long periods in crates inside vaults controlled for such factors as temperature, humidity and light. The warehouses also have viewing rooms where pieces can be bought and sold, photographed, assessed or repaired.

Consequently, behind the armored walls of drab warehouses often found in rather gritty neighborhoods may reside hundreds of millions of dollars worth of Picassos, Monets and Renoirs – in other words, a collection that might surpass a museum’s.

There are about 100 to 125 top-notch fine art warehouses worldwide, according to Bob Crozier, founder and president of Crozier Fine Arts, along with dozens of smaller, regional facilities in various countries.

Gregor continues Private collectors often find they need specialized storage facilities when their collections grow too big for their homes. Others switch out pieces seasonally, or move them from home to home. And others need storage when they do renovations, or in the case of homes in hurricane zones, such as Florida, when there is the threat of bad weather.

The article gives some interesting insight into high end collectors, many who hold truly museum quality collections. It is an interesting read, and I recommend all appraisers read the article and be aware of the service. To Read the FT article, click HERE.