Inherited Art? Here's Your 5 Step Action Plan

Dealing with the death of a family member or loved one can be a source of considerable grief and stress for anyone. If you find yourself the recipient of an inheritance, this feeling can multiply. Many find themselves in charge of an estate and have no idea what to do, where to begin, or whose advice they can trust. Here’s a five-point action plan that you can implement today. 

1.) Do Your Research 

While some art collectors take and maintain a thorough inventory of their collection, this is usually not the case. Determining factors are generally the collector's age, how long ago they acquired the art, and where they sourced their artworks. You can't form a cohesive plan if you don't know what you're working with, so our advice is to roll your sleeves up and make as thorough an inventory as possible. The more thorough it is, the easier the rest of your life will be. We recommend including high-quality images and as many details of each work of art as you can. Once you have taken inventory, do your best to find out what you can on each piece. You will want to find out as much information as possible - from the artist name, the condition, the subject matter, and more. To learn more about doing this up front research, read our blog post on valuing your own artwork. 

2.) Get A Valuation

Once you take an inventory and do your own research, the next step is to get the artwork valued professionally. This is vital to get an accurate idea of the inheritance’s worth and avoid any surprises when filing your taxes. Look for an expert that has a good reputation along with qualifying certifications. We recommend contacting a certified and reputable appraiser. They will be able to prove their credentials and provide client testimonials, along with invaluable advice gained through years in the business. A seasoned expert will spend considerable time assessing each piece individually and conducting thorough research on the current market. The results will provide essential information to help you make a decision around the art you've inherited. Pieces usually fall into one of the next three categories. 

3.) Low Market Value

Not all pieces are going to make you a millionaire, and you won't always have the same taste as someone else. It doesn't mean that the only outcome is the dumpster. There are many ways to get rid of unwanted items, including donating to charitable organizations, antique stores, or galleries. You could even go the old-fashioned route and have a garage sale or advertise free pieces for pick up on social media. As they say, one man's trash is another man's treasure! 

4.) Keep Your Art

Suppose you have fallen in love with a particular piece and want to keep it - congratulations! Few things are more satisfying than finding a painting or sculpture that speaks to you. Once you've decided what to keep, we advise you to get it insured in your name as soon as possible. Following that, you must determine if you are displaying it in your home or storing it. If you are going to display it in your home, choose your location carefully, as direct sunlight can cause considerable damage to paintings. If you are choosing to store your items, you need to look for a facility that offers temperature and humidity controls to ensure the preservation of your artworks for years to come. In either case, we recommend speaking to a professional who can also advise you on which frames are the optimal choice for each item. 

5.) Sell Your Art

You've completed your inventory and valuation and have received the good news that some of your items have potential value at auction. Now you can start the process of getting your items consigned. Choosing the right auction house to do this with will take the pain out of the process and prevent you from being taken advantage of by shady buyers. So what is consigning exactly? It’s when you hand over your items to stay in the auction house's possession with the estimated selling price that they provided in the valuation. They will implement a far-reaching digital marketing strategy to make your piece visible to the highest number of potential bidders, and conduct viewings for private buyers at the auction house galleries. . If you want even more information on our selling process, check out our article “How to Sell At Auction”. 

Have you inherited art recently? Are you considering selling at auction? If so, get in touch with our team of experts for an auction valuation, check out our blog for more information on how to evaluate your art at home or sign up to our newsletter to stay up to date with the latest auction news and art trends below.

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