Art as an Asset
Art has traditionally been considered for aesthetic qualities; after all, most art either hangs on a wall or sits on a pedestal. It’s time to think about art as something more. Although thinking about art as an asset is not a new concept for some, the recent headline about DIA’s (Detroit Institute of Arts) art collection in light of the city of Detroit’s insolvency brings even more recognition and credibility to the possibility of making what you own work for you, not just bringing you visual and emotional pleasure. Although de-accessioning art from a public collection is always accompanied by much controversy and fanfare, commerce associated with privately held art is not. If readers consider the potential for turning the art and other personal property they own into cash, using it for loan collateral or any other form of conversion, calling an independent appraiser is a necessary first step. Learn what you own, where it fits in the current state of the market as an asset, and how best to capitalize on this particular type of property. An independent opinion eliminates role-blurring, is not self-serving, and provides you with the information required to proceed in the decision-making process.