Five Ways to Protect Your Purchases at New York's Affordable Art Fair
The Affordable Art Fair starts on September 30, 2010, and it comes with plenty of opportunities to pick up pieces by emerging artists. Featuring works priced from $100 to $10,000, the right choices can turn into astounding art investments down the road. While collectors are drawn to the pieces themselves first, it's hard to overlook the financial appreciation that can occur, especially as the art market claws its way back from financial crisis lows. What happens if your artwork is damaged? Collectors don't always spend enough time thinking about the financial side of their holdings, and art insurance can be an afterthought. So, it might not be a bad idea to invest a little in protecting your work.
"After taking the time to evaluate a work of art, but before making a purchase, it is important that collectors consider how they are going to protect their investment," said Andrew Gristina, Fine Art Specialist, Travelers Inland Marine. "Most people buy art because of the aesthetic beauty, however, it's also a financial investment, which is why insurance coverage and proper handling should be a consideration with each purchase."
Here are three five steps you can take to protect what you pick up at the Affordable Art Fair (or anywhere else):
1. Insure in transit: your acquisition is most vulnerable when in transit, so make sure your art insurance doesn't take effect when the piece gets to your home.
2. Pack it well: make sure you use the right materials to pack your purchases to bring home – Travelers will have a wrapping station at the art fair to help you out.
3. Think about transportation: you might be able to get away with a taxi for art you can hold on your lap. If you pick up larger pieces, however, you'll probably need to arrange specialized transportation.
4. Keep the elements away: be careful of "[w]ater, humidity, extremes of heat and cold, dirt, debris, soot and other foreign substances that may be detrimental to the condition of the art." Packing and transportation help, but there's no substitute for simply paying attention to the conditions around you.
5. Ask questions: especially if you are a first-time or novice art collector, there will be plenty of things you won't know. Some important details may not even occur to you, so asking the right questions can be a problem. Don't be shy. Talk to galleries and artists. Consult art insurers (like Travelers). Get the advice you need to make sure you'll enjoy your acquisitions well into the future.
[photo via the Affordable Art Fair]
2. Pack it well: make sure you use the right materials to pack your purchases to bring home – Travelers will have a wrapping station at the art fair to help you out.
3. Think about transportation: you might be able to get away with a taxi for art you can hold on your lap. If you pick up larger pieces, however, you'll probably need to arrange specialized transportation.
4. Keep the elements away: be careful of "[w]ater, humidity, extremes of heat and cold, dirt, debris, soot and other foreign substances that may be detrimental to the condition of the art." Packing and transportation help, but there's no substitute for simply paying attention to the conditions around you.
5. Ask questions: especially if you are a first-time or novice art collector, there will be plenty of things you won't know. Some important details may not even occur to you, so asking the right questions can be a problem. Don't be shy. Talk to galleries and artists. Consult art insurers (like Travelers). Get the advice you need to make sure you'll enjoy your acquisitions well into the future.
[photo via the Affordable Art Fair]
