As the global economy spawns a growing number of art collectors, Lund Humphries and Sothebys Institute of Art publish on April 20th an essential and timely guide to the pleasures, pitfalls and practicalities of owning art
Rozells book is a superb resource for art collectors to have on hand
It is exhaustively researched and extremely well-presented and is a must for any art professional to have in their library. --Agnes Gund, President Emerita of MOMA, art patron and Founder, Studio in a School
The Art Collectors Handbook
, written from the privileged insider-perspective of an experienced, legally trained art consultant, provides the ultimate guide to art collection management and care in the 21st century for private collectors and art professionals alike.
Mary Rozell draws on her long experience as both an art collection management professional and an art lawyer to illuminate the myriad issues that arise during the life cycle of an art collection - from the thrill of the purchase, the potential inconvenience of an inheritance, through the many responsibilities that are part and parcel of a great or even modest cultural legacy.
Part One looks at the many ways of building up a collection, whether by theme, movement, era or culture. Some collections feature blue-chip works; some, such as Charles Saatchis, were inspired by emerging artists. Others are defined by budget: American couple Herbert and Dorothy Vogel, a postal clerk and librarian, purchased conceptual and minimal art on their modest salary and only bought works small enough to take home in a taxi.
Part Two addresses how the scope and value of a collection should be determined and documented. Rozell covers collection management systems and software, catalogue structures, valuation vs. appraisal, valuing collections for different purposes, and the many factors affecting value - such as authenticity, quality, rarity and exhibition history.
Part Three focuses on the various practical aspects of maintaining a collection insurance, conservation, shipping, installation, framing, and storage as well as the considerable costs. And accidents happen, most often during transit. Rozell relates how a Cindy Sherman photograph valued in excess of $60,000 was packed in little more than a cardboard box; the glass shattered and the work was irreparably damaged.
Part Four reflects on the private and public worth of collections, discussing how collectors can benefit economically, intellectually and socially from their art. This section includes options for displaying art collections, in both public and private spaces, and the ways in which art collectors can exploit the monetary worth of works of art by, for instance, using them as collateral for loans.
The final section of the book addresses the moment at which a collector parts from his or her collection, covering de-accessioning, gifting and estate planning.
Mary Rozell is Director of Art Business at Sothebys Institute of Art, New York and Principal of Art + Collection Management, a consulting service based in New York and Berlin. She was formerly the Germany Correspondent for The Art Newspaper and is the author of numerous articles and catalogue essays.