Lending out the art in your collection for exhibition is one amazing way to increase the value of your collection. While this isn’t guaranteed, it is a strategy that can bear fruit under the right circumstances.
The main reason you should consider lending out your art to the exhibition is for exposure. The greater exposure an artwork receives, the more chance it can get in front of the right people. The ‘right’ people in this instance are #1. other collectors, and #2. practicing artists.
Generally, the more well-known an artwork is, the easier it will be to find individuals who want to own it. The number of individuals that would like to own artwork can be considered ‘demand’ in a traditional economic sense. Generally, the greater demand for something, the higher the price.
Additionally, the more well-known an artwork, the greater chance it has to be seen by other artists and become influential. Art that imparts a strong influence can find a place in art history. This place in art history can lend value to the work by increasing a collector’s desirability to possess it. Thus, its value can be grown in line with greater collector demand.
Do your homework
Before lending your artwork, make sure to have a contract from the institution to whom you plan to lend. The contract should have all the artwork details, including a recent condition report and current valuations. This will ensure that you will be compensated in cases of theft or damage. Further, you should opt for “door-to-door” or “wall-to-wall” coverage, which means your artwork is protected from the time it is collected, during transit, and during exhibition.
Additional benefits of lending
- Lending your artwork or edition to a museum and gallery is an excellent way to store an artwork. Museums and galleries do not charge you for having a piece of your collection in their space, and usually, these institutions have optimum storage conditions for artworks. It saves you from having to send the artwork to a storage unit. You can also learn more about your artwork from the museum’s team, as they often offer scholarly details about their collection.
- Lending your artwork/edition is a great way to participate in the art community and for people to recognize your passion or collection.
- Depending on where you are from, you may be eligible for a tax break by lending your asset to public organizations like local art galleries and museums.
You will usually not be paid for lending pieces from your collection to museums and galleries. But, considering the list of benefits noted above, lending your collection should definitely be on your list of things to think about.
We welcome you to Contact Us with any questions you have about investing in art. Let us know your budget, the kinds of art that interest you, and we can work out a plan to get you started with art collecting the right way.