Artsy’s Sara Roffino’s article, What It Really Costs To Be a Mega Art Collector, helpfully itemizes some of the costs of buying, owning, maintaining, and selling art.
The cost of maintaining a collection can run from 1% – 2% to 15% – 20% of the overall value of a collection.
The variation reflects the costs of collection services. Services include shipping, framing, installation, insurance, security, appraisals, storage, and conservation.
When purchasing from an auction house, expect to pay buyer premiums on top of the hammer price. Buyer premiums at New York auction houses now run from 20 to 25 percent.
The industry-standard rate for the services of an art advisor is 10% (of the cost of a work of art purchased).
Homes that exhibit works of art such as paintings or sculptures may require adjustments such as special lighting, security, and UV window protection.
Specialized fine art storage in Manhattan costs between $10 and $12.50 per square foot per month for a private space. Shared space outside of the city can cost as little as $5 per square foot.
Conservation assessments provided before major purchases are made can cost from $300 and $1,000. This is for the assessment only, before any conservation work begins.
Rates to insure art, from 5 to 20 cents per hundred dollars, depend on the material of the work of art, type of storage, and geographic location. The same rates apply to artworks of any price.
There are costs to selling works of art as well. Selling costs include de-installation, shipping, and transit insurance.
See:
“What It Really Costs To Be a Mega Art Collector” | Sara Roffino, Artsy.net, 7 July 2017
#art #collectingart #artcollections #shipping #framing #installation #insurance #security #appraisals #storage #conservation