Every Artwork Has a Story - But How do You Ensure That Story Lasts for Generations?
From art that hangs on a chapel or theatre wall to collections that line a gallery, museum, or even a private home, this question should be at the forefront. The answer lies in the often-overlooked work involved in caring for artworks and collections, as well as in understanding the complexities of art collection care. This includes insurance, accurate valuations, conservation, collection management, and risk advisory services. By understanding these key areas in greater depth, collectors or institutions can make informed decisions that safeguard their cultural heritage and financial investments.
The Art of Conservation
Conservation is the cornerstone of art protection, yet key preventative measures are often overlooked by collectors. Many assume conservation is only needed when something is visibly damaged. In reality, the best conservation work is preventative - proactively protecting artworks from environmental and physical risks before issues arise. Some also believe that insurance alone is a safeguard, when in fact, poor conservation can void claims or drastically reduce a work’s insurable value.
The three key rules for preventative conservation are:
• Control the climate – Maintain stable temperature and humidity wherever possible to avoid cracking, warping, and mould. Be aware that different media respond to environmental conditions in varying ways. For example, works on paper are likely to be more susceptible to damage compared to works on canvas.
• Limit light exposure – Use UV-filtering glass, which helps reduce, but not entirely prevent, light exposure. Avoid direct sunlight to prevent fading and pigment breakdown.
• Handle with care – Avoid storing artwork on the floor or touching painted surfaces directly. Engage professionals for framing, hanging, and moving works.
Neglecting these practices can result in severe value loss, and we have seen numerous examples of this occurring. For example, significant devaluation after hanging a piece in a stairwell exposed to both moisture and heat fluctuations - it faded, warped, and was irreparably damaged.
Navigating Collection Management
Managing a large or multi-site collection presents logistical challenges, including documentation, loans, installation, and storage. Digital tools and simple process improvements can make a significant difference, especially when multiple stakeholders are involved.
The key to keeping track of artworks, especially when they are being lent out or moved between locations, is documentation. Images and a centralised record - whether a formal database or a well-kept spreadsheet - should log every movement, condition check, and point of contact. Without this, accountability and traceability are lost. In one case, a private collector was unable to confirm which institution had borrowed a piece, and it was eventually found, but only after months of investigation and reputational risk.
While most institutions already use formal systems, digital tools can still play a vital supporting role, enabling easier access to records, simplifying conservation scheduling, and improving visibility across teams. Even in private collections, basic digital inventory systems can help track provenance and condition, mitigate loss or disputes, and streamline insurance and lending processes.
Art Insurance and Risk Management
All art collections hold personal or historical value. However, most also carry significant financial value and risk, necessitating the expertise of trusted advisors. A proactive approach to valuation and risk advisory can identify underinsurance and conservation needs, support ESG and governance reporting, and clarify ownership and succession issues.
We’ve seen claims denied or challenged due to improper documentation. A recent example of this was a sculpture that was damaged in transit, and the original condition wasn’t recorded, making it impossible to prove its pre-existing state. In another case, a painting damaged by a leaking ceiling was insured, but its outdated valuation meant the settlement only covered a fraction of its actual worth.
A good rule of thumb is to have your collection revalued every 3 to 5 years, or sooner if there has been a market shift, a change in the artist's status, or a significant purchase. For some contemporary works or rapidly appreciating artists, annual updates may be appropriate.
Better Decisions for Art Collectors
Aon plays a vital role in conducting proactive valuations and offers a full suite of collection management and risk advisory services, providing clients with the clarity and confidence they need to make informed decisions that safeguard their investments and cultural heritage for generations to come.