Collecting works of art and other precious items is an activity that undoubtedly evokes passion and pleasure. However, given the considerable financial value that may be involved, it will not be sufficient to simply enjoy the rising number of pieces gathered over the years.
Even if investment is not a collector’s most significant motivation, any collection requires regular and meticulous monitoring and documentation so as to avoid loss, both financial and physical. For example, any modifications, transfers or changes of value call for immediate tracking and updating of inventories. It will only be for your benefit in such cases as insured events or inheritance settlements.