Cataloging your art collection can feel a lot like going to the dentist. You know you should do it, but actually taking the necessary steps seems daunting. And the longer you wait, the harder it is.
Without a studio inventory, though, it’s difficult to know the value of the machinery and tools in your studio, how much art insurance is appropriate to protect your collection and to have the necessary information to file an insurance claim should anything happen to your studio or collection.
There’s good news: a studio inventory is only painful the first time! Once the first inventory is over, you’ll be able to keep track of all purchased items and art moving forward with a little organization.
Here are a few benefits of cataloging your artwork:
Easily See The Value of Your Work
Ideally, you’ll have two values for every item in your studio: purchase price and replacement cost. The purchase price is the amount you paid when you originally bought the items, and the replacement cost is the amount that would be paid if you were to buy that item today.
If you’ve never done a studio inventory and you’ve had your studio for a while, chances are you’ll only be able to catalog the replacement cost. That’s okay! Do a little research on Google and document the replacement cost for every item you want to ensure in the studio.
Quickly Track Materials
In a spreadsheet, keep a running list of items not including your work. We recommend entering the following information:
- Item type
- Number of Items
- Purchase price
- Replacement price
- Condition of items
This will help you keep track of materials and know when you need to replace something.
Better Organize Your Collection
To keep an inventory of your work, use a cloud-based management system like Artwork Archive. Simply upload the photos you’ve taken of your collection and enter all relevant information, including dimensions, medium, price, gallery location, sales status, and more.
Reevaluate Your Insurance with Ease
Now that you have a better understanding of the value of items in your studio and your art collection, take the time to reevaluate your art insurance and any insurance you’ve taken out on your studio. Need help? Check out these five insurance tips for artists.
Guest Post by Artwork Archive
Ready for a collection management system now? Artwork Archive provides the tools to help you easily catalog your artwork.