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It’s easy to understand the appeal of collecting. Yes, the supply of fine art and other collectibles is limited, which bodes well for a healthy return on investment, but collecting is about far more than making money. Many items are unique and scarce, which get a prize hunter’s competitive juices flowing. The sheer joy and pride of ownership also factor in; not only can items be displayed for decoration, the owner can personally see and touch each piece whenever they feel moved to do so. Many owners of valuable art also enjoy stimulating cultural awareness, appreciation and value through philanthropic efforts. You can’t get those benefits from fondling a $100 bill, a government bond or a stock certificate.
Experienced collectors recognize that thoroughly documenting their works of art—so that they know every aspect of what they own and where it’s located—is a necessary and responsible aspect of collecting. Creating a digital catalog of these assets protects their investments by ensuring that they have the right type and amount of insurance coverage and keep that coverage up to date as asset circumstances change. In the event of a fire, natural disaster, or burglary, furnishing the insurance provider with a detailed list of affected property as promptly as possible can increase the efficiency and reduce the stress of the claim filing process. In contrast, the lack of accurate documentation may cause some lost items to be underinsured or overlooked altogether, adding unnecessary stress to an already distraught owner and substantially affecting the recovery process.
Retaining Archival Property Solutions to digitally document these prized possessions securely online also offers the owner the pleasure of remotely viewing any item in a prized collection at any time, and even sharing the experience through connected devices with family members, friends or trusted advisors in distant locations. Ultimately, inventorying a collection is a natural extension of the desire to acquire these objects in the first place.
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About Archival Property Solutions, LLC
Archival Property Solutions documents and catalogs the tangible assets of high-net-worth owners for their personal viewing pleasure and support of crucial Family Office and wealth management activities. Clients who have substantial and complex holdings in multiple locations can now keep their catalog of non-financial assets stored securely for private, confidential access via computer, tablet or phone. When maintained with current information, this confidential digital catalog can keep owners and their trusted advisors better informed, enabling them to stay current with professional service objectives and to plan for, protect against, cope with and recover from life’s unexpected events.
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