In a recent article, attorney Matthew F. Erskine of The Erskine Company, which provides legal services for owners of unique assets, offers three lessons from a recent London auction. A painting bought for $5,212 in 2013 sold in February 2015 for $5.2 million, a thousand times the original price!
Erskine’s three lessons:
1) Your plans should adapt to the inherently uncertain valuation of artwork.
2) Record and preserve your information, especially if you do not intend to sell your artwork during your lifetime.
3) Spending money now will preserve what you have and what you know.
We couldn’t agree more, but would like to add that the same lessons apply to all high-value tangible assets in every category. Proper documentation through photo images, copies of purchase receipts, current appraisals, and descriptions of condition, location, provenance and other details keeps owners informed and helps close the information gap that too often exists between owners and their professional advisors.
Going forward, digitally cataloging fine art and other treasured assets, ether displayed prominently at home, hidden away in storage or located around the globe, can help owners and their trusted advisors better manage the complexities associated with the ownership of such high-value assets.
This digital library, which can include scans of confidential documents and data, may also prove helpful by providing family members, advisors and caregivers with critical information in the event of the owner’s mental or physical incapacitation.
Archival Property Solutions (APS) is a trusted resource for documenting and cataloging the tangible assets of high-net-worth owners who have substantial and complex holdings in multiple locations. We host the resulting digital catalog record on a private secure website that is perpetually accessible to owners and owner-authorized users on any connected device. Ongoing administrative support is provided as needed to ensure that asset information and access permission requests are accurate and up to date.
An APS digital catalog serves as a useful and valuable resource for Family Office activities and a wide range of supporting professional services including estate planning, tax strategy, insurance evaluation, wealth management and legal work.
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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.
Contact Archival Property Solutions at:
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When we receive your inquiry, we will determine the best way to match our services to your unique needs and circumstances. We look forward to hearing from you and will respond promptly and confidentially.