Art That Lasts
A WORD TO THE WISE ABOUT INHERITED ART
by Michele Seekings
Paul Fisher was back in town for the Historic Charleston Foundation’s Antiques Show, and I met up with him for a drink and to talk collecting. I try to make a point of getting together with Paul whenever he’s in town.
Paul is a Director of Art Collection Management for AIG Private Client Group and travels from Maine to Georgia covering the best collections on the east coast.
Since we just left the Antique Show, the conversation naturally led to what makes Charleston so special to collectors. “Charleston has the consistency of the heritage of culture, art, and history. People walk the same paths, or even live in the same homes as their ancestors,” says Paul. “There’s a great community of collectors who have collected for generations.”
A city with a rich history of arts patrons also means a city where many people still acquire a good deal of things through inheritance.
DON’T ASSUME YOUR KIDS WANT TO INHERIT IT!
There’s usually a generation gap in collecting. Just like fashion and music come in and out of style, so does art. The younger generation is into the “art at the moment,” as Paul explains, sighting the popularity of contemporary art, street art, and mid-century modern.
There’s even a trend with collection auction houses collaborating with celebrities to revive interest in older art genres that aren’t as popular as they use to be. For example, Sotheby’s partnered with Victoria Beckham to promote portraits by Old Masters for their July sale.
IT’S BEEN IN THE FAMILY FOR YEARS
Paul warns of pieces that have been in the family for generations. Most think they know what they have, but so often it turns out they don’t. This is a misperception not only by the giver but also by the inheritor. Many times, a piece is not appreciated by the recipient because of aesthetics and the changes in art market tastes. Often very valuable pieces, whether that value is monetary or historical, may end up overlooked in the attic simply because they don’t like it. Paul found the most expensive antique toy train to date in the crawl space of a home. This very rare piece was the window display in 1906 for FAO Schwarz.
As a fiduciary perspective, the value of the piece to the heir may be vastly underappreciated because they’ve been told about the piece their entire lives and decide not to include it on their insurance schedule or may underinsure the piece.
FIND OUT WHAT YOU HAVE
If you inherit a piece of art or other collectibles, Paul suggests hiring an appraiser to find out exactly what you have and understanding its value. The first place you can start is relying on your current assets and utilizing the expertise available or recommended from your insurance provider. Ask the expert—you may have an intergenerational heirloom!
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