Paintings, sculptures, photographs, stamps, wines, design, fashion … Art and collections exist in countless forms. But are you familiar with the art of documenting your collection? While this may not always be top of mind when purchasing or selling, the information and documents about your collection are as valuable as the collection itself. Discover how Delen Private Bank, specialised in wealth management and planning, can support you in this.
Archived and digitised in no time
Are you the proud owner of purchased or acquired collection pieces? As a Delen Private Bank client, you can quickly and securely store your documents about art and collections via the Delen app. Original proof of purchase, insurance policies, certificates of authenticity or evidence of a gift or inheritance – each document becomes easily accessible thanks to the digital archive in the app.
Proof of provenance
Whenever you buy or sell a work of art in a gallery or at an auction, we recommend to carefully preserve the purchase or sales invoice right away. This will help you prove the provenance of your artwork or collection in the future. As an art lover, you know that a work from a renowned collection or from a well-known owner can represent a potential financial gain. Knowing the provenance and history of a work is therefore key when buying and selling.
Besides the historical significance, keeping these records can prove where your assets come from. This is important for tax authorities and other persons and agencies such as banks, notaries and insurance companies.
What is it worth?
A digital inventory of the documents related to your collection allows you to value your collection or artwork correctly for sale, insurance or planning purposes. Through specialised insurance, you also cover all risks in case of damage, loss, fire, etc., whereas a traditional household insurance only covers part of the value of your objects. Inform yourself timely when it becomes useful to take out such an insurance.
Looking ahead
Furthermore, an inventory of your artwork and collections helps you to plan for the next generation. By means of straightforward planning techniques like a manual gift or a gift with reservation of usufruct, you can limit the inheritance tax burden.
More vast collections can also be structured through a partnership (or a foundation in exceptional cases). This way, you avoid your collection becoming fragmented or precious family heirlooms disappearing into the commercial circuit after passing away.
Specialised support is often welcome when mapping and planning your collection. Our Estate Planning team has built up years of experience in planning techniques for – among others – works of art and collections. And they can easily put you in contact with experts when needed.
A private bank with a heart for art
Delen Private Bank specialises in wealth management and planning. What makes us unique? Personal relationship managers guide our clients in financial, legal and tax matters tailored to their personal and family situation. A long-term vision, accurate risk management and a focus on sustainability are the cornerstones of Delen’s philosophy.
In accordance with our endeavour to preserve what is valuable, Delen has a heart for art and loves to share that passion, notably through the art platform Delen.ART and long-term partnerships with art fairs and cultural institutions. And thanks to collaborations with galleries, we can hold temporary exhibitions in our offices.
Want to know more? Visit : www.delen.bank
