Under the heading "Management of the collection" we will analyze the main objectives of the management of the collection of objects of art. For what it is, what are the modern requirements to the Manager as to avoid unnecessary costs and mistakes associated with the management?

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the Volume of the art market is usually calculated in the figures of turnover of sales: for example, in 2018, according to data Art Basel and UBS Report, they amounted to $67,4 billion In the next 2019 from items purchased in the previous year, was placed on sale less than 10 %, the rest settled in private and corporate collections. In other words, along with "market transactions" there is a "storage market" — art in private hands. To calculate its volume is much more difficult. If the Decking, head of the Supervisory Board of TEFAF and the Creator of the system of electronic registration of provenance Artory, , assesses the cost of art objects in private hands in $3 trillion.

With the completion of the transaction at auction or in a private gallery of art begins a second life: they move, are stored, are expertise, be the object of scientific research and publication, exhibit, restaurerede used as collateral — list is not complete. All together it is called a management collection. Many people underestimate its importance, believing that the capitalization of the acquired piece of art will increase over the period of quiet possession in any case. Moreover, the contents and maintenance of the collection entails costs — typically 1-3 % of the total cost of the collection. In the end, to the surprise of the collector, later-то time wanting to realize the art on the market, it will include two "surprise" either the auction house puts the owner in place, slowly take the item to auction, or the buyer is not ready to pay the desired price.

what is the secret? And why professional collections managers like to say: "the Art hanging on the wall, — dead art"? Without management of collections of objects of art do rise in price, but only to the extent the market average compound annual growth rate — CAGR — (7.6 per cent). However, the volatility (the risk of asset to be sold below the expected value) under this approach, increases seriously. But the liquidity (ability to sell) decreases: two similar objects of art, the buyer will choose the one which was the best "art-подготовка" promotion in the market. Thus, the management of collections has three main functions at the output:

• increased capitalization of the collection and individual items (the average value CAGR at art-фондов with competent management — 15 %);
• Reduces the volatility (from 25 % to 20 % — below only precious metals, precious stones and collectible alcohol);
• Increases the liquidity (known in the information field of art — desired object auction houses and private buyers).

In the same year 2018, when sales of the art-рынка of $67,3 billion to support operations with objects of art spent $20.2 billion, More than half of this amount — galleries costs for maintenance and staff, the other half are the elements of the management of collections. What is included in this concept? We will try to respond briefly:

1. Inventory Assembly. Basic steps: the analysis and systematization of the collection by categories, recommendations for the use of the software, professional photography and a portfolio of each subject.

2.Financial analysis meetings. Basic steps: assess the current capitalization of the subject or the entire collection with the prospect of growth, assessment of the current "passport" (and, of provenance, expert assessments and opinions).

3. the collection. Basic steps: evaluation of investment attractiveness of the purchase of a specific item / series of artworks, representing clients at auction (the purchase), the organization purchases the piece of art privately.

4. Monetization of the collection. Key actions: direct sale (public auction and private sales), the placement of works of art as collateral collateral to get a loan in a foreign Bank, investment placement at art-фонде, the elimination of art (organization for quick sale).

5. Legal support. Basic steps: recommendations for the involvement of lawyers (domestically and abroad), support in the design of inheritance rights, tax consulting in transactions purchase-продажи abroad (customs duties, internal taxes, countries, royalties, etc.).

6. the content of the collection. Basic steps: the preparation of documents required for work (inventories, customs declarations, acts of the state of conservation, leases, purchase-продаже, etc.), arranging transportation of works of art, the storage of art objects in the international specialized repositories, organization of the technological expertise of works of art, organization of art historical examination of works of art (including the selection of art-экспертов for directions).

7. Exhibition projects. Basic steps: site selection and curator, architectural design, media relations.

8. Publishing projects. Basic actions: selection of the author's composition and the type of publication (catalogue, album), recommendations for design, layout, printing (depending on the task and the country selected the best options), legal rights agreement on the use of images, distribution of publications.

9. Rental items. Basic steps: tracking the largest exhibition projects, thematically coinciding with the subjects of the meetings, the negotiations on the inclusion of art objects in the exhibition temporary exhibitions and permanent exhibitions, providing logistics and supporting documentation, work with mass media coverage of the event.

10. Socialization of the project. the Basic steps: register the collection on the platform of Google Art Institute and the website Larry's List, along with the world's largest museums and collections, participation in international forums on art (Deloitte Art & Finance, Communicating the Museum MuseumNext), the work in programme committees of forums for lobbying on key topics and speakers, initiating their own projects (conferences collectors, foundations, to attract key partners to market and lobby for the interests of the owner of at the international level — AICA, UNESCO and others.).

11. The personification of the owner. Basic steps: removal of the collector in the "public field" inclusion in international rankings of collectors, work with mass media, participation in thematic events.

Management can exercise as a management company(leading some collections), and hired professionals from the service sector of the art market (auction houses, galleries, art-дилеры). There are often "loners", who devoted his life to one single collection. As a rule, the art or financial education — but necessary experience, connections and understanding of the market. Common misconceptions collectors associated with the selection Manager, highlight the following:

• "I take the advice of many people, and the decision of what to buy and how to manage — make their own".

Review AI: this is the position of many collectors who have experience of business: they used to make decisions on key issues. However, this is true only partially: few realize that the art-эксперт in the formation of the collection must be the one as a dentist or a gardener. Its main task — to minimize the risks of the collector in the examination and attribution of works (with maximum guarantee buy authentic things), to ensure the correct mode of entry and taxation (to guarantee the same optimal export) and balance between personal passion of the owner and the financial attractiveness of the objects (making a quick sale if necessary to monetize the collection).

• "First, gather the collection, and then think about management".

Review AI: with high probability, this will lead to the total loss. Assessment of the prospects of the collection starts at the level of formation — from the selection of auction and payment currency to the storage mode of operation. Also competent expert will immediately tell you who will be the main rival of the collector in the upcoming sessions in your chosen niche or area of creativity of any artist. Savings at the initial stage can result in serious investments in the future.

the following materials heading "Management of collections", we describe in detail each of the daily functions of the governing art.

Denys Belkevych, AI