trowel
New Member
Posts โข 622
Likes โข 287
September 2006
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Loaning out artwork, by trowel on Dec 7, 2022 20:29:02 GMT 1, Does anyone have any experience with loaning out artwork they own to a corporate body for a multi-year period?
I'm in discussions with an organisation interested in loaning an original piece for display in a meeting room in their head office. The artwork relates strongly to their history, so from my perspective them displaying it adds to its interest and value in the long-term.
I need to get it framed, which I'm happy to arrange to conservation standards. Is there anything to consider from a security perspective of having it screwed to a wall?
Insurance - is there anything I need to be careful of for re-evaluating value in future?
Time - I have no immediate plans to sell, so I'm happy for a multi-year arrangement. Anything to look out for?
Anything else I should consider? There is absolutely 100% no risk of the organisation disappearing any time soon BTW ๐
Does anyone have any experience with loaning out artwork they own to a corporate body for a multi-year period?
I'm in discussions with an organisation interested in loaning an original piece for display in a meeting room in their head office. The artwork relates strongly to their history, so from my perspective them displaying it adds to its interest and value in the long-term.
I need to get it framed, which I'm happy to arrange to conservation standards. Is there anything to consider from a security perspective of having it screwed to a wall?
Insurance - is there anything I need to be careful of for re-evaluating value in future?
Time - I have no immediate plans to sell, so I'm happy for a multi-year arrangement. Anything to look out for?
Anything else I should consider? There is absolutely 100% no risk of the organisation disappearing any time soon BTW ๐
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trowel
New Member
Posts โข 622
Likes โข 287
September 2006
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Loaning out artwork, by trowel on Dec 8, 2022 17:26:21 GMT 1, Bump for any daywalkers with experience.
Bump for any daywalkers with experience.
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silvermyn
Junior Member
Posts โข 1,611
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April 2008
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Loaning out artwork, by silvermyn on Dec 8, 2022 18:30:39 GMT 1, I suppose it all depends on what the piece is worth.
If you have a high value item, I would definitely put in place a written agreement. Things to detail are the artist, name of piece and condition. Attach high resolution photos as appendices in case you find damage later on. Outline who owns legal title, the period of the loan, what your fee is and that the company is responsible for maintaining the condition of the work. Outline who is insuring the piece and whether the insurance value is to be adjusted each year. Who pays the insurance should be specified. If you're being paid, specify how much and when it gets paid. Get it all in writing. Use a lawyer if it's worth it and ask them to pay all/part of the legal fees, or adjust the rental fee to cover such costs.
You may be happy with the company but any company can go bust or get taken over. You don't want to get into problems later on with a high value item.
If it's not a high value item now, and you think it won't ever become a high value item, then you can be a bit more laid back about it.
I suppose it all depends on what the piece is worth.
If you have a high value item, I would definitely put in place a written agreement. Things to detail are the artist, name of piece and condition. Attach high resolution photos as appendices in case you find damage later on. Outline who owns legal title, the period of the loan, what your fee is and that the company is responsible for maintaining the condition of the work. Outline who is insuring the piece and whether the insurance value is to be adjusted each year. Who pays the insurance should be specified. If you're being paid, specify how much and when it gets paid. Get it all in writing. Use a lawyer if it's worth it and ask them to pay all/part of the legal fees, or adjust the rental fee to cover such costs.
You may be happy with the company but any company can go bust or get taken over. You don't want to get into problems later on with a high value item.
If it's not a high value item now, and you think it won't ever become a high value item, then you can be a bit more laid back about it.
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silvermyn
Junior Member
Posts โข 1,611
Likes โข 781
April 2008
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Loaning out artwork, by silvermyn on Dec 8, 2022 18:40:42 GMT 1, One other thing to think about is which legal entity you are dealing with, if the company you are dealing with a part of a group. Make sure you have the parent or the correct operating entity.
Edit - the person signing on behalf of the company should be an authorised signatory. Don't let just any old employee tell you they are authosed to bind the company to a legal agreement.
One other thing to think about is which legal entity you are dealing with, if the company you are dealing with a part of a group. Make sure you have the parent or the correct operating entity.
Edit - the person signing on behalf of the company should be an authorised signatory. Don't let just any old employee tell you they are authosed to bind the company to a legal agreement.
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chr1s
New Member
Posts โข 130
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February 2011
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Loaning out artwork, by chr1s on Dec 8, 2022 19:20:17 GMT 1, Be sure to do a condition report of the piece. And have the borrower review and sign the condition report. You want to get the piece back in the same condition it was lent.
Be sure to do a condition report of the piece. And have the borrower review and sign the condition report. You want to get the piece back in the same condition it was lent.
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trowel
New Member
Posts โข 622
Likes โข 287
September 2006
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Loaning out artwork, by trowel on Dec 10, 2022 18:14:21 GMT 1, Thanks all, appreciate the feedback.
Thanks all, appreciate the feedback.
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