Those who inherit a work of art or an entire collection often find themselves managing assets they did not choose, in a market whose workings they do not know. It is the situation in which serious mistakes are most frequently made: selling too quickly, to the first buyer, without any real benchmark. Following a few strict steps avoids most of the complications.

1. Preserve without intervening

The works should be kept where they are or moved to a safe, dry place away from humidity and direct light. It is essential not to carry out any cleaning, restoration or reframing, and not to remove labels or annotations from the back. Any ill-judged intervention risks erasing valuable historical information or compromising the value of the work.

2. Establish what the estate actually contains, and who owns it

In an inherited collection, the work the deceased held dearest may have a modest commercial value, while a painting neglected in a hallway may prove to be of considerable worth: only an independent analysis can establish this with certainty. It should also be remembered that possession is not the same as legal ownership: before disposing of an asset, it is indispensable to ascertain that it belonged entirely to the deceased and to check that no third-party rights or shares belonging to the other co-heirs exist.

3. Draw up a detailed inventory

A complete inventory must be prepared in which each work is identified by a number, accompanied by high-resolution photographs and linked to the documents found. If an inventory already exists, it simply needs updating; otherwise it must be created from scratch. Even where the intention is to sell the entire estate, proceeding without an inventory inevitably generates disputes and management complications.

4. Avoid hasty decisions and first offers

Free valuations offered by auction houses or dealers come from parties with a direct commercial interest in the transaction, while immediate-sale channels often yield only a fraction of the real market value. Those who act in haste are always in a weak bargaining position. If the decision is to sell, it is advisable to turn to an independent expert whose sole interest is to protect the seller.

5. Instruct an independent appraiser

It is essential to engage a third-party professional who does not buy, sell or act as an intermediary, and who is paid solely on an hourly or fixed-fee basis, never as a percentage of the estimated value. The appraiser will determine the fair market value of the collection and indicate which works require verification with the artists' archives or foundations. The professional must be given full transparency on every known detail, including any damage or previous restoration.

6. Legal and tax matters

The declaration of succession, the calculation of taxes, the definition of the shares between co-heirs and the drafting of the deeds of division are exclusively the responsibility of the notary and the tax adviser. The independent appraiser will provide these professionals with the inventory and the objective valuations on which to base the formalities.