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. If the works have to be moved, before packing a conservator records their condition in a condition report, so that any later damage has a date.
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 work neglected in a hallway may prove to be of considerable worth: only an independent, reasoned valuation can establish this on a sound footing. 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 exposes the heirs to complications at the time of sale and to disputes among themselves.
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 an independent appraiser with no interest in the sale of the works (on fees, see the dedicated article). Once the purpose is clear (division among co-heirs, succession, insurance cover, possible sale), the appraiser will determine the corresponding type of value and indicate which works require verification of attribution with the scholars of the artist, the archives or foundations, or scientific analysis. 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 the responsibility of the notary and the tax adviser and, for questions of title, of the lawyer. The appraiser will provide these professionals with the inventory and the reasoned, dated and independent valuations on which to base the formalities.