In last month’s survey on chubbcollectors.com, we asked our readers what method they use to maintain records of their collection. The results were startling. Fifty-three percent of respondents admitted that they do not keep records of their collection. Of the 43 percent that claimed they do keep records, only 11 percent were using the latest, and arguably the best means for managing collection records—online collection management systems. Twenty-one percent maintain paper files and 16 percent use collection management software installed on their computer.
To highlight the importance of maintaining detailed records of your collection and to look at some of the best ways to build and store your records, chubbcollectors.com interviewed Robert W. Koo, president of Koo Consulting. Koo Consulting is dedicated to providing its clients (both corporate curators and private collectors) with the ability to control, track, and manage their collections of art, antiques and valuables. A key component of Koo Consulting’s service offering has been the development of a breakthrough technology for collectors, an online collection management system called ArtManager Online.
Q: Why did you enter the collection management industry?
A: I started my career as an administrator at Associated American Artists Gallery in 1970 where I was responsible for about a million items of art inventory. In those days, there really wasn’t any good system out there except the traditional library system that used index cards. To maintain records, you created index cards with the artist’s name, title and all basic information. This information was my responsibility. One day I walked into my office and there on the floor were, literally, 50,000 index cards. Since then, I started to think that there had to be a better way to manage collections.
In 1982, I started my own art management services firm. To maintain collection records, I switched from index cards to three ring binders and polaroid photos. I worked mainly with corporate collections. Even though the binder was an improvement to the index card system, I knew that there had to be a better way.
Eventually, I partnered with Pragmatix, a technology firm, to build ArtManager DOS a collection management tool for tracking and managing collections of valuables. The next release was ArtManager Windows when Microsoft provided the Windows platform. The advantages of maintaining collection records on a computer were tremendous. When the Internet became prevalent in the 1990s, it was obvious that the next step was to make information available online so clients could access their records anytime, virtually anywhere. We launched our first web-based collection management application, ArtManager eAccess in the fall of 1998. The current applications ArtManager Online Curator and Express became available to our clients on a subscription basis the summer of 2000.
Q: Why is it important for private collectors to keep detailed collection records?
A: Having detailed collection records is critical for collectors if a piece is lost, stolen or destroyed. If you need to make an insurance claim, your records can serve as proof of ownership. Also, you’re going to want to know what you paid for the item.
Having records also is important when managing taxes associated with estate planning. You will need to be able to determine the value of your inventory and cost basis information.
Records also can keep you from making mistakes when purchasing new items. Many of my private clients do not live in a single residence. They live in multiple homes, globally. I’ve had a rare book collector not realize that a broker sold him multiple copies of the same book. Many collectors do not always have a good handle on everything that they buy. They collect, and before you know it, what starts out to be a collection of 100 items, quickly becomes a collection of 1,000. All of their different homes have different collections based on a particular area of the world. Having detailed information documented early on helps collectors keep tabs on what they own.
Q: What are the main benefits a collector gains from using an online collection management system?
A: Most collectors want to know where an item is, what they paid for it, and when it was last appraised. Those are the three critical things collectors look for when looking for collection information. Having an application that’s web-based, enables them to access and share this information from anywhere they can access the Internet. If you have paper files, you have to be at the location of the files to access your information. Also, most collectors with large collections will quickly discover that paper files are extremely unwieldy and it is often difficult to quickly find the information they’re looking for.
If you maintain records on your personal computer, your information is easier to access, but you still have to be at that PC to retrieve your information. Using an off-line system doesn’t automatically prepare you for disaster recovery. This is another huge reason for maintaining online records. We had two major corporate clients who suffered losses during September 11. They were using our off-line product. They came to me because they wanted to submit a claim to their insurance company. I asked them about their off-site, disaster recovery copy of their collection information. Unfortunately, they never stored their information off-site and their collection records were destroyed along with their collection. That’s the beauty of an online system. The redundancy of back ups made by an online system helps prevent such situations.
Q: What is the next step for collection management?
A: We’re only in the beginning fringes of what we can do. Something we’d like to accomplish in the near future is indexing. This would allow collectors to compare sets of information with other online repositories. You could compare sets of information to make more intelligent purchases. For example, perhaps you could link into an online repository that shows you what works by one of your favorite artists have recently sold for. With indexing, you might be able to easily locate information about upcoming shows or auctions. We’d also like to be able to allow interested collectors to display private collections online. This would be great for sharing information for study purposes.
Attention Chubb Customers
Chubb understands the needs of collectors and we are committed to exceeding your service expectations. That’s why we’re offering customers with Masterpiece Valuable Articles Coverage complimentary access to an online collection management system—Masterpiece® ManagerSM. This system is a state-of-the-art, personal online solution for documenting and managing valuable collections. Masterpiece Manager is designed to help document and preserve information about any valuables you collect—from antique jewelry and fine art to rare stamps and vintage wine. With secure global access and live support, you'll find Masterpiece Manager simple to use; yet sophisticated enough to capture detailed records and photos for everything you collect.
To start using Masterpiece Manager today, you can go online and register yourself. The process is easy:
1. Go to www.chubb.com/personal and register on the site. (Click “Register here” beneath the log-in box and follow the instructions.)
2. Next, follow the instructions to “add” your Chubb policy(s) containing Valuable Articles Coverage to your Online Desktop.
3. Click the Masterpiece Manager link and complete the sign-up screens.
If you would like assistance setting up your personal Masterpiece Manager account, contact our Customer Care Team at 1.866.324.8222 (1.866.eChubb2).
For more information and to visit our interactive demo, visit www.chubb.com/personal/masterpiece_manager.jsp.
