Fine art collecting has become big business, and as more people seek out sought-after works of art, the demand for art storage facilities is also rising.
Surge in Demand
According to The Telegraph the global art market is booming, with sales in 2014 alone reaching a high of £37 billion.
Many people who purchase fine art do so for investment purposes, rather than for personal appreciation in their own homes. It’s not hard to see why savvy investors are choosing fine art over more traditional options such as savings or bonds, with interest rates at an all-time low.
Additionally, with more museums and art galleries popping up or expanding, and increasing numbers of collectors adding to their holdings, it’s easy to see why there’s been a recent rise in demand for art storage facilities.
Whether you have a fine art Giclee printing from printers such as http://www.river-studio.com/fine-art-printing/fine-art-giclee-printing.php, or you have a collection of prized family heirlooms, there’s a wide choice of art storage firms appearing on the market.
Many of the big-name providers, such as Cadogan Tate in London or Crozier, are increasing the number and size of their facilities to accommodate the surge in demand. It’s not just in the UK, Europe and the USA, where art enthusiasts are seeking storage solutions, but providers are responding to increasing demand by opening up in the Far East and beyond.
It’s also the large size of many pieces of artwork that collectors own or buy that’s fuelling the demand for extra storage space. Many of the pieces found in storage may even be destined for art fairs.
Finding the right storage solution is essential for art collectors or dealers, especially with the phenomenal value of some art pieces to consider. Storage providers need to offer fireproof buildings, surveillance cameras, motion detectors and fully-trained security staff. Some providers also offer shipping and transportation services, including crating, customs and condition reports.
Increasingly, art collectors and insurers are keen to assess the location of the storage facilities to see they’re not at risk of flooding or other environmental impacts. In recent years, some art storage providers have been subject to extreme weather and flooding, damaging precious pieces worth millions of pounds.
Art collectors or art institutions store their works in private or public viewing rooms, often in combination with other collections.