You Have Bought A Painting: What Should Be Your Next Steps?

By Author: Harry Reinhold
Total Articles: 53
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Investing in art pieces is a wise decision. Displaying interesting pieces of artworks throughout the home is a great way to upgrade your home décor. It shows that you have taste in good things and it also helps to create a lasting impression on your guests. However, there are few things that you need to keep in mind when you invest in paintings and artworks. Today, we are going to discuss these areas of concern so that you know what to do.

You can commission an artwork (not mandatory to make your purchase from the existing collection):

The best place to purchase a painting is from a recognised art gallery. There are numerous galleries in Melbourne that frequently display paintings of local Melbourne artists as well as international ones. Every month you will find a different collection on display. You can either purchase from the existing collection or you can commission one of the Melbourne artists to paint as per your specifications. If you have a specific theme in mind that will go well with your home ...
... décor, you can have a detailed discussion with the artist where you clearly explain what you want. Many of these artists are open to commissioned work. They will draw the painting as per your specifications.

Paintings are tax free:

Yes, you read it right. One of the major reasons why many homeowners invest in paintings and artworks is because they help you to save during taxation. However, before you make the purchase you need to know the laws of the land and you need to find out what kind of tax exemptions you will enjoy. The best solution is to consult a lawyer to find out more about these. Hire the services of a seasoned lawyer who will guide and assist you with all possible information.
There is another factor that you need to keep in mind here. If you are buying the painting in Melbourne and then getting it shipped to your country, you need to find out what taxes might be applicable. In addition to the shipping charges, you might have to pay tax. But this varies from country to country. So, it is best to consult the lawyer to find out all the crucial details.

Insure the painting:

Once the painting is delivered, you need to get the piece insured immediately. Speak with the same lawyer and find out all about insuring the painting. At the same time, you need to consult a reliable insurance agent who will help you better understand why you need to insure the painting, what amount should you insure for it and for how many years. We suggest that you insure the paintings at least for the next 30 years with the provision of renewal after the completion of these 30 years.
Insuring the painting is one of the wisest decisions you will make. Since natural calamities and unforeseen events can happen any time, you have to prepare for the uncertainty. What if the painting gets stolen during a burglary? Or there is a fire outbreak in the house and the painting gets destroyed? What will you do then? You have spent thousands of dollars to make the purchase and everything is lost in a fraction of second. When such things happen, the only consolation is that you can successfully claim the compensation amount.

Proper care and maintenance of the painting:

Once the painting is displayed, it is bound to accumulate dirt and dust on a regular basis. You need to use a lint free piece of cloth to wipe the painting to remove the dirt. You cannot let the dust accumulate otherwise the beauty of the painting will get affected. If the painting is displayed in a high traffic zone, you need to be more careful. Use a hand vacuum cleaner on a regular basis to remove the dirt from the painting. If the painting is a few years old, you should get in touch with the original painter or a service provider who offers touch ups to paintings. This is crucial because this will help to retain the beauty of the painting. Otherwise with the passage of time, the painting will start to look dull, boring and outdated and trust us you don’t want this to happen. Taking proper care along with regular maintenance is crucial for ensuring the longevity of the painting.
Final words
Whether you are an art connoisseur or a first-time buyer, you will find the above-discussed pointers very beneficial. It is important to know how you can make the most of the paintings that you have displayed in your home. You can always consult the art curator, the painter and the lawyer to clear all your doubts. Now the only task left is to shortlist a reliable art gallery in Melbourne from where you can purchase a good and interesting painting. Start your search now so that you come across the painting at the earliest. Make sure that you will take proper care of it for as long as you own it. What do you think? Let us know in the comments section.
About the Author: If you would like to know more about the Melbourne Artists then please take a moment to read the contributions made Harry Reinhold.