A cure for exhibitor's enthusiasm

Article Abstract:

Private museums often fail because of inaccurate assessment of the the potential income of a site as a tourist attraction, an under-assessment of costs, and lack of professional advice. The costs of insurance, supervision and physical security, and the costs of the physical plant and displays can often prove prohibitive. Most private museums are unable to survive on entry fees alone and must derive income from marketing efforts, such as gift shops, that tie up large amounts of capital. Public sector financing is generally not readily available and those interested in establishing a private museum must assess the potential gate revenue in terms of the the law of diminishing returns.

Accounting and auditing, Accounting, Museum finance

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Valuing priceless objects

Article Abstract:

The valuation of antiques for insurance purposes is discussed. Restorations, if well done, generally enhance the value of functional items such as furniture, but usually detract from the value of decorative objects. Price guides to antiques should be used with care, especially guides that have not been recently updated. Auctioneers are a good source of information for most antiques, but they may have trouble assessing the value of large and specialized collections. The security measures for protecting collections against theft are also discussed.

Insurance, Valuation, Antiques, Art objects

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