Why collectors manage their collections digitally
As our world becomes more digital, it’s no surprise there is an increased demand for managing physical collectibles in a digital way. In this article we’re looking at the three core reasons collectors are moving their collections online: (1) to better enjoy their collection (2) to ensure better financial security (3) for simplicity and saving time.
Nearly $5 billion of art and collectible is bought online annually, and processes for managing collections online is growing alongside the market. At Codex, we’ve been implementing features to make digitally managing your collection sophisticated and easy. Let’s look at the the improvements that managing your collection digitally can add to your life as a collector.
Enjoy your collection
One of the things we hear time and time again from collectors on Codex is that they are able to enjoy their collections more when they’re managed digitally on Codex. As a collector, you may be buying multiple items online every month from your favorite auction houses, like LiveAuctioneers. With many items coming in, it can be difficult to remember what you have. And tracking the items by writing them down in a spreadsheet or on a notebook doesn’t give your items the dignity they deserve. Collectors are unable to visually appreciate their collectibles if they aren’t viewable anywhere.
Using Codex as a digital photo album to track your collection lets you enjoy the pieces you’ve collected. You can easily view and scroll through all of the items you collect in one place.
You’ve gone through a lot of work to collect your pieces, you should share them with your communities. Every item you add to Codex is called a Codex Record. If you set your Records to “public” in the settings, you can share each item on social media. Post the link to your Records on your social platform and share the story behind your collectible.
Codex Records have custom social media preview links (shown in the image below) that makes sharing your items presentable and personalized.
Curious to learn more about your item? Posting your Records on different social forums can help you discover more about your items. Collectors have strong online communities on platforms like Facebook, where they knowledge share and gain access to helpful information about their collectibles.
Managing your collection digitally on Codex ensures security. Records on Codex can’t be accidentally deleted and you don’t risk losing the information due to a hardware crash on your computer or damage to the physical copies you store.
As we discussed in this article, the value of an item is in its provenance. According to the 2019 Deloitte Art & Finance Report, 79% of wealth managers believe that blockchain will improve provenance traceability of art and collectibles. Storing this information securely on the blockchain gives you confidence that you are properly maintaining the value of your items.
For a majority of collectors, it makes financial sense to insure collections as a whole rather than obtaining individual claims per item. On-demand, online insurance coverages are becoming the norm for the items in our every day lives. Gathering all of the provenance and financial information about your collection in one place makes it that much easier to submit claims online to platforms like Sure or Lemonade.
Getting your entire collection organized in one place can seem like a big task and we understand that. On the other hand, continually printing out PDFs, filing them away in cabinets and misplacing them creates time loss on an ongoing basis. With Codex’s White Glove service, we aim to minimize almost all the time collectors spend organizing their collections. Send us your spreadsheet or forward us all of your email invoices and we create the Records for you and transfer them into your account.
Managing your collection online on Codex should make your life easier! Create a Simple Login account and sign up via email or Google account. It’s an intuitive platform that’s designed to help collectors quickly and easily manage their entire collections in one place. Sign up here to try it out!
Codex is the leading decentralized asset registry for the $2 trillion arts & collectibles (“A&C”) ecosystem, which includes art, fine wine, collectible cars, antiques, decorative arts, coins, watches, jewelry, and more. Codex will be adopted by the Codex Consortium, a group of major stakeholders in the A&C space who facilitate over $6 Billion in sales to millions of bidders across tens of thousands of auctions from 5,000 auction houses in over 50 countries.