The Artwork Acquisition Cost Report shows what you have invested in each artwork by combining its acquisition price with related expenses, such as a buyer's premium, advisory fees, taxes, shipping, framing, or installation. Generate it as a PDF to review and share, or as a spreadsheet for a more detailed look.
It gives you one organized record to hand to an accountant, estate planner, wealth advisor, appraiser, or anyone else who needs a consolidated view of the acquisition costs and expenses you've recorded.
Note:
The Artwork Acquisition Cost Report is only available on Organization accounts
When to Use an Artwork Acquisition Cost Report
This Report is helpful when you are:
Preparing records for estate or succession planning
Sharing acquisition costs with an accountant or financial advisor
Organizing records your accountant will use for cost-basis preparation
Reviewing the total amount invested in individual artworks
Preparing collection records for an appraisal
Documenting purchase-related expenses for your own records
Note:
This Report summarizes the information recorded in your Artwork Archive account. It does not calculate tax basis and is not tax or legal advice. Your accountant or advisor can tell you which expenses belong in an artwork's cost basis.
What the Artwork Acquisition Cost Report Includes
Depending on what you have recorded, each artwork in the Report can show:
Artwork title, artist, and inventory number
Acquisition date and acquisition price
Total expenses linked to the artwork, within your selected expense period and categories
Combined acquisition price and expenses
Fair Market Value
Most recent appraisal information, when available
The acquisition price comes from the artwork's Acquisition Details. It is separate from the artwork's Retail Price, Fair Market Value, Insurance Value, and appraisal values.
Only expenses linked to a specific Piece appear in this Report. General expenses that are not linked to a Piece still appear in your Income and Expense Reports.
Create an Artwork Acquisition Cost Report
Navigate to Reports/Docs > Reports in your left-side menu
Select New Report at the top right
Choose Acquisition Cost Report
Search, filter, and select the Pieces you want to include
Enter a name in Name of Report, which appears on the Report itself
Choose what to include:
Under Report Options, choose whether to include today's date and, for PDFs, artwork thumbnails
Under Expenses, set the Expense Period to All Time or a Custom Date Range, and choose All Categories or Selected Categories (see Choose Expense Categories for Artwork Acquisition Costs below)
Under Contact Info, choose which contact details appear on the Report and whether to show your profile image or logo
To reuse these settings later, check Save as Template and enter a template name
Select Generate PDF or Generate Spreadsheet (.xlsx)
PDF creates a polished summary that is easy to review, save, or share
Spreadsheet (.xlsx) creates a detailed file you can open in Microsoft Excel, Google Sheets, or Apple Numbers
Your Report is saved on your Reports page, where you can view, download, or share.
You can update a saved Report's settings at any time. Select the pencil icon next to the Report on your Reports page, make your changes, and generate an updated version. Learn more in How to Edit a Report in Artwork Archive.
Read Your Acquisition Cost Report PDF
The PDF opens with a summary of the whole Report: the number of Pieces included, Total Acquisition Price, Total Associated Expenses, and Total Acquisition & Expenses.
Total Acquisition & Expenses combines each recorded acquisition price with the expenses that match your Report settings. If you choose a Custom Date Range or Selected Categories, the expense totals include only those expenses.
Each artwork follows with its artist, title, year, medium, dimensions, and inventory number, next to its acquisition price, total associated expenses, and combined total. Fair Market Value and the most recent appraisal appear when they are recorded.
Read Your Acquisition Cost Report Spreadsheet
The spreadsheet version includes two worksheets, one for the big picture and one for the details behind it.
Artwork Summary Worksheet
The Artwork Summary has one row for each Piece, with columns for inventory number, artist, title, acquisition date, acquisition price, total expenses, total acquisition and expenses, Fair Market Value, and appraisal details. A Totals row at the bottom adds up the acquisition price and expense columns.
This is usually the worksheet an accountant, advisor, or collection manager will want first.
Expense Detail Worksheet
The Expense Detail has one row for each linked expense. It includes the expense date, category, description, payee, amount, notes, and the Piece the expense belongs to, with a Total row at the bottom.
Use this worksheet to review the individual expenses linked to each artwork and see how they contribute to the expense totals in your Report.
Choose Expense Categories for Artwork Acquisition Costs
Choosing a category for each expense makes your Report easier to read and easier for your advisors to review. These expense categories are especially useful for acquisition-related costs:
Buyer's Premium / Acquisition Fees: auction-house buyer's premiums and other transaction fees paid when acquiring an artwork
Art Advisory / Consulting: fees paid to art advisors, consultants, or collection professionals for acquisition, collection, or other art-related guidance
Taxes, Duties, And Licenses: sales or use taxes, customs or import duties, and applicable licenses or permits
Shipping: packing, crating, freight, courier services, and artwork transportation
Framing: framing or otherwise preparing artwork for presentation, exhibition, or sale
Installation: costs of installing, mounting, or placing the artwork
Appraisals: fees for professional appraisal services
Tips for a More Complete Acquisition Cost Report
Record what you paid in the artwork's Acquisition Details, not in the Retail Price field
Link each related expense to the correct Piece
Choose a category for every expense rather than leaving it as No Category, which is harder to interpret later
Add the expense date, payee, description, and notes
If one invoice covers several artworks, split it into separate expenses and link each portion to its Piece
Review appraisal and valuation details before you generate the Report if you want them included for reference
Did you know?
If an artwork has no acquisition price recorded, its linked expenses are still included in the Report. They appear in the artwork's Total Associated Expenses and are counted in the Report's Total Associated Expenses.
The artwork is left out of Total Acquisition & Expenses, both in its own entry and in the Report total, so its expenses are not mistaken for its acquisition cost. The Report also notes how many Pieces are missing an acquisition price.
Report Acquisition Costs in Multiple Currencies
The Report does not convert between currencies. Each acquisition price stays in the currency it was recorded in, and totals are separated by currency where needed.
If your Report includes purchases in more than one currency, your accountant or advisor may need to apply historical exchange rates before calculating a final cost basis.
Did you know?
From creating your first Report to saving templates and choosing the right Report type, our complete guide covers it all.