While some people buy art and other collectibles because they feel an affinity for the pieces or love the designs, others buy them strictly as an investment. Whether it is a painting by one of the great masters, a famous sculpture, a rare baseball card, an antique watch, or a classic car, they hope its value will rise considerably one day.
"I am an estate and trust administration attorney, but I have a specialty in art law, and I've been dealing with art as an asset class for quite a while now," says Robert Lubera, a partner in the law firm of Lubera & Parnell P.L.C. in Grosse Pointe Farms. "Art is becoming an increasing percentage of clients' portfolios. It is a way to combine a person's passion for investing with their passion for collecting."
When it comes to buying art, and especially when you are looking to buy art as an investment, there are three important criteria to keep in mind to ensure that what you are buying is a legitimate piece of art. These are provenance, authenticity, and a good title.
"They all connect in one way or another, but they're different," he says. "Provenance is being able to track the actual piece and in a perfect world, that would be back to the artist's studio. Provenance is to an art collector as title is to a lawyer and it assists in determining authenticity."
"You'd be surprised by the prevalence of forgeries in the art world - you must be so careful."
"Good title means buying it from someone who actually owns it. There may be issues because the person selling it may think they own it, or maybe they are knowingly trying to pass it off, but they don't have good title, so it's not legally theirs to sell. This could include art taken from its rightful owners during World War II, and/or shipped illegally from other countries to the United States."
Rob advises building a really good team that will provide guidance and expertise.
"You should not do it on your own. Your team could include people like me who deal with art law, financial advisors, art dealers, art advisors, CPAs, risk management professionals, qualified appraisers and specialists from auction houses."
He says many of his clients are interested in collecting works from artists they can meet in person and develop relationships with. "When talking about investing, this might not be a bad idea because you're buying these art pieces maybe earlier in that person's career when they might be more affordable. Now, with that being said, it is not easy to know what art may appreciate significantly, so you must be very careful about anybody who promises you a rate of return or a big turnaround."
"In some sense, you want to buy art because you love it, and it touches you somehow. Then, if it goes up in value, it goes up in value, but if it doesn't, it doesn't, you still get to enjoy it."
It is also important to be aware of the costs of selling art. "Along with the direct expenses related to a sale, whether insurance, shipping, or fees from an auction house, tax planning is essential. It is very important to develop a strategy that considers the sale of the art and a client's ultimate goals."
In addition to being an attorney, Rob is also the 2024 Chair-elect of the Arts Section (ACES) of the State Bar of Michigan. This organization provides information, education, and analysis about issues of concern for attorneys throughout the State of Michigan. In 2025, Rob is slated to become the Chair of ACES.
"I've always been interested in the arts, and I have been working closely with artists and art collectors, especially over the last 14 years," he says. "My interest in art probably came from my parents first - they were truly the Renaissance role models for me," he says. "My dad's a physician and accomplished violinist, and my mom is an artist, and I grew up surrounded by art, whether it was their personal collection or the art I would see at all the museums they took me to."
Rob is actually an artist himself. "I love the digital art space, and with it, I make fabric designs and then design dresses," he says. In a recent fashion show, his beautiful, unique creations have been showcased, including one dress with a spectacular red maple design.
"A lot of my dresses are custom made, so people will come in to be measured for them," says Rob. "Then, I have someone who has historically been in the fashion industry make the dresses. Unfortunately, I have little time to dedicate to my art."
It's no wonder. In addition to everything else he does, Rob is also a strong believer in giving back to his community. He has been the President of the Board of Directors for The Helm and currently serves as Chairman of their Planned Giving Committee; he has served on the Board of Directors, Executive Committee, and Chairman of the Collections and Exhibitions Committee for the Detroit Historical Society. He has also served as the Chairman of the Board for all the Ascension hospitals in Southeast Michigan, the Grosse Pointe Chamber of Commerce, and the Grosse Pointe Chamber of Commerce Foundation.
If you are interested in learning more about collecting and investing in art and/or collectibles, please reach out to Rob and find out more. You can also follow him on Instagram: @ArtLawToday
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"In some sense, you want to buy art because you love it, and it touches you somehow. Then, if it goes up in value, it goes up in value, but if it doesn't, it doesn't, you still get to enjoy it."
"Art is becoming an increasing percentage of clients' portfolios.”
