If you are an artist, keeping a good quality photo-collection of your work is a must. It provides a record of your sales and development over the years; proof of existence for insurance claims; a database for producing prints, greetings cards etc; and may be invaluable if ever a printed retrospective of your work is published. Most artists underestimate the value of this and often live to regret it.
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If you are an investor or you have a sentimental attachment to a piece of art, a good photographic record, is imperative. Apart from insurance purposes, in the event of damage or loss, with good records, repairs can easily be effected or an excellent likeness re-painted as a replacement.