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Americans take pleasure in collecting things: Some 61 percent of us accumulate items of a similar nature, with coins, toys, trading cards and jewelry topping the list, according to a 2022 survey by MagnifyMoney by LendingTree. Collectors have spent an average of more than $6,000 on their treasures.
“Owning a collection isn’t as simple as putting it in the closet,” says Joe Orlando, executive vice president of sports at Dallas-based Heritage Auctions. “It requires planning and care.” That’s especially true if you hope one day to sell or donate the collection, or you want your heirs to get prime value.
Here are five steps to being a top-grade steward of your treasures.
1. Organize it
A detailed inventory of your collection (kept either in a computer spreadsheet or on paper) is an important tool in assessing the collection’s value. A good inventory should include a description of each item, noting where you bought it and how much you paid, plus useful data such as size, age and flaws. This baseline info can give you a sense of whether you should buy additional insurance coverage and also serves as a resource for your heirs. “Make sure they don’t sell something valuable at a yard sale!” says LaGina Austin of Hindman Auctions in Boston, who is a regular appraiser on the long-running PBS program Antiques Roadshow.
2. Accurately value it
For a general sense of your collection’s worth (and you should update this estimate every few years), look at recently completed transactions for similar items at online auction sites. For example, Thomas Ruggie, 55, of Tavares, Florida, is confident that a pair of boxing trunks in his collection — worn by Muhammad Ali in the famous “Rumble in the Jungle” bout against George Foreman in 1974 — would sell for six figures, based on his research of other unique pieces of sports memorabilia.
For a more official determination, find an appraiser who is a member of the Appraisers Association of America, the American Society of Appraisers or the International Society of Appraisers, all of whose members are trained and certified and agree to abide by ethical standards. You’ll want to get two valuations from your appraisal: Fair market value is the price that a specific collectible might fetch in a transaction between a willing buyer and a willing seller. Retail replacement value is the highest amount you might need to replace your collectible with another of similar age, quality, appearance and condition. This is the estimated value that collectors typically use for insurance purposes.
An appraiser should charge a flat or hourly fee, not one based on a percentage of the item’s value. That’s a conflict of interest.
You can also get an item graded. This is common for collectibles that aren’t so rare, but for which condition can drive value, such as comic books, trading cards, coins, video games or autographs. A variety of firms perform this service, including CGC Comics, PSA Authentication and Grading Service, Collectible Grading Authority and TAG. They will assign a letter or numerical value to it, a key factor at sale. “The grading services have removed much of the subjectivity,” says Edward Jastrem of Westwood, Massachusetts, a collector of model soldiers who works in financial services and advises clients who have high-end collections.
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