by Janet Schiesl

Basic Organization

We all have a collection (or two). Even me!

From my perspective, it’s NOT OK to collect, for the sake of just having things. But it’s OK to have a collection. What’s the difference, you ask? In my mind, a collection is a group of items you gather together and take care of and it’s things you love. To collect is to keep things without meaning or usefulness.

A collection is a select number of any one type of item that you take pleasure in owning. 61% of us accumulate items of a similar nature (coins, toys, trading cards, jewelry) according to a 2022 survey by Magnify Money by Lending Tree. Being a responsible collector means taking care of your collection, especially if you want it to retain value over time.

Here are 5 things you need to do to take care of a collection:

Organize

A detailed inventory is a good tool when you need to assess the value of your collection. Whether you create a spreadsheet of information or use a service or app, it should include a description of each item, with measurements and flaws, and note where you purchased it and what you paid. Some inventory applications that you may want to check out are Artifcts, HomeZada, Sortly, or Pinventory. to name a few. There are many of them out there, so do some research to find the right one for you.

Accurately Value

You should know the general worth of your collection. An easy way to do this is to search for recently completed transactions on eBay for the same or similar items. If you want to work with a professional, find an appraiser through the Appraisers Association of America or the American Society of Appraisers. Expect to pay a flat or hourly fee to work with an appraiser.

A few things to note

• Know the difference between an appraisal for fair market value or replacement value.
• You may want to get items graded, which means evaluating the condition each item is in.

Proper Storage

Where you store your collection is important. Look for a cool, dry, and dark place. But, your basement may not be the best storage option. The humidity in some basements may cause mold or mildew, so run a dehumidifier to protect your items from damage. Even if you want to display your collection it’s important to preserve their value when displayed. There is a great book called Saving Stuff, written by Don Williams, a Smithsonian Senior Conservator that covers how to preserve a wide variety of collections.

You should also store receipts and the original packaging, since these may make your items more valuable. so consider how much space you will allot for storage when starting a collection.

Keep Clean

Be very careful with how you clean your collection. Again, a little research may go a long way to not making a mistake with cleaning products that could degrade your items. Even refinishing and repairing an item could lessen its value if you want to sell it in the future. Now, if you want to use the item, then go ahead and make it functional. I say enjoy those things that you love and make more memories around them.

Plan for the Future

Who will inherit your collection in the future? If one of your children loves the same kind of collecting you do and wants your collection, then count yourself lucky. Most of the younger generation isn’t interested in the same things. either way, your heirs will benefit from all the information you have gathered about your items. Make sure you note in your estate plan which person should be gifted your collection. Write down why it’s important to you, what they might do with it, and where/how they might liquidate the collection.

What Not To Do

Don’t stress over the value of your collection. The going price of anything fluctuates with time, so it can be unpredictable. My advice to you is, if you think your collection is valuable and you are saving it for your kids, take the time to sell it now. Don’t leave that project to someone else.

Bottom Line

Care for items while they are in your possession, but if they no longer bring you joy then sell, gift, or donate and let someone enjoy it.

For more information, contact Janet Schiesl.