Collector’s Corner

COLLECTORS CORNER

by Jim Olson

Recording the Collection

It happens pretty much daily. Someone tries to sell a collection which belonged to a loved one who has deceased—and they have no idea of what it is, or the value. Unfortunately, they wind up at the establishment of a person whose theory is, “They should do a little research before selling,” or “It’s not my job to educate ‘em and buy it too.” Sad but true, there are some out there who just love it when someone “Doesn’t know what they have.” They circle like sharks.

Would you like to avoid having your heirs wind up in the aforementioned situation and sell your cherished collection for pennies on the dollar? Then you had better start keeping records. As dealers, we hear it every day, “My kids just don’t care about this stuff.” However, there is something you can do to help your heirs from beyond the grave.

A good suggestion is try to educate your heirs about the collection—the history and possible monetary value of it. But, unless they are interested, it will probably go in one ear and out the other. People generally tend to only retain the information they are interested in, and if your collection is not high on their radar, you had better start thinking of other ways to make sure they know what they have after you are gone.

Many folks start liquidating in their twilight years. “It is easier to leave money than items, which would probably end up in a yard sale, because they don’t know what they have.” This is a common phrase with aging collectors. But what if you don’t want sell and wish to enjoy your collection till the end? Perhaps you even hope that one of the kids or grandkids do take an interest in it some day. Or worse yet, what if something was to happen to you sooner than expected? Are you prepared? Would the collection be in good hands?

One of the best things you can do is keep records of the items as they are acquired. A receipt is a good start. However, we see it all the time where someone has inherited a collection and there is a drawer full of receipts which mean nothing to them. They don’t even know which item belongs with which receipt and half the time, either some

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Some of the better recorded collections we have come across are numbered (usually with a little tag or something in a discrete place on the item) and there is a corresponding catalog or ledger. In the catalog or ledger, there is a brief description and a value (or what was paid for it).

For example, if you bought an original Coca Cola sign for $500 dollars, you might place a small tag on it somewhere and give it a number. Then, in your ledger write: Original Coca Cola sign, circa 1940s (not a re-pop). Pd. $500. Then keep the original receipt with the ledger in a safe place. If you happen to sell that item before passing, draw a line through it and/or mark it as sold and date it.

By doing the above you have accomplished several things. First, you have left good information for an heir so they know what they have. You have given them a general idea of value (of course this can change with market conditions, but at least it is a starting point). By keeping the receipt it helps provide provenance (which can be important when selling) and if you happen to have already sold it, by marking it as such, your heirs don’t suspect the item has gone missing (not a happy situation because then accusations can fly). There is no question about the item if properly recorded in such a manner.

Other helpful hints we have came across are instructions such as, “If you need to sell this contact ________ they are reputable dealers and know what it is.” Or, “My friend ________ has always wanted to buy this, talk to him about it first.” We have also seen auction catalogs of similar class items left for the heirs, so when they find the catalogs they have material to go over which they can educate themselves with. We have even seen it mentioned in a person’s will, “When I pass away, call ________ too disperse of any items in the collection you don’t want to keep. I trust them to handle it properly.” Instructions such as these can be very helpful.

None of us like to think about our demise, but as the saying goes, “There aren’t any of us getting out of this ol’ world alive.” So one of the best things you can do as a collector is to leave good records so the collection doesn’t fall into improper hands. One of our duties as collectors is to help preserve the articles in a proper manner so the next generation can enjoy them as well. Part of that duty involves getting the items into good hands when we are gone — and good record keeping can assist greatly in that process. ▫