Why Appraise your Collection?

I once sat beside a chap on a plane who was a travelling salesman.  He took note of the sports memorabilia magazine I was reading—it turned out he collected World Series press pins dating back to the 1920s. However, his real passion was acquiring model trucks gifted to clients as promotional souvenirs from the companies he dealt with across North America. When I asked how big his collection was, he reached into his briefcase and removed a thick folder with an inventory of all his items on a spreadsheet. He explained in detail how it not only helped record what he owned but was also vital for insuring his treasures. My newfound friend couldn’t stress enough how critical it was to document, photograph, video, and have our expanding collection appraised. I suggested it sounded like the prudent thing to do. I never did. 

Like many collectors more focused on stories than sales, we insured our collection with a blanket policy highlighting the rarer items for fire, theft, water damage, etc. but not a detailed account of everything we owned. When the collection was sold to the Museum of History in 2016–17, they required a certified appraisal along with a documented list of items that included cost, estimated value, description, and a photograph of each individual piece. There were a few thousand in the collection, and all I had was a small journal listing items on my wish list to complete sets or to avoid duplicating. It was a logistical nightmare. 

With the help of half a dozen friends we bored through everything over the course of a week, but I spent months organizing and working with appraisers. If I hadn’t had the journal, who knows how long it would have taken. Folks, don’t make the same mistake.

Beyond helping a large-scale sale or donation go smoothly, having your collection appraised is a way to prepare for the worst. A certified appraisal can be used as collateral. An unvalued collection can hold up an estate distribution, complicating the grieving process. The ugly word divorce can cause enormous friction when it comes to dividing assets. Would you like to end up in court arguing over the value of a baseball card or a Royal Daulton saltshaker? It happens. How would you feel if you lost precious artifacts to a fire, flood, or, worse yet, theft and had nothing to show for it?

Collectors like me believe our passion to be driven by stories, events, admiration for what we seek. That may very well be true, but it’s still comforting to know there’s monetary security if something goes drastically wrong. Think about it this way: You can always buy something else.

I’m not going to suggest it’s not agonizing to execute this process. Appraisals are time consuming. Details can prove elusive, and it can be hard to learn that a beloved piece may not be worth as much as you hoped—that it’s priceless, but only to you. However, moving forward, adding new acquisitions will be nothing more than a simple journal entry. And you, like my friend from the plane, can rest easy knowing that every treasured item on your (very detailed) spreadsheet is well accounted for.