Considerations for Collectors
May 1, 2010
Gina M. Barry, Esq.
Spring has sprung, and many of us have begun our spring cleaning. As we clean, we often find ourselves clearing the dust off of our collections. Some items we collect have great monetary value, while others have sentimental value. Many enjoy the challenge of obtaining rare collections, which, if substantial, may bring renown amongst collectors and non-collectors alike. Other maintain collections that tell the family history. This year, as you dust your collectibles, keep the following in mind.
First, it is important to properly document your collection. Be certain to record the purchase date and price, as well as the condition of the item and any identification numbers or other identifying information. Be sure to retain any documentation relative to the acquisition of the item. Also, if your items are not located in an obvious location, provide location information for each item. If you have chosen to insure your valuables, you should also be sure to maintain current copies of all insurance contracts.
As you obtain items, it is important that you store them properly and in an appropriate location so as to preserve their condition, and hence, their value. If you have obtained an item that is not in mint condition, consider whether restoring the item will be profitable. An imperfect piece could be more valuable than a piece that has been altered from its original state.
You may read more at the link below.
by: Gina M. Barry
Prime
May 2010
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