Antiques, Collections and Things – Oh My!
June 27, 2007
Many of us collect “things” – some of them more valuable than the rest combined. We appreciate the beauty of things, and we take pride in owning them. We enjoy the challenge of obtaining rare collections, which, if substantial, may bring renown amongst collectors and non-collectors alike. If you have, or intend to have, cherished collections that are of substantial value, there are several considerations for you to keep 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 your 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.
Further, it is extremely important that you take all necessary steps to safeguard your collection. …
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by: Gina M. Barry, Esq.