Considerations for Collectors
June 1, 2013
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 only sentimental value. Many enjoy the challenge of obtaining rare collections, which, if substantial, may bring renown amongst collectors and non-collectors alike. Others maintain collections that may not have great monetary value, but that have been passed down through the generations or that tell the family history. This year, as you dust your collectibles, you should 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. …
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by: Gina M. Barry