Collections:"One man's trash...."
Do you have a special something you love to collect? Something that just brings you moments of joy?
My collection started at age eight, with a trip to a local flea market. I loved the beauty of antique steel-beaded and sterling purses! Of course, our tastes change as we go through life and so do the things we find beautiful.
Often, we are faced with what to do with collections that we inherit. It may be a large quantity of salt and pepper shakers, quilts, miniature cars, or baseball cards. Or it could be an exquisite collection of paintings, Native American pottery or art glass.
When faced with a collection of things that someone ELSE thought beautiful (and we may not share their delight), we may throw up our hands and wonder, “What were they thinking”? And feel torn by the remembrance of those things in a loved one’s house and the need to settle an estate. Regrettably, many of us may be faced with these types of decisions during a very heart wrenching time But before you have the Maria Kondo impulse to rid yourself of things that don’t bring you joy….pause. And seek the input of an authorized appraiser. Why? In authorized appraisals, there is a term called the “separation effect.” It means that one or two of the items in a group of things may have higher value than the entire group itself. This is especially significant if you are doing an estate settlement and are the executor/executrix, and want a proper appraisal for division of the estate, and reporting to the IRS. So take a deep breath, remember that “beauty is in the eye of the beholder” and have an authorized appraiser assess the value of those collections.
And while we’re at it, what do you love to collect? We would love to hear from you!