Other Considerations: Appraisals - Insurance - Records

There comes a time in every collector's experience when they must consider the safety and value of their collection(s). This is a unique and very personal issue. It can present itself at any time in the collecting process... after the third item; or the thirtieth, or the three hundredth! Each individual must decide what steps they must take to feel comfortable about the safety of their investment for any collection represents an investment of time, emotion and money.

At the very least, you may want to maintain records of each item in your collection. Identifying information such as name, piece or mold number, size, identifying marks (age identifying and manufacture identifying), purchase price and current market value are all good aspects to record. You may want to record special circumstances relating to how you acquired the item, ie. "present from" or "anniversary", etc. Pictures of each individual item are also good to maintain including several views of the item and the identifying marks. Computer technology now allows you to keep all this information easily in one place... on one disc. Keep this information current as you add to your collection and as market value changes. AND always keep a back-up disc.

Getting your collection appraised. If you are considering having your collection insured; an appraisal is the first step. If you intend to will your collection to family, friends or charity; having it appraised may avoid potential stressors at emotional times. Also donating to charity and using these donations as tax write-offs; suggests the need for appraisals.
However, appraisals can be costly and need to be updated as times change and your collection grows or changes. Know whether you need a "replacement" appraisal or "fair market value" appraisal as they may be different. Know that you are using a reputable appraisal service who has Your interest as their priority. Don't use the same dealer to whom you intend to sell all or part of your collection. Their interests cannot be overlooked in this situation.
The Internet can help you find a good appraisal service. The telephone book's yellow pages may give you a place to go close to your home. If you are a member of a club or collectible organization; you can usually get direction from these sources to reputable appraisal services. Talk with co-collectors as they may be able to direct you. If your intent is to use this appraisal to get insurance; check with the insurance company to assure their acceptance of the appraiser you choose. Also consider whether the appraiser is coming to you and your collection or must you take your collection to them... and if so how they will protect your collection while in their possession. Request references and review their credentials. Be sure the appraiser gives you the reference sources used in making your appraisal.

Either of these sites can help direct you to finding a reputable appraisal service near you.

American Society of Appraisers  www.isa.appraisers.org

Appraisers Association of America  www.appraisersassoc.org

Then, you decide whether "to insure or not to insure". Again, question replacement verses fair market value. Many collectibles can be replaced only with a newer version of the item or through the secondary market. Determine the cost and requirements insurance companies need from you and then decide what you want to do. As in all issues of insurance; do you really need it.... until you really need it!!! You must determine what YOU need for your peace of mind and to enjoy your collection. There is no right answer; there is only your answer.