Collection Complete: How to Make Money on Your Acquisitions
Making money off of antiques and collectibles is often much easier said than done. Even relatively rare acquisitions can be quite difficult to sell if you don’t know their value or can’t connect with the right buyer. These few tips and tricks will help you maximize your profits while avoiding some of the most common mistakes that collectors make.
Connect with Other Collectors
There are huge organizations for almost every collectible imaginable, and joining a specialty group could help you immensely. Most of these groups maintain catalogs that determine the value and rarity of each individual item. Some of them also host conventions and gatherings where buyers can connect with sellers.
Skip the Impulsive Purchases
One of the most difficult aspects of investing in collectibles is taking your personal feelings out of the equation. You are most likely passionate about your collection, but those emotions need to be ignored when you are setting prices and haggling with buyers. If your collection means the world to you, then you might not be ready to sell.
Be Patient With Your Acquisitions
Collectibles such as baseball cards and rare coins are relatively easy to sell, but you might have a tough time selling your items if they are in a niche market. You should also be prepared to have your collection on the market for at least a few months if it is relatively expensive. Buying and selling collectibles should be thought of as a passive income instead of your primary job.
Work with Experts in the Field
No matter how much time you spend researching, you will probably need to consult with an expert like Harlan J. Berk, LTD at some point. During your consultation, you will learn more about the value of your collection as well as how quickly you can expect to sell it off. Some consultants buy and sell collectibles on their own or work with auction houses that specialize in rare items.
Donate What You Can’t Sell
Donating a few items from your collection could potentially save you thousands on your state and federal taxes. Depending on the value of your collection, donating instead of selling might be a better financial decision. This is an especially good option for those who collect antique items that are desirable to museums and other non-profit organizations.
From celebrity memorabilia to comic books, buying and selling collectibles can be lucrative as long as you remain diligent. Doing as much research as possible is the best way to maximize your returns and avoid costly mistakes.