My Collection: Donate, Sell or Gift to a Friend?

from Helaine Fendelman of NYC

Burt, my husband, and I have sold three different collections of our own. As well versed as we thought we were at identifying the venue and date and negotiating the contract, the first sale was a steep learning curve. Now, as an aspect of our respective legal and appraisal practices, we have put our hard earned knowledge to work to advise clients who own individual pieces and large or small collections of all types of antiques and collectibles on the best ways of donating, selling or gifting their treasures.

First it is important, no matter what one owns, to have an up to date document listing each piece individually. A not for profit institution or an auction house will need this information. This is for your own protection or if the object/s are lost or damaged while in possession of a moving company, sales representative or other such entity. If you do not have a current list, hire an advisor, an appraiser, use a computer arts program or write a listing to describe each object. Descriptions should follow the Getty ID system giving date, size and other essentials for each piece. A photo and a fair market or insurance replacement value should correlate to each item. Doing this yourself may be cheaper but it will not afford you the opportunity of sharing your collection and knowledge and the objectivity and input of one in the marketplace.

Making a decision about the dispersal of one’s treasured objects is not an easy one. For most of us, our collections are “our” children and we have an emotional attachment, which may hinder clear vision! This is why it might be important to think about hiring an advisor. The business of donating, selling or gifting a collection is far different from collecting and even buying and selling pieces. Not all of us are lucky enough to have the expertise necessary to navigate these other worlds nor do many collectors really know the vagaries of the auction or dealer worlds. Some of the pitfalls include finding the appropriate place to donate. There are many well-respected small museums throughout the US who would be delighted to receive collections. Are there contracts involved in this type of transfer? What are the necessary steps one has to climb to achieve a successful result? Should I consign or sell the collection to one dealer, a number of dealers? What are the risks and rewards? Whose checks are good? Whose not? There are specialty auction houses for all types of antiques and collectibles, even collections of glass. Which one to choose? What is the reputation of the auction house? Speak with references about their dealings with their sale. Which one will treat your treasures with the greatest respect? How do you offer the collection? How do I reach the right person? What if the well-known auction houses do not want to sell your collection? Who has the best track record? When is the best time to sell? Is it possible to negotiate the contract? Is it possible to gift some part of the collection to a friend or relative? How is that accomplished? Is it possible to do all three?

If you are lucky enough to hire a competent, compassionate advisor who will actively listen to you the collector, all these questions and many more can be answered in a relaxed atmosphere so that relatively stress free and intelligent decisions are made