We all know collectors. My Dad was a compulsive one, a collector of collectibles ranging from biblical antiquities, books, old newspapers, and American ephemera to ball point pens and elastics. The typical collector enjoys the fun of the chase and never has enough. They often have a hard time departing with their amassed legacy. The thrill is in the hunt and lasts only a few days until new prey comes along. I grew up in such an environment and will reflect upon experiences learned along the way. About a year ago my brother and I were in the midst of selling our deceased parents estate which was an accumulation of 140 years of combined collections. The collection was located in their condo on the west coast of Florida. We both live up north.
With the impending hurricanes a few weeks ago I have been thinking more and more about the philosophy of collecting in general. Our Dad would have been one of the ones who wanted to stay behind when told to evacuate during Hurricane Harvey or Irma. He would have risked his life to preserve his collection. To much of the millenial generation we live in disposable and replacement mode and can easily buy new things. For my Dads generation people held onto their acquisitions with pride. Luckily he did not have to make this decision, however I do empathize with the many who have had their homes and collected personal history's devastated this past September.
Back to my discussion, there does comes a point when the collector can no longer collect and more often than not, their children don't have space or interest to sustain a said collection. Often its location is no longer manageable. Perhaps no one can explain this situation better than Ellen Stern in a New York Times article last week , where she highlighted the history of her husbands art collection.
After the Chase, the Long Goodbye. The pieces you collect become a vested part of yourself and you begin to nurture them like children. Ms. Stern took the longer and more difficult path to disperse of this collection after her husband's recent death. She is working with Sotheby's to begin the process of auctioning off key pieces beginning early November. She is dedicated and able to spend the necessary time to pursue the best options to find new homes for several cherished items.
We used a similiar auction house to deal with a specific subsection of our parents collection as we also wanted the assurance that each item would find a new loving home. As a full disclaimer this was a luxury in that we were able to hold onto our parents property for an extended length of time to research optimal estate vendors. Retrospectively this actual cost may have outweighed the benefit particularly if the hurricane were to hit last year. This would have been a risk not worth taking as much may be been destroyed with flooding.
Many people in the position of needing to downsize or handle the sale of a deceased loved one's estate don't have time or money on their hands. It is often common to have to empty the contents of ones property within a short time frame to settle the estate. When time becomes an issue there are estate sale companies that can come in and handle the process from full house to broom swept floors for a price. If you live out of state and have to deal with a family estate this may end up being your best option after weighing in travel or shipping costs to physically deal with everything at a more convenient location.
Last week, coincidentally after reading the NYT article we had a presentation in my real estate office by a representative from one of the leading online estate sale companies. This company will come in and assist home sellers with the almost complete liquidation of the internal remove-able contents of their property. They will assess a monetary value to these items but typically take most items to a midwest offsite facility where they will sort through, price, photograph and set up an online auction for 5 days. All bids will start at $1 but collect close to market value as the auction time closes. Generally they sell most items and will donate the balance. Other companies will come in and do an onsite sale. With this type of sale often the seller can put a reserve on items they don't want to sell below a certain selling point.
Depending on the timeliness and desired outcome of the sale, different options work for the specific situation. The reality is that we can't take everything with us and in order to get the optimal amount for a collection one should really plan its demise while they are healthy and able. My Dad knew the dealers he bought from and would have been able to obtain the most leverage if he tried to resell things instead of leaving all to us. I am positive we sold much below appropriate value just because we had to get rid of things. Leaving a collection to the hands of the next generation has inherent risks of not being as valuable to the new owner or not being appreciated for the same intrinsic value as the original acquirer.
Having gone through the process of downsizing twice with my parents and in-laws I have learned a bit along the way. I do admit that I put some reserves on a few of our parents items that now sit in boxes in my basement. My husband too has boxes of stuff from his parents home. Much of what we have most likely takes up space and will take time to sell. This makes it more difficult for us the think about downsizing which I often idealize toward as an empty nester. A few days ago I drove by my parents house. It was in process of being torn down. It was quite sad to see but reminded me that there is no longer the childhood home for me to visit. It is now the memories in my head that will continue to preserve the legacy of my our parents generation.
Wendy is a realtor with Coldwell Banker Needham. Having earned her SRES she enjoys the opportunity of helping those who may need an extra hand in helping their loved ones deal with the stages of downsizing or transitioning from their primary home to the next phase.
