You have spent a lifetime building your collection of artwork, figurines, stamps, toilet seats, or Star Wars memorabilia. You’ve spent time and money carefully curating pieces that bring you joy and add value. Over the years, you have acquired knowledge and become an expert. But now you are moving to a smaller home with less space to store your cherished items. Or maybe your collection requires more upkeep that you can provide. Whatever the reason, here are some things to consider before you downsize your collection.
Inventory and Appraise Your Collection
Firstly, you should prepare a detailed inventory. Identify any high-value or rare items and include that information in the list. If you pass away unexpectedly, you don’t want your heirs to sell a valuable piece at a garage sale or donate it to a charity shop.
To find approximate value, check trading websites specific to your collection or use a general auction site like eBay. For unique or expensive collections, hire an experienced appraiser to help you determine market value and replacement value.
Pass It On
If you are fortunate enough to have a family member who enjoys your collection and is willing to accept it, then pass it on. Not everyone is so lucky. Many children do not want their parents’ stuff. Discuss the collection with your family and friends to see if there is someone interested in taking it. Remember, you don’t need to give the entire collection to one person. Feel free to gift pieces to different people and spread the joy!
You could also sell the collection in its entirety or piece-by-piece, keeping only the specific items you love. Some collectors arrange to donate their collections to museums or local galleries. Whichever you choose, make a plan and let your heirs know your wishes.
Consult an Expert When…
Some collections are more difficult to downsize than others. Weapons (swords, knives, firearms, etc.) may be restricted or prohibited. Most types of weapons require ownership, sale, and transportation permits. They also require special handling and storage. Ensure your beneficiaries are knowledgeable and willing to manage the responsibilities before you bequeath these items.
Did you know it is illegal to bring endangered species (flora or fauna) into Canada, even as a vacation souvenir? These items fall under CITES (Convention on International Trade in Endangered Species of Wild Fauna and Flora) legislation. It can include furniture and musical instruments made with certain types of wood (e.g., Brazilian Rosewood) and some animal-related items (ivory, taxidermy, feathers, turtle shells, coral, etc.). And, if it is in Canada illegally, it is also against the law to own, inherit, or sell it unless you can prove it was in Canada before CITES came into effect (July 1975). Even if it is legal, your family members may not want chunks of coral brought back from a 1960s trip to the Caribbean. If you have potential CITES items in your collection, consult an expert in this area to learn how to downsize your collection legally.
Downsizing a collection isn’t easy and it’s typical to have some emotional challenges when letting go of items. However, try to focus on the joy other owners will experience when they receive your pieces. If you need help or advice to downsize your collection, contact the Out of Chaos team.
