Auto Collection advice

[theshleps]

I am giving serious consideration to selling my collection or at least 90% of it. It is probably worth $1,000,000, maybe more. The majority can be viewed at https://www.flickr.com/photos/157337964@N04/albums
That doesn't include a few thousand post 1960 autographed cards of HOFers or future HOFers as collection has over 100 Koufax and 30-50 signed cards of most HOFers who played in the 1950s and onward as well as say 50 different Ichiro, maybe 100 different each on common HOFers- Brooks R, etc even about 50 Mantle. Amazing multisigned card collection.
Would listen to a serious buyer
Would you if you were me
1) Consign to a AH- they'd put many in lots that wouldn't get optimum price
2) Let rich collectors cheery pick it on items they are willing to overpay on?
3) Look for one wealthy seller willing to buy it all
Then the 2nd major set of questions is considering I have been doing serious buying since 2002, and haven't kept receipts etc how would you look at it all from a tax standpoint.
I haven't decided to do this yet but am considering a major change of lifestyle where the collection can become more of a burden than a joy.
Thanks in advance for all your advice

[tazdmb]

I will tackle the second question since I am a CPA-IF you decide to declare any money received on your taxes, it would be as a long term capital gain. You would be paying taxes and the price sold less the (estimated) cost to acquire.

[felada]

You have some amazing items in your collection. I would guess breaking it up would return more money. There are certainly some cards I would over pay for individually while I probably wouldn’t even bid if they were part of a larger lot of cards.

[johnmh71]

You would be crazy to sell them as a single lot. You'll never get the value they deserve. Breaking them up is the way to go.

[Topnotchsy]

I'm sure there are many items you would get more for here than you would after buyer's premium at an auction house.

I looked through some of your collection and it's incredible!

[btcarfagno]

My thought would be to give the "big boy" examples to one of the major auction houses but don't have them put all of it in the same auction. Have them spread it out a bit. Outside of the top, say, 5 or 10% that you give to a major auction house, then send the rest to a lesser one that specializes in such things and can get good individual prices on $25-500 items. I used Sig Auctions for this purpose and they did very well for me. I was very happy with them. They will spread the collection out over a bunch of months or even a year or more if need be, and they get very solid prices on items within this price range.

[btcarfagno]

Oh...and give me first crack at the Stargell cards that I need!!!!!!!

!!!!!!!!!!!!

!

[redalpha7]

I would strongly recommend that you meet with a tax planner before you sell anything. Based on your income and other factors you may want to spread the sale over multiple tax years.

[Fuddjcal]

holy schnikies....what a collection. NICE! Sell Mortimer, Sell!

[theshleps]

Originally Posted by redalpha7

I would strongly recommend that you meet with a tax planner before you sell anything. Based on your income and other factors you may want to spread the sale over multiple tax years.

I think since I am in the 39% bracket- i pay 20% on the gains and spreading wouldnt help. Am I correct?

[btcarfagno]

This would likely be considered a collectibles gain, therefore taxed at 28% regardless of your tax bracket.

[redalpha7]

Please correct me if wrong, the timing issue may come into play if you capital losses ( stock losses) . You can use the loss to offset the gain .

Nice problem to have

[sb1]

Originally Posted by btcarfagno

This would likely be considered a collectibles gain, therefore taxed at 28% regardless of your tax bracket.

That is correct, on the sale price less the basis of the material.

[Bigdaddy]

Originally Posted by theshleps

I think since I am in the 39% bracket- i pay 20% on the gains and spreading wouldnt help. Am I correct?

It may help prevent 'buyers fatigue' though and fetch higher prices than if the collection was unloaded on the market all at once.

[chalupacollects]

Originally Posted by redalpha7

I would strongly recommend that you meet with a tax planner before you sell anything. Based on your income and other factors you may want to spread the sale over multiple tax years.

Tax planner +1000. And I understand selling through an AH would probably get you a 1099 in addition to the fees...

[ocjack]

I'm pretty sure that if you add up all of the costs involved in getting the autographs: travel, hotel, gas/mileage, etc., not to mention the cost of the autographs, you might be able to declare a loss on the sale of the collection.

(totally said with tongue-in-cheek).

[btcarfagno]

Originally Posted by redalpha7

Please correct me if wrong, the timing issue may come into play if you capital losses ( stock losses) . You can use the loss to offset the gain .

Nice problem to have

This is correct. Any current year losses or prior year loss carry forwards of capital sales can be used to offset the gains from the sales of collectibles.

So if you have any stocks that you just keep waiting to rebound as they plummit farther and farther towards penny territory...you now have a reason to sell!!

[theshleps]

I was never one to keep receipts over the past 16 years so i assume you can give a decent estimate?

[jb217676]

Just sell them slowly for good old cash! If someone wants to spend huge dollars on your stuff, arrange to meet privately and do the exchange!

[Johnny630]

Find a rich private cash buyer.

[theshleps]

I think I will start with getting rid of the rest of my duplicates (have a few signed cards and exhibits left that are duplicates). Also if I have a HOFer on more than one signed item that isn't a card will sell it. Like have a Mordecai Brown on both a check and a cut, or two different Comiskeys, Dreyfuss etc. If any of you see any on my flickr account mentioned at the beginning of this thread that you are willing to pay market value for let me know and maybe we can work something out. They would be in the autographs, cuts, contracts etc album on flickr. Also if I have both a card and a cut or album page I may be willing to sell the non card- like the Willie Foster signed bible cover page, etc. Busy till early May but can inquire before then

[r0ck8ott0m]

Yes please! Emails were sent will talk in may. Thanks