exit strategy?
 

I think an interesting subject to discuss would be exit strategies for our collections. Now, this doesn't mean I am getting out, I am not. But some day most of us will sell, or otherwise part with, our collections. Another group will probably leave them to their heirs. Of course the economy and our financial situations come into play many times too. That being said I think it would be neat to do a catalog with my cards and all of the ancillary pieces that go with them, displayed together. Such as, when displaying my T206 Drum, maybe have the Drum pack, Drum carton and drum coupons beside it. Same thing with the candy cards, maybe have their packaging next to them? Has anyone else thought much about this?

http://luckeycards.com/popictureholsumtruck.jpg

I recently sold all my cards and books for a new home purchase. I deleted all my photos and scans and all records of what I had. I felt if I had any kind of connection to what I had I would be too remorseful and maybe even try getting back in. Can't afford it anymore, it's just too expensive and time consuming. I needed a clean break. I don't even come on here much anymore because it's too tough to look at all the great stuff.
That was my exit strategy, get out fast and clean.

I try to do that with my team sets. my cubs sporting life set I am going to display with my sporting life cubs wrapper and hopefully a cubs sporting life cover. my t206 white sox piedmont backs will get a coupon and box matted with them as soon as I can afford it.

I think to answer the question properly, you would need to assess what's in the collection. If it's all slabbed vintage cards, it's very liquid with a deep market so putting it in an auction would work just fine. I've been selling mine over the years and because it consisted of more esoteric memorabilia it was a little tricky. What I discovered is if you're patient, you will eventually find a collector who will pay a good price for at least some of it. Some pieces that I couldn't find buyers for went to auction, with very mixed results. Some did well, and some tanked. So in this environment I would be careful if you have something that may not be all that popular. I guess one's urgency plays a factor too- is it a long term project or do you need the money for something pressing? Overall I would say a good strategy, carefully thought out, is the best one can do in this economy. Don't expect miracles unless all you have are T206 rare backs.:)

Good idea of the sister pieces.

I will croak in 2048... The year before, I'll hand it over then brief the deserving offspring on the nuances, values and options to liquidate my small collection. Make them do the work and come to me for advice.

Exit Strategy
 

Interesting question Leon. I am mainly a set collector and plan on passing the sets down to my children one day. The question for me is how to divide the sets and be fair to all. Even in passing my collection down to my children, I hate the thought of my collection being split.

In part, because of this, I've found myself purchasing more HOF material.

ZWheat

for me...
 

For me, I am not sure that maxing out the value is the absolute main objective. I would like some type of memorial to what I have done and the time I have put in. If I part out the material, which would most likely result in the highest realized prices as Barry mentioned, that won't be accomplished. If I could get close to the max and still have a great memorial I think I would like that better. I do understand the other sentiments too. I also thought, just as Tony said, that I will need a clean break. I can foresee me buying things even as I am liquidating, which wouldn't be a good thing. :eek:

I like your idea Leon and have thought about something like that myself. My son who is almost 20 now used to like cards a lot. Now not nearly as much. He may be going through the same thing that many his age did and may like them more again later.

Would like yo leave some of the cards to my family if they would want them for something other than monetary value. If they just want them for value sake, I would probably sell at some point and leave them the money.

Which brings me to your idea, I have spent nearly 70% of my life collecting cards. It really has been a big part of who I am and would like to leave behind something that my family could remember me by and still enjoy the financial rewards of my collection.

O unless my kids tell me they absolutely want them, [I] will probably sell at some point and make some sort of catalog, most likely online of my collection. That way generations of our family can look at it and hopefully some will enjoy it.

Chriis

Barry, didn't Brucii hire you to work on a book for him similar to what Leon is talking about?

Timing and money will be the key factors here. Having a 5 year window to sell your cards gives you plenty of time to slowly unwind everything at a good price. Strongly oppose selling them all at the same time. Too much risk that you are selling at a softer sport in the market.

Handing them down to your kids must be bittersweet. Are they really capable of handling this influx of cards? Best bet is to sell it on your own, rather than handing it down (unless someone shows great appreciation for your collection).

I've built a small collection and I'm only 22, so I still have many more years to even worry about it. I also keep my accounts cash friendly, that way I won't have to sell off cards in an unforseen emergency.

Leon- there's nothing wrong with selling your collection and buying things at the same time, as your interest may shift from collecting to just pure business. But if you're still buying because you are addicted to collecting, then use some of the proceeds for a shrink. ;)

Darryl- yes Bruce did hire me to do a book about his collection, and we even had a meeting to discuss how we would proceed. Then he walked away from the project without even an explanation. It was like it never happened. I think he shifted his interest to rooting out all the hippies living in Zuccotti Park, and sending them all to prison. At least that's the gist of the occasional emails I receive from him.

My collection is more memorabilia than cards, and if you take me out of the equation most of it will go for less than I paid so I think my plan is to hand it down to my children..my 10YO son shows no interest, my daughter is not yet 2 so who knows, maybe she'll be like Joann and Julie and be among the very tiny sect of women baseball collectors?? Perhaps a grandson someday?

At one time I really thought about giving it to the State History museum, but there are too many stories about museums selling/losing/ignoring collections that I've changed my mind.

OT

He's an active participant on the Occupy Wall Street group on Facebook. He keeps making all these funny threats, and everyone is going crazy on him.

The Ongoing Exit Strategy
 

Good idea to discuss, Leon. Phase I of my exit strategy came 25 years ago when our family got a little too big for our house. I sold my Bowman complete sets and made a nice down payment on the place we still live. Phase II is getting rid of all my extra memorabilia collected since 1959 and turning it into graded cards that can be liquidated easily - PSA 8 and 9 Jim Brown rookies, Fleer #68 Ted Williams, etc. The bottom line is I'm having great time making this transition. I will never stop collecting and I will never get out of our hobby. So this seems like a natural progression. It's interesting to read what others are doing, too.

It would be easy enough to do - buy some publication software and get after it. Even if you don't 'publish' it, it would still be a cool thing to have around for your own use. I have all sorts of 'collection' documents stored in Mac software (pages), that prints out very professional-looking. For instance, I've saved most of my recipes in a publishable recipe book format, interesting stories and photos also included. When a family member wants a recipe, I print off a very professional-looking glossy and send it to them. If I wanted, it's indexed with nice category pages, and could actually be published in hard copy. Very easy to do.

It doesn't have to be part of an exit strategy.

Pete- I didn't realize he was doing that on Facebook. He sure loves letting people know what he thinks.

Anyway, apologies to Leon for getting this offtrack. Back to the topic at hand.

I will always keep scans/website pictures of my cards. Past and Present.
I don't keep all of them - just special ones. It's fun to see what was once in my box of goodies. I've thought about (but not planning) an exit strategy. My unofficial plan would be to sell most everything and consider picking up one 'very special' piece to pass down to my son. Something that would be easy for him to sell or keep. Rather than passing down 100s of slabs and binders.
My dad recently gave me his coin collection. Talk about being overwhelmed! No inventory, no price guides - nothing. I don't know anything about coins. I realized I could never do this to someone. My collection is now all copied on computer files and spreadsheets - along with some hobby friend's contact information.
Of course, financial situations arise. My plan for that would be to make it clean and quick. No regrets, just realizing personal priorities. Keeping a couple personal favorites and unloading the rest. How quick is quick? I'd say 6 months.

I am going to spend some time and put together my experience in selling my friend's collection. He died of lymphoma early this year. I have done decently with it and my experience has given me a lot of insights, I think. I sent an email to SCD about possibly doing an article (despite my frequently illogical posts, I have a fair amount of experience in it) but they did not seem to have any interest.

It has also made me consider "thinning the herd" considerably, but it has not gotten past the considering point.

Leon has been helping me in
 

A project I needed to take care of so my mother-in-law could move back in.

So my MO is to contact Leon and a former co-worker at Beckett,,, and let them take care of things for me ---- and tell them to pay me when they are finished.

Rich

Exit Strategy
 

Why does that not surprise me about Bruce? Although I havenever met him and have been reading his posts for 10+ years now, he seems like "a good guy".

Regarding whether or not my children will enjoy the collection and having it provide meaning.....I am not really sure. I know to some extent they will appreciate it as it belonged to me. However, at some point the practical implications get in the way.

Zach Wheat

I'm going with the "king tut" plan.:D

Seriously, I'm grading a few of the nicer things just in case. And my wife is fairly knowledgeable. She also knows who to call if she can't deal with it all. (Multiple people across many hobbies)

I'm hoping my daughter will take an interest in some portion of the collections and build on them. She's not quite 2, so I'll have to wait a while and see. I do know that she found her first card to be very tasty, and has a great time with the empty toploader I gave her when she was being too grabby while I was sorting some cards.

The massive assortment of modern extras is all going away fairly soon. Sent some of it to a localish auction and did fairly well.

Some of the better collections I'm putting together some info on, a website for one, and an album for another with all the important info.

Someday if I find the right place the bikes may go to a museum. That collection is good enough, but sending some of them off would hurt a bit.

Nick Basbanes wrote a book about book collectors that had a wonderful chapter about how differnt collectors handled this very thing. The methods ran the entire spectrum. Donation to a university, sale after passing, special auction while still around etc. The guy who auctioned his stuff enjoyed seeing a new generation get excited about the stuff he'd gathered and been excited about.

Steve B

When I sold my entire collection back in '03 - '04 and for the most part made a clean break as well. I sold everything that had value, but my heart was still in it! Even after everything was gone I found myself checking ebay, auction sites, and visiting the set reg. from time to time.

Over the years since I sold my cards I started buying a few items, mostly signed balls of the 500 home run club and a few team balls of the yankees, but it never had the same feeling as collecting cards! I'm just now starting to get back into the T206s.

I have no kids and my wife nor I want any so I won't be handing anything down, for me it will all go when it's time for retirement (thus the thread I started "If you had...") I've bought stocks, have a 401k but it's not as fun!! I would much rather be able to look and enjoy my "investment" Not sure I'd ever be able to just walk away....

Gonna take it with me. Told my wife to crack open all t206s and put'em in my right breast pocket before they cremate me. Pix of her and the kids of course in my left.

I'm reading that a number of people are saying their kids currently have no interest in their collection, but they're hoping that they will when they get older. While a few might, there's a pretty good chance most won't. Collecting baseball cards is not for everyone; in fact many people see no point in it at all. But everyone likes money. So maybe planning to sell one's collection at some point isn't such a bad idea.

I am just getting in so never thought of an exit strategy. My dads almost complete set of 52 Topps was handed down to me and I cherish it, but next month I will be selling all but 2 cards (Mantle PSA 3 & Mathews PSA 5) to help him fund his summer cottage renovation.

My 3 year old daughter owns 2 T206s, McIntyre and Jones because they have pink skies and she thinks they are neat. She gets to open the weekly packages that arrive and its a fun ritual that I want to continue. Between her and my son they will get the entire "collection" and they can do what they want with it.

My plan is to have high res scans of every card and do an annual Apple photo book of everything and keep building it up. I will more than likely keep the cards in it that I no longer own just for nostalgia/posterity sake.

Leon, i think this is a great topic and i have found myself asking that question many times. What am i holding on to my t206s for? How often do i really pull them out and look at them? My wife has been after me for many years to sell them and put the money into something that makes more sense for my family. It is just such an addicting hobby and i enjoy it so much. When i have a new card coming in the mail, i can't wait to open the package and look at my new card. Another factor is how much stronger the market may get once the economy bounces back.

My wife has said that I should just leave my two best cards to my two sons (2 years old, and 4 months old, respectively), and sell the rest, which is probably a good strategy when I croak. I am still optimistic that at least one of them will pick up the collecting bug, however. If I have to exit the hobby for financial reasons, I would sell my most replaceable cards first, and my favorite, least replaceable cards last. Cards that have poor eye appeal or are "overgraded" would also go sooner. For example, my 33 Goudey set is easily replaceable. I have a few Ruth and Gehrig cards that are very low pops and would be hecka hard to get back. I would try to hold onto those.

Interesting
 

Interesting topic. I am going through a divorce and my collecting was a factor in the divorce, and definitely a factor in the settlement. Of course, she resented everything I enjoyed, but I digress. Anyway, the divorce has made me reassess my entire life and what really matters. Since we mutually agreed to file back in Feb., I have only purchased an Exhibit set via a Legendary auction, a McGraw T3, and a few E90-1s and T202s to finish those sets. That is not very much activity for me. Cards are just not very important any more.
Instead of spending the money on cards, I spent $1200 for up close floor seats to a Keith Urban concert attended by my oldest son and daughter and their friends. Those times will be forever in their memories rather than the card I may have purchased with that money, which they will never care about. My hobby budget has now become a travel/family experiences budget.
The new house I bought will need to be decorated and there is plenty of space for my collection and my Dad's collection, which I will officially own someday (hopefully later than sooner). But binders do not display well, so I am thinking about finishing the 20 or so sets that we have nearly completed (luckily many only need 5 or less cards) and either use the money to renovate the house, pay off the mortgage, put in a retirement account, put into display items, or use for another nice experience or vacation with my kids.
So, I guess I will start to phase out gradually by selling what I really do not need and saving some nice display items that the kids might find interesting in their homes that will remind them of me. The rest will get sold and split amongst them. Sad to think about, but no matter how long it has been apart of us (50 years for me), there always comes a time when it all ends.

Exit
 

I exited the hobby back in 1998 when my wife suggested what good the money could do for a car, down payment on a home and more...I sent it to Superior Sports in Beverly Hills and took a beating on the sale !! It included a 520/524 T206 set, a nice group of Goudeys in higher grade and much from the 50's and 60's. I dabbled in shiny stuff through the next few years just to stay in the hobby a little. Finally in 2006 after I divorced and finished getting resettled I decided it was time to get back in. I missed the hobby as it had been a large part of me since 1972. Now, it is and will stay a part of my life as it is one of my fallbacks to happier times. Everyone needs something that makes them tick...this is one of the "somethings" for me !!

Kids and cards
 

I don't know that kids would do much with the cards other than eventually sell them. How many kids care about baseball these days? Very few, I'd guess. And of the ones that do, how many buy baseball cards? The reason we love them is that we grew up spending our paper route money on them and so they connect us to our childhood. Obviously, none of us bought T206s in packs, but it was a logical transition from the cards of our current heroes from whatever era you grew up in to wanting something older/more valuable. As we age and pass along, there will be less and less people that care, so the cards will be worth less.

I think looking at them as an investment is only going to disappoint in 50 years...sell 'em and buy a good whiskey/cigar stash!

Take Care,
Geno

think about this
 

Instead of cataloguing everything for your heirs if you decide to keep it, don't catalog it at all and maybe they will learn something researching the cards and actually get interested in them. After all, you did all the hard work putting it together, let them earn it :)

My grandfather passed in 2007 and left his coin collection to my dad who had no interest. He planned on selling everything so he got a price for them and then my dad and I worked out a slightly lower price so I could buy it instead. I had a very small collection of coins but since I got these I've been researching the coins and have actually bought a few more since

I'll tell you another story that had me thinking for just a second. Most people who know me personally, know my dad and I get along great so remember that when I say this. The other day he asked me for the combo to my safe and I gave it to him, the next day I went to work and right before I went on a main highway(for 15 miles) to come home the low tire light came on, screw in the sidewall. I called my dad and said the tire doesnt look low, should I call AAA or try driving home? He said nah you can drive it home...got me thinking for a second. My dad does carpentry too :)

Geno, I think it might be because the turn-of-the-century players remind us more of how we played baseball as kids - you got beat up, you stayed in the game, you loved it. They played small-ball, which is what little leaguers were taught in the '60s, they used the same ball until it was black (just like we did). It was just a more pure game. The stuff today is generally hard to stomach, but it's all we have.

Memories
 

I know what you mean - when I was a kid and got a Jose Cardenal ball autographed at Wrigley, we'd play with it forever becasue it was the coolest ball we had! Today, if it gets signed, it goes into plastic. Actually, everything seems to go into plastic...

Take Care,
Geno

We'll go in plastic unless we're cremated.


Slightly aside, I sometimes have given cards to a kid. I'd give them a few modern cards of a team or player in which they have interest. Then I'd give them a T206 or two. Maybe a Goudey. I've given a couple of Cracker Jacks away... All to get them interested in collecting old cards. Because guys, when the time comes to move our stuff, if there aren't collectors out there for it then all we have is a bunch of bookmarks. We need that next generation of collectors.

Life Insurance or Charity
 

I've thought lots about this. If I die young or unexpected, my cards will act as a second life insurance policy. I regularly review different auction company options with my wife so she knows where to liquidate them.

If I die old, I plan to sell my cards just before I die and give 100% of the proceeds to charity. I decided this when I started collecting again because it's completely illogical for a grown man to spend four-figures on a small piece of cardboard. I feel better knowing that I'm giving a delayed gift to a charitable cause.

Also, I don't care at all about my card's values because it's all going to charity some day anyway. In fact, part of me would love to see the market tank so I can buy all the cards I can't afford today.

I am making it very clear to my kids that they won't receive anything of value (including cards) when I die. They'll get family heirlooms of no monetary value (and I'd consider throwing in some t206 beater commons) but I don't want them to be thinking of the value of my estate as I get older.

So that's my plan. I hope to live to the day where I get to see my collection sold at auction -- in fact, I'd like to write up the auction catalog descriptions :)

Where's All The Money Gone?
 

I sometimes think philosophically about my collection...

A...Why do I have these tiny little pieces of old card board when I could sell them and use the money to do something sensible (pay off the mortgage, bills, etc.) or silly (extreme Vegas vacation) with?

B...Will I keep my collection until I die?

1......if so, will the cards be auctioned by my heirs, or will they want to keep the collection in tact?

2......if not, when is the right time to sell them all (then See A above with respect to use of proceeds)?


More or less, I agree with one of the posts above that said we all need something that makes us "tick." And, for me, autographed T206 cards REALLY make me tick these days. If I got rid of them today, I think I'd feel pretty lousy about it.

In addition, I satisfy my responsible gene by considering the cards a last resort of emergency savings in the event of, well, an unforeseen personal financial crisis.

And, I've got 3 boys now -- one of whom is named Mathewson -- so I am certainly banking on one or more of them getting the urge to scratch this collecting itch I've got.

I plan on selling my collection when I retire and use the proceeds to serve a full-time humanitarian mission for my church.

I would not leave my son my complete collection if he was the biggest collector in the world. It would be unfair to him. The joy in collecting is the sets you complete yourself and the relationships you make along the way. I am unsure that if I could present to my children an opportunity to live a life of nothing but luxury I would do so. There is glory in the process, in seeing the victories and overcoming the failures and understanding the blessings of friends and family who stick with you no matter what.

Precisely the reason I have no plans in setting up a college savings plan for my kids. When I saved and plucked away on my own it was simply more valuable to me. I guess we could apply this principle to anything in life.

Is it your responsibility to clean up everything in your life before you go? My kids are aware that almost everything in my home is a collectible, and that they will need help to get rid of it. I'll probably give them a few names of people to send stuff off to for disposal - someone for photos, another for cards, another for pool cues, etc. And it will all be documented with values, in case they want to try it themselves, or keep some of it.

You have to live while you're alive and pretending like you're about to die is kind of morbid. My kids will have to sort out a bit of a mess, but at least I'm leaving them valuable stuff - not the kind of garbage most people leave behind. It will be an inconvenience for them, but hopefully the fun of spending the cash will make up for it.

The answers to these posts really say a lot about a person's values. I totally understand where Orioles1954 is coming from, but I would like to share that 20 years ago my parents gave me a free ride to an expensive private college. The wonderful gift my parents gave me was extremely appreciated at the time and even now. I plan on hopefully passing on that gift to my kids one day. Heck, they're so young, at this point I just hope they want to go to college in the future!

On the other hand, I was and am still on the hook for my own sizable law school tuition and expenses. Although I graduated in the 1990s, I will still be paying law student loan debt off into the late 2020s. There is nothing satisfying or rewarding about writing that check every month I can tell you. But, I likely will require my kids to do much the same for any post-bachelors degrees they might seek.

I agree with T206 Collector above. My parent's paid for my undergrad college and I could not have appreciated it more. I did not take it for granted at all. I knew I was incredibly fortunate. It did not breed laziness in me. I am something of a workaholic. In fact, I loved it so much I went on for an M.A. and Ph.D. and am now a professor. And I will certainly do everything I can to help my son through college.
JimB

FWIW, I am completely planning on paying for my kids' college...house is paid for, I make a decent living, why not. They will both likely go to a Virginia state college...it is up to them to do well enough to get into UVA or William & Mary.

I also received a free ride from my parents to an expensive undergraduate institution. Everyone is of different opinions of course, but I also cannot tell you how grateful I am to my parents for doing that. There is nothing like entering your first job free of the burden of a huge debt. If you were a doctor and practically guaranteed huge salaries going forward, it may be a different story. However, the first job out of school, you're making a pittance, working like a dog to establish your career, living in a crappy place with roommates, etc, not having to pay college loans is a huge relief. I don't think this made me less responsible, and I would really try to do the same for my kids. Obviously, everyone comes from different circumstances, so not everybody can afford to do this (or even believe that this is the right thing to do).

If one or both of my kids were truly interested in my collection (and not just to sell it off for the proceeds), I'd give it to them in full. I understand the joy of set collecting. However, there is no way that when I pass I'd have collected all of the sets that I'd want to collect. There are 25 million ways to collect T206, so even if you conquered the Monster, your kids could add to it by upgrading it, adding more back variations, etc. And there are tons of other prewar sets that I'd love to pick up if I had the funds and the time.

I did the same thing with my collection of U.S. Navy rating badges. I left the hobby because some items were too rare and expensive and I needed the money upfront or I would never see it again that's how I ended up $4,000 in debt on one credit card within two months time! Cards are better for me because I can take my time collecting. You did the right thing by deleting all your evidence, I did the same thing, sometimes it's too painful to look back

tell me it's all worth it. i need motivation to get through it. I'm a 1L now!

What I would very much like to do is enjoy my collection of HOF'ers (which is necessarily also giving me a very good start on a type collection!) while I'm here, because to me, as I've stated before, I've been a baseball history fanatic for most of my life. My collection brings that history right to me, because the card connects you to the player, and takes you back to the time--truly the history of the game you can hold right in your hand. If anything dire happens on an unexpected basis, I've educated my wife concerning the major auction houses, and she knows where to go with a lot of my collection.

When it's my time, especially if my wife's already gone, I plan on having my executor auction my collection with specific instructions that the proceeds are to be left to benefit God's missionary work. The church I currently attend is very heavily into sponsoring such work all around the world, and I'm involved in missionary work currently every 3rd Saturday and Sunday now at the local inner-city rescue missions, and have been for over five years. If I can further this kind of work on a global basis, it would be the best legacy I could possibly leave. God willing, let me enjoy holding the history of the game right in my hands, and then to Him goes the glory and the $$$ to further His work. Since I have no kids, there is no real conflict there (somehow, I don't think my 2 cats, Lucky (a wonderful, purebred golden tabby the neighbors across the street didn't want) and Pepperika (a rescued alley cat with the sweetest disposition you could imagine--I'm so glad we brought she and Lucky home) would mind or even miss the collection!

Great post as usual, Leon.

Best always,

Larry

Well said!

This has been a really interesting thread. Many have posted some very personal stories here, and I'm impressed how comfortable everyone feels sharing this information. Well done. Keep them coming....I've already parted with most of my stuff, so for me it was just a business decision.:(