exit strategy?

[Leon]

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?

[quinnsryche]

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.

[barrysloate]

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.

[Zach Wheat]

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

[sportscardpete]

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.

[zljones]

Originally Posted by quinnsryche

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 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

[milkit1]

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.

[Ladder7]

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.

[Leon]

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.

[4815162342]

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

[barrysloate]

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.

[barrysloate]

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.

[slidekellyslide]

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.

[vintagechris]

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

[Runscott]

Originally Posted by Leon

I think an interesting subject would be to discuss 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?

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.

[CMIZ5290]

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.

[glchen]

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.

[wrapperguy]

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.

[Gradedcardman]

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 !!

[HercDriver]

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