If your collection is your passion, it pays to know how much value you should place on it. Perhaps you know to the decimal point how much you paid for cars, furniture or fine art. Perhaps you don’t because it was an inheritance or a gift. Either way, things can change pretty rapidly in the marketplace. Tastes change and value changes.

Of course, the intrinsic value of a top tier painting is going to remain pretty steady or increase, but how many of us harbor the top 2% of the world’s finest art? Most of us buy the things we love. We buy the best we can afford at the time.

Everyone who loves the things they have should do some advance planning. You may want to de-accession before you endow or leave things to your family. Collections are not, for the most part, the ideal investment for building a retirement fund. So, it makes sense to know now what you have. Often, knowing value will guide you in making further acquisitions. You may want to up the sort of purchases you make, or even spend more sparingly.

One of the benefits of having an appraisal now is clearing the waters. It will help you inventory your possessions, sort the best from the ones you might want to let go, and get a head start on the process of how you will dispose of the items that are the best. Now is the time to begin the process of identifying a charity or museum best suited for receiving a gift of your major piece or your entire collection. It could also aid you in arranging financing on the collection. If you’re thinking about storage, an appraisal will help you determine the sort of facility you want.

The Appraisal Group can guide you through the challenges and, yes, the emotional journey, of managing your finest pieces. Your collection is your wealth. Treat it with the respect you would treat any financial tool. Enjoy it today. Set your sights on the best home for it tomorrow. For more, please call The Appraisal Group today or email appraisalgroupusa@gmail.com