Friday, April 17, 2009

Pass allong the collectible plates

If you're a collector who's going to die someday, you might want to read this at Huffpo.

Lot's of good advice for collectors.

Keep accurate records. The historical record will boost the value of your collection.
Make sure you can document your ownership.
Your children will want to sell what they inherit and selling is very expensive. They may get as little as 20% of sales proceeds.
Have it appraised and provide for estate tax payments if required.
Consider charitable contributions in your planning.

From Brigge's Website

# 33% of high net worth individuals with assets greater than $10 million are serious collectors
# An average of as much as $76 billion in art holdings may be transferred between generations each year
# More than 65% of assets, including art holdings, in private hands face liquidity problems
# In 2007 - 2008, Sotheby’s and Christie’s sold more than $14 billion in art in antiques – almost half of that was attributed to estate sales

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