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When it’s time to divest

This question is geared towards those who have put together 6 figure collections over the course of multiple decades. How do you plan to divest your collection? Which auction house? Why them? Selling private party to friends who have asked for first shot? How do you plan to price them to your friends? Will you leave it to your heirs or will you handle the deed yourself? Will you consign to a dealer or dealers? Will you sell direct to a deal and be done with it ASAP? Leave to charity or a museum? If leaving for your family to handle how do you ensure they choose the correct path?
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Comments

  • I would ask the same question of any $ value collection. 6 figures is attention grabbing, but is relative.

    My approach is keep it in the family....transfer of generational wealth, for lack of a better reason.....until there is no family left. Then, off to charity.
  •    Most likely I will sell at Auction, GC would be good today for me, but in the future we shall see. My kids might end up with a few of my favorites that I might have a tougher time parting with. 
      Probably will sell after I complete each set,  or reach an older age.
       I enjoy watching coins sell at auction, especially for a profit!
  • I have talked with my wife about it some. My plan is to pick a time near retirement and have my best stuff auctioned and have that be the seed for a trust for my son. I’ll keep my raw items and albums and pass those along if appropriate at that time. 
  • I haven’t worried about picking a venue for it either. The landscape may change in the years to come. 
  • Most likely a transfer to heirs at death with a step up in cost basis. Immediate sale there after if they wish with little to no gains. If I sell them prior to death there would be gains I may not want.
  • It all depends on your health, mental & physical. If you’ve tired of your collection due to slabbing, prices, completion, consign to a major auction house & negotiate consignor terms. If you are like me, you’ve increasingly developed an interest in a related more affordable field,
    in my case pre 1900 rare politicals. A Cox/ Roosevelt 1920 pinback button just auctioned for $185K ( Hakes, York, Pa)
    & Heritage has a thriving political dept
    w auctions. I’m 78 and can’t stop collecting - it’s in my blood.
  • As long as I don't need the money, my coins go when I go. Hard to leave precise instructions when you don't know when you're going to go, so I named a numismatic executor in my will. He will work with my executor and it will be up to them. That said, I expect most of the value to go to auction.
  • Saddle Ridge. :o >:)
  • I sold all my US coin collection via Legend Auctions late 2016......very happy with the results and easy to work with.
  • Leave to my daughter the bulk with instructions.    Maybe set or two to friends ….

    P.S.  6 figures over decades my butt.  When the bug bites you can do that in a few days … 

    🤦🏻‍♂️🙈
  • Question: Do auction houses and/or dealers declare coin sales to the government?
  • Question: Do auction houses and/or dealers declare coin sales to the government?
    Only bullion sales are subject to reporting requirements. I don’t really understand why.
  • Yes.
  • Unfortunately, my adult children have no interest in my collection.

    If I am fortunate to live until I am 80 years old, I will handle the sale myself via two top auction houses.

    If I should pass away before then, I told my children that I have left detailed written instructions for them (placed with my Will and other important papers, so they know where they are located) as to whom to contact at a couple of auction houses, and what terms to try to negotiate.

    Steve
  • So auction houses must inform Uncle Sam that it just sold John Doe’s coin collection for $1m…leading Uncle’s taxing officers to Doe’s doorstep…?
  • Unfortunately, my adult children have no interest in my collection.

    If I am fortunate to live until I am 80 years old, I will handle the sale myself via two top auction houses.

    If I should pass away before then, I told my children that I have left detailed written instructions for them (placed with my Will and other important papers, so they know where they are located) as to whom to contact at a couple of auction houses, and what terms to try to negotiate.

    Steve

    What leads you to believe you will lose interest when you turn 80?
    J >:) :D
  • I will not have lost interest in our wonderful hobby that gives me and the rest of us tremendous pleasure. But I will have less time “here”, and me selling then will save my kids that burden. Additionally, I’ll then have the excitement and satisfaction of seeing my collection auctioned.
  • Unfortunately, my adult children have no interest in my collection. If I am fortunate to live until I am 80 years old, I will handle the sale myself via two top auction houses. If I should pass away before then, I told my children that I have left detailed written instructions for them (placed with my Will and other important papers, so they know where they are located) as to whom to contact at a couple of auction houses, and what terms to try to negotiate. Steve
    Adopt me Steven , I’ll show interest !  🤓😂

    Ive done the same .  Wrote down detailed instructions, whom to contact and how to gauge pricing aside from the influence of the salesperson .   What is a reasonable commission and who to avoid.

     Though I am starting to think she might actually keep my collections .   I’ve seen her do it with other valuables .   On her own she opened a private vault for some of her precious goods a couple of years ago .  She’s 21 now .   
     But I don’t mind as she is free to do whatever she wishes with the gift .  

     I’ve schooled my kids on taxes , how to minimize ( if it becomes an issue ) them.    


  • Sounds real good!

    Steve
  • At some point in the future I will either consign my collection to a major dealer or with an auction house depending on market conditions. My wife and son have no interest in my collection so it makes more sense for me to sell everything when they don’t know the first thing about coins.

    I periodically have sold coins to dealers and auction houses which will help me when I finally decide to sell everything. I suggest that everyone periodically sell some of their coins to familiarize themselves with the selling process. I think it’s important for collectors to learn how to maximize their coins with the different TPG’s and stickers.
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