Do you have a lifelong passion? Have you accumulated a collection of specialty items? Do you have a library of books? Or a room full of vintage toys? These passions might make you happy, but they can also be seen as an investment, something you put money into that can eventually yield high financial results. Below is a list of some common items you may have in your home and what some of the highest selling pieces in these categories have earned.
- Comic Books—Action Comic Book #1 featuring Superman sold for $2.16 million dollars.
- War Memorabilia—Custer’ s Flag sold for $2.2 million
- Stamps—TreSkilling Yellow sold for $2.3 million
- Autographs—William Shakespeare’s signature sold for $3 million
- Sports Memorabilia—Mark McGuire’ s 70th home run ball sold for $3 million
- Coin—1933 Saint-Gaudens Gold Double Eagle Coin is valued at $7.6 million
- Art—Jackson Pollock’ s No. 5, 1948 sold for $140 million
While your home collection may not return such impressive results, your collectibles may be worth far more than you imagine. If you have ever watched an episode of Antiques Roadshow you have seen how random household items, inherited pieces, or thrift store finds can turn out to be worth a shocking amount of money. In addition to the categories listed above, there are several other collectible items that you may have hiding in boxes in the attic or garage—record albums, furniture, vintage costume jewelry, pottery, and vintage toys can also be of significant financial value.
The Importance of Appraisal
Sometimes your collectables cover a wide range of categories. A baseball card from a garage sale, a valuable painting found in a thrift store, an old vase found in the attic, or your grandparent’s dusty old books that turned out to be original manuscripts. Whatever your prized collection may be, it is important to keep a record of what you have and its history. Even though you may have no intention of selling your collectibles it is wise to have them appraised and possibly insured. By placing a monetary value on your passion-filled collection, you have options if you come into financial hardship or want to pass an item along to your family as an heirloom.
Preserving Your Collectibles
While your collectibles may have always been a top priority when it comes to storage and preservation, you might find that you take more care once you have determined their monetary value. Each category of collectibles has different needs when it comes to storage and preservation . Here are some examples of changes you may make to increase or maintain your collectibles value:
- Using acid free paper to store your stamp collection
- Placing historical newspapers in a flat, humidity free climate that is out of direct light
- Storing trading cards and coins in protective albums
- Having your artwork professional cleaned and restored
- Storing antique dolls in a climate controlled room
If you are passionate about your collections, invest in them and your future by having them appraised for both value and history. Also make sure you are storing them properly so they can be enjoyed for years to come.
This article was contributed by Mark Cunningham, entrepeneur, master collector and advocate for investing in your passions . One of Mark’s most recent collection gems is the Thoughtseize card from the Magic: The Gathering series.