What Is Your Exit Strategy? And How You Value Your Collection?

I'm sure this might have been brought up before but looking for fresh ideas. At some point we all have to face mortality and the possibility of leaving loved ones a collection they know nothing about.

I recently had a health scare and the thing I've been meaning to do hasn't even been started and that's listing and placing a value on what I have. I've told my wife that I'd create an inventory and a price guide to the collection and all the items but I'm so far behind that I get to use that now as my excuse for not getting it done.

What is your exit strategy? Sell before your time has come and there are still people willing to pay decent sums for worthy material? Wait it out knowing the collector base is shrinking and the values on anything other than pristine and scarce items are dropping?

Specific firms or individuals to contact that you can actually trust?
Sell outright the whole shooting match or go through the ordeal of putting it into an auction? What about the 90% of the collection that isn't exactly Seigel material?

How does one go about cataloguing hundreds and hundreds of covers? The stamps themselves I can handle for the most part but it's the stamps with unlisted (In Scott catalog)double transfers, re-cuts, relief breaks, etc. that will take some common sense imagination.

One of the things I wanted to do was to create a simple spread sheet and since I've already scanned probably half my stamps I was hoping I could insert an image into a cell but Excel won't play nicely with that.

Discuss please.

Instead of parking a room full of stamps on my wife, I have dispositioned some and have cut back on my purchasing for the last 6-7 years. I have instructed my wife on the disposition in general terms but have also provided a 'album disposition' form in the front of each album. You can download this form here
http://stampsmarter.com/learning/Ho...esForms.html

In terms of valuation, my wife knows that I have basically followed the 'fun factor' approach to purchasing so anything she gleans from the material is 100% profit. (Although I think she is hoping to get enough to throw a 'the SOB is finally dead' party.)

'Fun factor' purchasing means that when I purchased material I made the decision on how much enjoyment the material would give me. If something was worth $500 of intrinsic enjoyment to me, than anything she can sell it for all profit.
Don

I do not have one, but I do consider it from time to time.
I have no family to leave it to.
I currently have it willed to The Western Australian Philatelic Society.

However my last visit to a bourse there, common stamps were being offered for sale at outrageous sums. I did not feel there was "selling at prices for members" what I felt belonging to other clubs.

I would have left my valuable Turkey collection to ONEPS, but my last experience with a member wanting to avoid a simple Paypal fee, well that has me thinking twice.

If I reflect, the best possible outcome is to offer it free to those whom have been most generous to me, but then again we may be at an an age where we both will be considering exiting at a similar time :)

Currently in the "too hard" basket.

Tried the disposition form, I do not have Adobe, so it failed.

Thanks for the link Don. Great document for instructions but the value would need to be updated as items are added? Even though I understand the fun value I at least owe it to my wife to get what they are worth to the best of her ability. I'd hate for someone to take advantage of the situation. Luckily for me I don't have millions of stamps. My main collection only scans 6 Vario binders, 1 stock book and a 3 ring binder. My problem is organization and documentation.

Here is an example of my laziness. This is my most organized page.





Once I go through and complete the task then I can begin the detailed instructions. The covers are another thing and there are a few hundred scanning 1850 - 1950 from all over the globe. Rod, I almost envy your situation of donate to those who appreciate it but my wife knows there are a few pennies there and she'll want them which is fine with me. My Children really aren't interested but might be if they knew the value of some of it. Rod, do you currently have an inventory of your collection?

One of the standing jokes about collecting stamps is "Some day it will be worth what I paid for it" It is a hobby nonetheless. I have instructed my wife (if she outlives me which is certain) to box up my albums and stock books in a hermetically sealed tote, wrapped in some waterproof material and put it away to be opened by my surviving legacy in 50 years after my demise. They might find something good or just a bunch of worthless paper. Either way it won't make much difference to me. I know this is a bit fatalistic but so be it. Cheers! Wolf-==-

Wow
Some people are living in a ivory tower. Collectibles are not worth anything on the open market. This is a hobby. It's like the stock market if you can't afford it then get out.

Stallzer,
no, not really, I do have images of most stamps I own, in a external Harddrive,
I use for expediting sorting of random bundles of stamps.
I have circa 250 stamp albums.

Let's get serious, I reckon based on my purchases, each stamp album would be worth $30 to $80 depending on completion.
My specialised collections, Turkey and Romania and maybe a couple of others may fetch $2,000 to $5,000 ?
That's it, really no big deal.

I have collected as a hobby, money spent whilst others maybe have spent it on fine dining, world trips, caravans, whatever.
I do not need to recoup any money, the money spent has been my enjoyment of a pastime.

What concerns me most, is the property going to the most deserving.
I would imagine all collectors would desire their material, to go to an appreciative and caring destination, that offers good husbandry, and a genuine interest in Philately, and not always "value"

Your situation deserves a differing approach as you have family.

I think really what will happen, is at my sudden demise, things will get sorted somehow, by somebody, and I'll be in no mind to be worrying about it at all.

Clearly Zman you haven't seen recent auction realizations. I was a doubter too. Even in the last year or so, I've seen material in my areas (US modern EFO) not just hit catalog pricing but crush it. It's not a single source of buyers but rather a larger interest in general. I can't tell if it's US domestic interest or China/global collectors but it's super aggressive. My belief is that alot of rarities are locked away in collections and when they pop, people have to literally fight over them by price as you may not get another chance.

After 57 years of collecting I boxed everything and sent it free to Kelleher & Rogers. The China was sold in Hong Kong. The rest sold at Kelleher in Danbury, CT. No inventory. No spreadsheets. No cataloging. No pictures. I now collect US Beer, Patent License & Royalty, Fermented Fruit Juice and Pony Express. No albums no hinges. Very compact. I plan to sell before my exit.

A few corrections here----

90% of collections isn't Seigel material -----that should read 99.5% isn't quality collections for Seigel material .

Still people willing to pay decent sums for worthy material ---REALLY ---I am buying decent German Colonies at 1/5 catalog and you can buy decent worthy Great Britain for 1/8 catalog ,please check auction realizations .

How does one go about cataloging ----forget that idea ,most auction house don't believe your numbers, most auction buyers don't fiqure your spreadsheets or adding machine tapes as facts ----waste of time .


Look at Rasdale ,Harmer Schau or Kellehers prices realised to come close to your value . Don't forget to look at the next auction in 2 weeks they got a lot that says 100 albums and stockbooks starting bid $1500.00 so $15.00 a album start ???

My plan has not changed in 25 years , I had Vince from Sandafayre over and he had a chance to look over my collection . He said " Give me a call when your going to sell because it will sell better overseas " So instructions to my daughters is call Vince ,book a hotel room for a few days and pay for his plane ticket after you have offer prices from two American firms and if his price is close ,take his offer .

---side note ----The collection has doubled in size and value since he seen it ------and hopefully GOD willing double again because I have no intention of stopping .

redwoodrandy, I have been leaning towards this lately. While I'm hoping to survive for many more years (still under 60) the fact remains that there is a few thousand dollars at your fingertips.

A nice all expense paid trip to Europe for the wife and I but I'd miss my winter activity when the temps get cold. On the flip side perhaps handle the finer items myself and leave the rest for whoever wants it?

I'm sure my wife would have bigger fish to fry than my stamp collection
and it wouldn't surprise me if she tossed the entire thing in the burn pile

Those planning on selling before their exit should consider that they may exit early suddenly without warning, and should consider supplying their spouse (or other heir) some level of instructions.

My current collecting interest is Australia and varieties. So, if someone is considering what to do with that area ... send me an email.

As far as my exit strategy, I have daughters and grand daughters who have expressed interest, so I am hoping that it continues. I keep a good spreadsheet of catalog value, realizing that 10% of that is realistic is most cases. This list will be kept accurate and available to those people mentioned above. I will probably dispose, donate or giveaway areas of low interest over the next few years, and drop my collecting areas down to 3-10 countries at most.

It's been fun collecting for the last 40 years, and I plan to continue for the next 20-30 more. Keep up the comments!

FWIW, APS has an estate advisory service that, perhaps in conjunction with the Stamp Smarter album disposition form, could be useful in guiding heirs who are left without specific instructions.