New Year's Resolutions for Collectors
Monday December 29, 2008
If those resolutions you never seem to keep are just so last year, honestly, I can't blame you. Who needs the guilt, right? Making a New Year's resolution you won't mind keeping, however, is not only personally rewarding but it can be lots of fun. You might find a well-chosen resolution to be profitable, too. Read Even Collectors Can Use a New Year's Resolution for some suggestions on how to make newly made promises to yourself more productive than in years past.
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Here is an article we recently published regarding New Year’s Resolution to protect your collection:
45% of Americans usually set New Year’s Resolutions but only 8% of people are successful in achieving their resolutions. – Stephen Shapiro’s 24/7 Innovation (www.steveshapiro.com)
Whether collecting rare coins, dolls or antique guns, there is one thing collectors all have in common: they are passionate about their collection. However many have not taken the steps necessary to protect their personal passion and significant investment.
Many collectors are under the false assumption that their collection is covered by their homeowners policy. Designed to protect personal property, homeowners insurance is probably insufficient to safeguard collectibles. Homeowners insurance may limit personal property coverage to a percentage of the residence value (50-70%), limit the amount payable for theft of some valuable items, and not cover losses due to flood, hurricane and earthquake. Finally, claims settlement may be based on actual cash value rather than the replacement value of the collectible. The best way to protect a collection is with a separate policy specifically designed to insure collectibles.
Here are some other great ideas from the National Crime Prevention Council (www.ncpc.org):
- Keep an inventory with detailed descriptions of the items—type, title, date or period, materials used, measurements, inscriptions, and any other distinguishing features. Then, keep this list in your bank’s safety deposit box with other important records.
- Save receipts showing how much you paid for an item.
- Videotape or photograph your items or full collection. If you’re videotaping, audibly describe the item, when you bought it, and how much it cost.
- Get an official appraisal of jewelry, art, antiques, and collectibles; update that appraisal every two to three years.
- If your collection is displayed in your home or is housed in a storage area, review overall security measures and fix any holes. Check over the collection regularly to make sure all the pieces are still there. If you have strangers working in and around your home or storage facility, check their references.
- Don’t forget to do your own due diligence when purchasing pieces to add to your collection as well. When buying antiques or artwork, stick with reputable dealers and auction houses that perform due diligence information. Check the Better Business Bureau for complaints and carefully review sellers’ feedback profiles on online sites like eBay before you buy. Sellers should be able to guarantee that the art is not stolen and that they have researched the piece’s chain of ownership or “provenance.” An artifact’s provenance is also a good way to check on the piece’s history, rather than just relying on the certificate of authenticity.
Be one of the 8% of Americans that achieves their resolutions and resolve to protect your collectibles today!