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Are your collectibles worth money?

If you are like many collectors, you may not have started your collection in hopes to make a profit. Art collectors decorate their walls with beautiful paintings, adorn their halls with statutes because they love the art. You may have spent a lot of money on your collectibles, but the sentimental value tends to win when it comes to your opinion of a collection.

you may want to give your collection to a family member who will appreciate it, you do need to take a few steps before adding your art collection, explains The Huffington Post.

Have a dealer appraise your collection

An appraisal is the best way to find out how much your collection is worth. You can go to an antique dealer or an antique shop owner to find out how much your collection is worth. The appraiser can write you a report that includes the collection’s description and the procedure he or she uses to give the collection a value.

Check out the online collector community

When it comes to collectibles, your collection is worth the amount of money that a person would willingly spend on it. Even if you have a professional value of your collection for a high-dollar amount, you may not be able to sell those assets to a collector for that amount. If you plan to give your collection to a child who you hope will sell it for value, you need to consider what people might pay for it. You can look up the same items on online auction sites to see how it sells.

If you want to leave equal assets to your beneficiaries, you have to consider the value of the collection itself.

FindLaw Network