I can't give you the tax ramifications. A good accountant or tax attorney
should be able to do that for you. I can however let you know that selling a
collection is not as easy as some people would think and as always the key
factor is time.

You can retail the shells to collectors and understand that the best pieces
go first and it can take several years to sell off the collection. Ask
yourself, do I want my next-of-kin to have to deal with this for several
years?

The next choice is to find a dealer that will take the shells on consignment.
Less and less dealers are willing to do this because of the work involved.
They have the same conditions that the best pieces move quickly and the more
common shells will take longer. Usually faster than doing it on your own, and
I would guess that any shells that did not sell as quickly, could still be
donated.

You can also wholesale the collection on a piece by piece basis, to a dealer
or lucky collector. Dealers will be looking for the best deals and selecting
the best shells. Initially things move faster, but after that you still end
up with some shells that no one wants, or will take a lot longer to sell.

Your last option in the selling process is to sell the entire collection as a
lot sale. Expect to only get 25% to 30% of value at best, and again because
of the time it takes to sell the more common shells, dealers will not include
much value for these shells in their offer. Because of the changing market
and current inventory levels, fewer dealers are buying collections these
days. There are a number of collectors that are buying collections and since
their motivation is different they can at times offer more than a dealer.

The appraisal is one of the key factors. Make sure it is current and reflects
recent changes in the market place. I am current dealing with an estate sale
that had an appraisal from a part time dealer in NYC that does not specialize
in Cypraea, but sold several of the pieces to the deceased. The appraisal,
which is for over $9000 is about $3000 higher than current market value would
dictate. I have had to put in many hours of work with several price lists,
including my own and Rice's prices to try and give them a realistic value for
the collection. At present they are trying to deal with what they perceive as
a $3000 loss, when the value was never there in the first place. Best to make
most of the arrangements before you pass on as it may be asking a lot of your
next-of-kin to deal with at a time of loss. They often just want to be rid of
the problem (that's how they see it at this time) and often end up just about
giving the shells away, as they are now, just a reminder of their lost one
(you).

Frank

Gems From The Sea
72 Peltier Street, Marlborough, MA 01752 USA
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