My shell club has been the recipient of several shell collections over the years. The families donating the shells were so happy to know that the shells and books from their loved ones would not be thrown away but would be much loved in their "new homes". The shells and books were sold in our annual auction to benefit club activities. These collections were of good quality but not accepted by local or state museums. Donations to shell clubs might be a viable option for people looking to dispose of a collection.
Vicky Wall
Mayodan, NC
----- Original Message -----
From: "Private Shell Collection" <[log in to unmask]>
To: [log in to unmask]
Sent: Friday, October 29, 2010 1:28:13 AM
Subject: Re: [CONCH-L] Disposing of collections
This has been a very interesting thread of emails. I was put into the position
of needing to sale my father's collection to raise money for his care after he
became seriously ill. I really must thank Rich for being supportive when I was
going through the "what do I do with the collection" dilemma. Though I had not
met Rich, my father spoke of him often and delighted in their shell collecting
trip in South Texas.
The solution I came up with was to start a website of my father's private
collection. I realize most people do not have the time or know how, but it is
another option.
And it's strange how things happen in our life for a reason...my father always
wanted me to learn as much as I could about shells. Being daddy's little girl I
did pick up on a lot, and now in dismantling his collection I have become very
knowledgeable...ironic, isn't it?
-Caprice
www.PrivateShellCollection.com
----- Original Message ----
From: worldwide <[log in to unmask]>
To: [log in to unmask]
Sent: Thu, October 28, 2010 5:14:11 PM
Subject: Re: [CONCH-L] Disposing of collections
IRS has a publication that deals with fair market value
http://www.irs.gov/publications/p561/ar02.html
This is the government's interpretation. And I guess that is the one
that counts in the end.
I do not know of any successors to Rice's Prices, which makes the
valuation process that much more tedious and time-consuming. Can the
IRS argue the value of a species like Conus primus, for example, if
it is appraised at many thousands of dollars? I can't see
how? Again, I have never heard of any shell collection appraisals
being nit-picked by IRS. Being prepared with some substantiation if
the question arises how the valuation was determined is the safest bet.
This is not voodoo. The donation process is straight forward and
should not be agonized over. I can put you in contact with people
(executors, families) who have gone through the appraisal and
donation process with little effort and successful results. In one
case, a small collection of a few hundred select and quality shells
made to the University of Richmond (VA) led to a special exhibit
being created just for the collection; something that is unheard of
at most institutions. The family got their tax write-off without any
problems or audits. It was the wish of the collector's two daughters
to memorialize their father's name and his love for shells. It all
worked out for them and the University who were thrilled to receive the shells.
Rich
At 04:48 PM 10/28/2010, you wrote:
>Great discussion.
>
>One area of the topic that still seems a bit unclear is how to determine
>"fair market value" of a shell collection. Since thresholds of value ($500,
>$5,000, etc.) are important, is there a simple way to take this first step?
>
>While internet auctions, lists, and mailed dealer lists will have offers for
>some shells, there are many species that have not been recently offered for
>sale. How are these priced? Yes, some species have dropped dramatically
>in value - but other species found in old collections (e.g. found in areas
>now protected or depleted) seem to be no longer available on the market. Is
>there a fair way to price these?
>
>Tom Rice used to publish a guide to dealers prices asked for shells. It had
>many problems, but it was widely recognized among collectors and dealers as
>a source of pricing information. This is no longer being produced. Does
>anyone know if another individual or group is planning to publish a
>replacement for "Rice's prices"?
>
>If not, are there any other tools available for collectors and heirs who
>want to do a "self-appraisal" of a shell collection?
>
>Bill Fenzan
>Norfolk, VA
>
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