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What to do with husband's collection? #734309
Wed Aug 14 2019 08:35 PM
Wed Aug 14 2019 08:35 PM
Joined: Mar 2016
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Wichita, KS, USA
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Beez Offline OP
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An acquaintance of mine has a nicely sized collection of pumps, globes, die-cast cars, and automobilia and petroliana in general. I was talking with his wife the other day, and she asked me, "What do I do with all of it (and it's a bunch) after he's gone, or we have to move into a retirement home? How do I know I'm not getting fleeced?"

I suggested a quality, well-known auction house, but there are a fair number of headaches to go along with that. We've all heard the stories of a "family friend" who wants to "help out", and ends up cherry picking the good stuff for pennies on the dollar and leaving the junk.

Ideas, anybody?

Thanks,

Brent

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Re: What to do with husband's collection? [Re: Beez] #734310
Wed Aug 14 2019 09:27 PM
Wed Aug 14 2019 09:27 PM
Joined: Jan 2011
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Mt. Juliet, Tenn.
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Loyd Pierce Offline
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Sounds like a talk she needs to have with her husband before the time arises. Ask him the same questions.
Sure he has a notion. Time changes things and life has it hills and valleys.
Tell her to ask the what ifs. Sure he has a friend he trust to ask to guide her.


*Wanted Pierce Pennant Petroleum*
Re: What to do with husband's collection? [Re: Beez] #734322
Thu Aug 15 2019 07:46 AM
Thu Aug 15 2019 07:46 AM
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Walla Walla, WA USA
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If they have not done it already they need to take a inventory of all items and put a price on each one. This should be done for insurance sake and give them some idea of value of each item. I should be review each year. You can usually make more money selling off a collection a little at a time. Auction houses charge a lot but some times you can get more money on high dollar value items thru them. Just my 2 cents. Richard

Re: What to do with husband's collection? [Re: Beez] #734323
Thu Aug 15 2019 08:05 AM
Thu Aug 15 2019 08:05 AM
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Posts: 1,080
methuen,mass 01844
marky Online content
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tell him to write a ledger with what he paid and what its worth and any ifo on the item somtimes there is a story or history that only that person knows.
alot of people dont do this and end up with alot of questions you can't answer, the rest is up to you auction, sell local , sell online.
marky


jenney & independent oil co. & massachusetts related items wanted
Re: What to do with husband's collection? [Re: Beez] #734331
Thu Aug 15 2019 11:09 AM
Thu Aug 15 2019 11:09 AM
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Michigan, Union Pier
Done4 Online content
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This is rather timely as my better half (flight control) have been discussing this very subject. Not sure it would serve me well to dump the entire collection but to get it to a manageable size is the goal. I try to keep her up on prices and key pieces in the collection so that is some what comforting for us. I'll say one thing, it's not an easy conversation to have but one that must be addressed.


Have gas all the time
Re: What to do with husband's collection? [Re: Beez] #734338
Thu Aug 15 2019 01:41 PM
Thu Aug 15 2019 01:41 PM
Joined: Dec 2011
Posts: 224
Green Bay, WI
UpnorthNeil Offline
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Green Bay, WI
I agree with many of the remarks including the "necessary yet uncomfortable" conversation. I have a list of a few OG members that I have dealt with over the years and know to be "top notch straight shooters". My wife knows where the listed confidants are and what are the centerpieces of my collection. Q+With all of the counterfit signs on the market, I have been concentrating on "hearing the story" of the sign before owning the sign. Where did you get, how did he get it, how long have you had it, how do you know it is real and not doctored...

Re: What to do with husband's collection? [Re: Beez] #734340
Thu Aug 15 2019 02:49 PM
Thu Aug 15 2019 02:49 PM
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Severn, Maryland USA
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gasmansgp Offline
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As we all age, this becomes a real issue. I have good friends who are auctioneers in Oklahoma. They were the shop that helped with the Vic's Place Auction many years ago. They know their stuff in this arena. We all laugh that my wife has them on speed dial on her cell phone! All I need to do is not wake up on the right side of the grass one morning and they will take care of the whole big mess. My point is to find an honest auction house, before the needed time. It might be a fast and easy way to handle this? Just my opinion. Paul www.severngaspumps.com

Last edited by gasmansgp; Thu Aug 15 2019 02:49 PM.
Re: What to do with husband's collection? [Re: Beez] #734372
Fri Aug 16 2019 12:09 PM
Fri Aug 16 2019 12:09 PM
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Plover, Wisconsin, U.S.A.
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Jolly-John Offline
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There's something to be said for turning the entire "estate" of a diseased gas/oil collector over to an auction company that KNOWS the field well. I can't imagine putting a surviving spouse through all the ***** of disposing of a collection a few items at a time. The wife's likely emotional state needs to be considered, plus the TIME it takes to get rid of many pieces over time. And, let's add to the list: Dealing with some collectors/buyers/pickers who may be less than forthright on values or practices.....and exposing items in the collection to possible theft, once the word gets around that all these goodies are in a specific location.

Sure there are costs related to going the auction route....but it is "one and done" in getting rid of the collection for the surviving spouse. One other thought: the taxable event, usually triggered by selling at auction, usually won't apply to the sale proceeds the surviving spouse receives. In MOST cases, but depending on how the estate is set up, the spouse will receive a stepped-up cost basis in the collection. In essence, the wife's cost basis becomes whatever the value of the collection was at the time of her husband's death. So, if the disposal auction occurs in a relatively short time, say within six months to possibly a year after the husband passes, the wife has no capital gain (therefore no tax due) on the auction proceeds. John

Re: What to do with husband's collection? [Re: Beez] #734376
Fri Aug 16 2019 06:02 PM
Fri Aug 16 2019 06:02 PM
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MN United States
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Tankar Offline
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I sold a collection for a good friend of mine wife. 8 solid months alot of work. I agree I know you will take a hit on total with fees but it will be easier than having someone do it.

Re: What to do with husband's collection? [Re: Beez] #734387
Fri Aug 16 2019 08:39 PM
Fri Aug 16 2019 08:39 PM
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North Iowa
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iowagas Offline
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My dad collected old cars, guns, and gas pumps/petroliana.

I was familiar with the cars and how to search for values, condition, description/history etc...when we had to sell them after he and my mom passed away.

Gas pumps/petroliana he has a list of the major stuff and what he thought were current values as of about 10 years ago. Noting that if it was an original globe or reproduction, stuff like that.

The guns he had started list on and I bought him value guide book off of ebay. Sadly he never got very far and I knew nothing about his 70+ guns. My sister and I had to bring a guy in to classify the guns as to style, manufacturer, and caliber. He agreed to put no values on the guns or offer to buy the guns even though he was interested in a few. Several of my dads friend offered to buy specific gun for XXX amount of dollars but I told them to be fair they would need to buy it at auction. Some were not too happy as my dad "promised" they would get a specific gun when he passed, nothing was ever found in writing. They were sold at auction and yes, the auctioneer took his cut of 19%.

Have the owner make a list with a short description and what he thinks the value is and any special instructions/information for the item. If a family friend makes any statement about how something was promised or offers to buy for XXX they can go back to the list. If the "friend" disagrees with the value then they can buy it at the auction as like some of my dad's friends had to.

Re: What to do with husband's collection? [Re: Beez] #734463
Sun Aug 18 2019 04:25 PM
Sun Aug 18 2019 04:25 PM
Joined: Mar 2016
Posts: 16
Wichita, KS, USA
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Beez Offline OP
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Everybody,

I want to sincerely thank each of you for your thoughtful, well-stated views and ideas on this. I'm assuming no one will have an issue with me printing out this thread and giving it to her; I'll wait a few days to hear if anyone has any objections.

Again, thanks for your help.

Brent

ps. Of course, I received a couple of private messages, in poorly worded English, wanting to "help" me liquidate the collection...🤔

Re: What to do with husband's collection? [Re: Beez] #734474
Sun Aug 18 2019 06:29 PM
Sun Aug 18 2019 06:29 PM
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MN United States
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Tankar Offline
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That always happens. Good luck with it.

Re: What to do with husband's collection? [Re: Beez] #734494
Mon Aug 19 2019 06:00 AM
Mon Aug 19 2019 06:00 AM
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Severn, Maryland USA
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gasmansgp Offline
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Brent, Again, if at all possible, try to distance the seller from " friends of any sort", who want to help out. There is always a catch. Selling the collection through a "Reputable Auction House", will in most cases generate the biggest return of funds, even after the fees are paid to the company handling the transition. It will also give the " Friends" the opportunity to purchase the things that they were interested in at " Fair Market Value." To run an auction is not easy. It takes a lot of time to catalog, transport...if necessary, advertise, sell and in some cases ship items. I have been to a lot of Auction Sales. What I have seen is that as a [buyer], there are very few bargains....Competition between buyers usually brings the prices up...in some cases above retail? I speak from experience, having overpaid on items, when I got caught up in the sale. As a seller, on average you will do well and given the fact that it's a one day and out transaction....save a lot of time and stress in dealing with a piecemeal sale. Feel free to pass these comments on to whomever they can help. I can't see how it could hurt? Regards, Paul www.severngaspumps.com

Re: What to do with husband's collection? [Re: Beez] #734514
Mon Aug 19 2019 11:00 AM
Mon Aug 19 2019 11:00 AM
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Plover, Wisconsin, U.S.A.
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Jolly-John Offline
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Amen, to your most recent comments, Paul. Also, buying pressure at an gas/oil auction is increased considerably, if the auctioneer has the sale set up for online bidding, as well as in-person bidding. That may translate to higher prices being received by the seller. John

Re: What to do with husband's collection? [Re: Beez] #734639
Wed Aug 21 2019 05:19 PM
Wed Aug 21 2019 05:19 PM
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Posts: 2,541
Parker, CO
powerlube Offline
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Shop the auctioneers, one friend received .50 on dollar for what he paid. It was sad.


Scott Wright
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