What would be the best way for heirs to liquidate a collection?

[fifties]

I'm 70, and although I'd like to think I have another 20 years to go (based on my families longevity history), as we all know, anything can happen along the way.

 

Of course, if I get to the point where I know the end is coming soon, I would be in the best position to determine how to sell my collection of over 1,000 pre-code books, but if they are still here when I'm not, what to do?

 

Some, based on recent sales, are easily worth 2 grand, some over a thousand, many in the hundreds, most however prolly in the $30-$40 range. The crime genre prolly well under even that.

 

My son & daughter, although internet and eBay aware, would have no clue as to which are which, and to go through each book with them just doesn't seem practical. I do have the initial cost of each in a sticker on the back of the Mylar sleeve, along with the condition.

 

Bear in mind that I have no CGC slabs; these are for the most part reader grade Fa-VG books, with a few in the upper grades, and represent purchases since about 1972, at prices starting at $2.00.

 

If they were to call in a dealer, I'm afraid it would be an offer of a few hundred for each comic box full. Using eBay would take forever.

 

So in summation, what would be the best way for liquidation by my kids, if I'm not around to advise values?

[miraclemet]

The easiest way to deal with it is to deal with it while you are alive, would you be willing to sell your collection in the coming years rather than have your family deal with it? (this is advice I've heard here before).

 

That also means you'll likely maximize the return on the sales, vs you children doing it or paying someone to manage it (and then they take a cut of the sale).

 

 

[nearmint]

I think about this sometimes, and the conclusion that I've come up with is that it would be slightly selfish of me to leave my family with the burden of having to deal with a massive comic collection.

 

I have two possible scenarios planned. First, sell everything when I retire.

 

Or, second, condense the collection down to a manageable size of highly collectible issues, maybe 20-30, that my family could easily consign to Heritage/CL/CC.

[The_SandMan]

Honestly if I were 70 I'd be dumping everything I own. Let's not beat around the bush here. I'm 47 and if I'm still around in my 50's I plan on dumping everything of value. Let's face it, after 45 our odds of kicking the bucket grow exponentially. Hell, I already sold off 98% of my books

[Gotham Kid]

I have two possible scenarios planned. First, sell everything when I retire.

 

Problem with this is if you "retire" before you retire, after all you know when you will do one but not the other.

 

Or, second, condense the collection down to a manageable size of highly collectible issues, maybe 20-30, that my family could easily consign to Heritage/CL/CC.

 

(thumbs u

 

[mrmitchgro]

If you want to hold on to the collection, my recommendation would be to find a dealer you trust and put an agreement in place now. You can leave enough meat on the bone to make it worthwhile to them while getting a decent lump sum value without the hassle for your family. Then maybe touch base with the dealer annually to make sure that your agreed-upon price is still market relevant (for both you and the dealer).

[sacentaur]

It would be very hard for me to part with my collection while still alive and in good health. If I knew the end was coming, then I would sell just about everything to maximize value and not burden my family.

 

Another option is to pre-arrange with a trusted seller to broker the collection for your heirs when the time comes. I know of two collectors who have made such an arrangement with a dealer, knowing that they can enjoy their comics now and then afterwards their family should get a decent return once the books are auctioned/sold.

 

As I age, peace of mind becomes more important to me so it usually weighs in on my decision-making. What works for me may not work for someone else, however.

[sfcityduck]

 

My son & daughter, although internet and eBay aware, would have no clue as to which are which, and to go through each book with them just doesn't seem practical. I do have the initial cost of each in a sticker on the back of the Mylar sleeve, along with the condition.

 

 

In addition to the very good advice of selling the books yourself or making an arrangement with a trusted dealer to liquidate the books for your family (make sure your family knows of the arrangement and understands the advantages), you could also just take the time to make a list of your books with a very conservative estimate of their grade and present value. Sounds like work, but it would probably be a fun stroll through your collection.

 

Every five years or so update the list of values, and let your heirs know that the values could change yearly, so that the list is mainly a guide to let them know which is the "good stuff" and what the values might be (but, also let them know values sometimes go down). That way they can investigate the values at the time of your death themselves to help avoid getting ripped off when they sell the books.

[cheetah]

You can spell out what you want to do in your will. Select a venue to sell them. Think about having then graded as this will maximize their sale value and cut down on the potential to get your executor stuck dealing with returns. With what you have shown, have them graded and consigned to Heritage.

[fifties]

Some very good suggestions are being brought up, and I thank you all for bringing to light several possible avenues.

 

I do still enjoy reading and occasionally collecting more of these books, so the idea of selling them now just isn't in the picture, but the counterbalance is not wanting to leave a burden for my wife or kids to deal with.

 

How would one find a trusted dealer, and would they need to be in my area (north Los Angeles County) in order to physically see the books ?

 

[Aman619]

Ah. The $ 64000 question!

[comicjack]

I think about this sometimes, and the conclusion that I've come up with is that it would be slightly selfish of me to leave my family with the burden of having to deal with a massive comic collection.

 

I have two possible scenarios planned. First, sell everything when I retire.

 

Or, second, condense the collection down to a manageable size of highly collectible issues, maybe 20-30, that my family could easily consign to Heritage/CL/CC.

Sound logic

[CycloneComics]

This is a very interesting and timely question...I am dealing with selling of a collection.

 

My suggestion to you would be...take the books you know that have a high value and have them graded.

It will be easier for family to put in an auction and get best value.

 

As for the other books it is good you have the cost placed on the books.

 

Worst thing is for the family to have a massive amount of books and not know or care what is there and just dump em to a local dealer.

[SOTIcollector]

I agree that the most helpful thing would be to liquidate while you can do the leg work.

 

I've been thinking of the same thing lately. I don't plan on shuffling off this mortal coil any time soon, but the unexpected happens to people every day. What would I be leaving my family with if I I got hit by a bus? Would they know which books are valuable and which are drek?

 

Here's what I've been thinking of doing. Feel free to use any of these ideas that may be helpful.

1) Identify the stuff I can part with, and get rid of it sooner rather than later. Assume the rest will need to be sold off by heirs who don't know a lot about comics.

2) Label all remaining books with a sticker that provides enough information to clearly identify the book in the way a collector would. Is it an original printing or a reprint? First series or second series? For somebody who doesn't know comics, it can be a daunting task just figuring out how to identify a book to try to determine if it has value. For example, do you remember seeing classified ads or Craigslist postings for somebody with "Spider-man" comics, when what they actually had is Marvel Tales? That's how the average non-comics person sees things. By putting an identifier label on all books, you get the added benefit of giving your heirs the vernacular they need to sound like they know a little bit about what they are doing when it comes time to sell. We've all seen postings that say something like "Bugs Bunny comic book, April, 1948, $20.". I would expect a posting or conversation that screams "I have no idea how a collector would identify this book (by title and issue number)" would be a magnet for dealers looking to take advantage.

3) Create a list or database of the remaining books. The list should identify the books, their current value, and some indication of what class of book they are. I'll probably be classifying them as class A, B and C books. Class C is the drek that a dealer will buy only in bulk at a good price. Class B is the stuff with good collectors' interest that sells steadily (think Amazing Spider-man or X-men). Class A is the key stuff, first appearances that are in demand, etc. Or, maybe a better way to think of the class A stuff is, "make sure you know the current value of these things before you sell them, or you may be leaving a lot of money on the table. If a dealer tries to tell you these are junk, then walk away." I may come up with a couple other classes of books when I finally start on this project.

4) Have a conversation with the heirs about maximizing revenue in the collection versus an easy sale. I suspect they will want to just unload everything in one fell swoop, and that's fine if that's what they choose to do. I don't want to burden them with having to sell anything piecemeal, even through an auction house, if they just want to unload everything at once.

5) Choose at least three potential sales venues for the books, and communicate this clearly to the heirs. I know of at least two dealers that I trust and I'd like to have a shot at my books. I also know some that I wouldn't want anywhere near my collection. I'll be making a list of these dealers/venues, and keeping it with the list of books. Ideally, I hope my heirs would shop around to three places and take the best offer. If they only shop at one place and sell to a dealer I respect, that's okay too.

6) Pass along one of my favorite tips for weeding out some of the scummiest dealers. When a person who doesn't know comics well is selling to a dealer, they should always approach the transaction with a sample. "Here's a sample of the books I have, and I'd like to sell them". The sample should have some good books and at least one great book. Picture a complete run of Incredible Hulk from 160 to 190. If the dealer says "I'll give you $x per book" because they think you don't know what you have, move on. If the dealer pulls out the 181 and lets you know you have something special there, then they may be worth dealing with. In this case, it's not so much about the dollar amount they are offering as their approach. If they think they can get your one good book for a song, then they don't deserve your business. Of course, this doesn't mean that the dealer who pulls out the 181 is your knight in shining armor. This approach just weeds out some of the worst dirtbags.

 

 

 

 

[Flex Mentallo]

Happy to say it doesn't hurt a bit. You don't have to do it all at once.

 

Our circumstances differ, but I recently got halfway there by selling part of my collection, so I could use my income to help people in India I am as close to as family, instead of paying off endless credit card bills.

 

So I ask, if there are books I'd give my right arm for, how many limbs would I give to build someone a house? [The obvious truth is that I should never have done otherwise.]

 

Because I completely trust him, I once asked Richard Evans if he'd be my executor in the event my "heirs" got stuck with the rest.

 

He'd be my unhesitating recommendation.

 

 

 

 

 

 

[Sqeggs]

I'm 70, and although I'd like to think I have another 20 years to go (based on my families longevity history), as we all know, anything can happen along the way.

 

Some, based on recent sales, are easily worth 2 grand, some over a thousand, many in the hundreds, most however prolly in the $30-$40 range. The crime genre prolly well under even that.

 

No 70-year olds using teen-speak!

 

Honestly, I'm sure that my kids will get along fine with or without maximizing the return from Dad's comics. So I intend to enjoy my collection up to as close to the end as I can get.

 

The various suggestions here for thoroughly documenting your collection are all commendable ... provided you feel like doing it. (All my books, along with their purchase prices, are entered in Excel.) If not, I would just give your wife/kids Heritage's number and Metro's number and MCS's number and ... whatever other numbers you feel like giving them. Have them make the calls when you are gone, get the best offer, get instructions on shipping the books, and wait for the check to eventually arrive.

 

This approach may not maximize the revenue they could earn from a more careful disposal of your collection or match the amount you could raise by selling the books yourself, but really how much difference will a few thousand bucks split multiple ways make in their lives?

 

They are your books; enjoy them as long as you can!

[HRCostigan]

Good thread, and I'm reminded of the post I think from last year about the person in charge of liquidating some vintage books and porn from a deceased relative The latter sounds like an unfortunate thing for a family to take care of.

[tb]

I wrote clear and easy instructions on a post-it note, attached it Heritage's guide to estate planning, and put it in one of my safety deposit boxes. I don't think my relatives, who have absolutely no interest in collectibles, should have to deal with anything more complex than that.

[fifties]

I'm 70, and although I'd like to think I have another 20 years to go (based on my families longevity history), as we all know, anything can happen along the way.

 

Some, based on recent sales, are easily worth 2 grand, some over a thousand, many in the hundreds, most however prolly in the $30-$40 range. The crime genre prolly well under even that.

 

No 70-year olds using teen-speak!

Who said that I ever grew up?

 

 

They are your books; enjoy them as long as you can!

Well that's it; I bought them to read, and still enjoy doing just that, so although of course I'm the best to handle selling them, I'm just not ready to do that quite yet.

 

Now I have thought about slabbing some of the money cover books eventually, although that would deduct them from being in my reading library stock. Decisions, decisions, but I certainly appreciate the plethora of suggestions from everyone.

[jimjum12]

As was mentioned before, organizing a list with tight grading and reasonable prices is the best start..... with a corresponding sticker on each book. If you can afford it, slabbing the Keys/Icons now might be very helpful to the bottom line. One thing to remember, the proceeds will be pure profit (minus taxes and commissions) for your heirs so they may not be as concerned about maximizing the returns..... and it very well may be difficult and emotional for them to sell off your treasures. You may want to consider speaking with them to see if anyone would like to have some as mementos of their relationship with you. You may have a younger relative who would like to just keep one or two, even though they may not actually be "next in line" for your estate. GOD BLESS...

 

-jimbo(a friend of jesus) (thumbs u