Londonbus1
Moderator 
Cinderella Stamp Club Member 3059
Posts: 4,859 
What I collect: Cinderellas and some Ephemera from Great Britain, France and Israel plus a few beautiful bits from elsewhere !! Topical interests include Flags & Judaica, the latter with an emphasis on the Jewish National Fund.
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Post by Londonbus1 on Jan 23, 2021 15:15:04 GMT
An article from the BBC has been doing the rounds the last day or so and is certainly food for thought when disposing of a collection. Hearing the opinions of others has been quite an eye opener so I would be interested to hear the views of our members at TSF. www.bbc.com/news/uk-scotland-tayside-central-55735037I recently stated on the 'Whatcha Been Stamping' that I am selling my collection now so my family do not have the problem when I am no longer around. After reading the BBC news article, and others before it, I believe I made a good decision ! Let me know your thoughts on the Kinross calamity ! Londonbus1 |
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brightonpete
Departed
Rest in Peace
On a hike at Goodrich-Loomis
Posts: 5,110
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Post by brightonpete on Jan 23, 2021 15:35:36 GMT
With my current health problems, I have been thinking of disposing of most of my stamps. I'd love to keep them, but with brother not the least bit interested in them, I suppose it is up to me to do that. I have been thinking of just donating them. See if the local public and high school would take some. Also, give some to the local stamp club. Considering the CV vs. the RV, I'd just donate most. That way, I can write in my will what to do with everything & I can keep and work away at them all until... Since I don't have rare stamps of any great value, that's not an issue for me. Although I do have one $1,000 CV stamp, but I fail to see how it received its valuation! It's a 1¢ John A Macdonald definitive from 1973 printed on the gummed side. And just checking the 2020 Unitrade, it is now worth $1,250! Good grief! I'd never pay anything near that for a stamp like that! Maybe I should try to auction it off here. Anyone interested? What's 586d worth now in the 2021 Unitrade, renden? |
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vikingeck
Member 
Posts: 3,261
What I collect: Samoa, Tobacco theme, Mail in Wartime, anything odd and unusual!
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Post by vikingeck on Jan 23, 2021 15:50:36 GMT
I have bought from this dealer in the past , but now his reputation is trashed! The Trade association is investigating his membership.
There is a question of trust when leaving a collection with a dealer for valuation and here is a clear fraudulent action.
Various reports have appeared of the court case, but it is unclear what the particular stamp in question actually is.
The BBC report at least omits the worst journalistic errors which appeared in the Times and in local Scottish newspapers, which referred to a rare “Penny Blue”
The press articles we have seen , illustrate a used GB Twopence blue in various guises , from an 1841 no margin in one paper, to an 1850s perf 14 in another.
none of the illustrations can be the “rare £5000 stamp” .
One can only speculate on the accuracy of the valuations quoted. Who’s figure is reliable in today’s market?
The owner valued the collection at £23,000, the dealer offered £5000 stating he thought the collection worth about £8000.
The stolen stamp is alleged by the owner worth £5000 and the dealer tried to sell it on eBay for £649.99.
There is always a gap between seller expectation and dealer’s offer which allows him a profit. The one is often based on a catalogue value, while the other is an estimate on market prices.
Few indeed are the rare stamps in the very fine condition which merit a valuation approaching full catalogue value . So where do we find the real worth of the collection.?
Some where between the owner’s hopeful expectations and the dealer’s lowball offer.
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philatelia
Member
Captain Jack - my best kiloware find ever!
Posts: 3,404
What I collect: Ireland, Japan, Scandy, USA, Venezuela, Vatican, Bermuda, Austria
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Post by philatelia on Jan 23, 2021 15:50:37 GMT
brightonpete if I might make a suggestion - instead of donating the stamps, place them in an auction - you have several great Canadian auction houses up there - and donate the proceeds. OR try this: I've been selling and the work involved is colossal if you break up collections BUT selling the entire collection intact is much easier. I'm planning to sell the rest as entire collections on EBay. Yes, I'll pay fees, but auction houses charge a hefty fee, too. It isn't as hard as you think. You worked hard to assemble those collections. Why not enjoy some of the proceeds yourself? My health was a factor in my decision to start selling parts of my collection. I've also decided to place all of the most valuable items in a separate album in a different part of the house. I showed the album to my niece and told her that she should only offer to sell the material in there to a short list of auction houses / dealers. That reminds me to get busy and list those collections. Winter is a great time to sell and lots of folks are stuck at home with Covid. NOW is the time to sell, folks!
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renden
Member
Posts: 8,705
What I collect: World W collector with ++ interests in BNA (Canada etc) and USA
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Post by renden on Jan 23, 2021 16:00:57 GMT
What's 586d worth now in the 2021 Unitrade, renden ? Same CV, Pete - Check with your lawyer who does your will. I remember my dad had taken the stamps off his will as Revenue Canada wants its share.......we had done that before he was sick.....so I took care of the collection outside the will. You might, during your active period, do some Auctions, Giveaways etc. and the rest to your club. I know it is hard work but the benefits (mental) are there. Hope the health will settle for some time to come - We need you on this Forum ! René |
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Post by dgdecker on Jan 23, 2021 17:28:20 GMT
A very timely post. I have been organizing my things for the « When I am gone.. » no one in the family has any interest. I have several small collection with some value. I will leave instructions outside my will for the sale of these items. Definitely leaving a list of dealers to approach. I the person I will entrust this to has agreed to follow my directions. Still need to get the legal side of things done. Otherwise I will try to donate to a local club . I do not want anything included in my will as a good portion will be eaten up in taxes. There could be Federal tax . The ‘ fee’. Ie the tax to process a will through the court process is a percentage of the the value of the estate. My uncles estate had to pay 25% , so it can be a hefty chunk eaten up. I plan on looking for an evaluation only on my early Canada and Colonial collection.
That can all change if someone in family express an interest .
David
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vikingeck
Member
Posts: 3,261
What I collect: Samoa, Tobacco theme, Mail in Wartime, anything odd and unusual!
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Post by vikingeck on Jan 23, 2021 18:53:56 GMT
I am not a lawyer , so don’t quote me. A couple of times friends have asked me to help with late partner’s stamp collection. I recommended that, if it must be included in the estate, they should treat it and declare as a hobby interest with a nominal value of £1000.
I have then assisted in the disposal of various bits of the collection through auction, dealer’s I trust , selling some as a favour , offering to buy bits , selling on eBay .
As a member of three stamp clubs I have contacts. I would recommend anyone selling to “ ask a friend” who has some knowledge .
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brightonpete
Departed
Rest in Peace
On a hike at Goodrich-Loomis
Posts: 5,110
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Post by brightonpete on Jan 23, 2021 18:56:59 GMT
Little did I know about fees in regards to donations set down in a will!
<sigh>
Well, when I am not here, I don't really care!
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renden
Member
Posts: 8,705
What I collect: World W collector with ++ interests in BNA (Canada etc) and USA
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Post by renden on Jan 23, 2021 19:02:23 GMT
Little did I know about fees in regards to donations set down in a will! <sigh> Well, when I am not here, I don't really care! But your trustee (or executor of your will) will have a "surprise job" !! |
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renden
Member
Posts: 8,705
What I collect: World W collector with ++ interests in BNA (Canada etc) and USA
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Post by renden on Jan 23, 2021 19:08:01 GMT
Pete brightonpete, I did execute my father's will in 1999 and I was very glad that "stamps" did not appear as I would have had to get his collections evaluated for TAX purposes. René |
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polarbear
Member
Posts: 585 
What I collect: Canada Used to 2015, revenues, perfins. Newfoundland, St. Pierre & Miquelon, Worldwide textiles/handwork and Christmas.
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Post by polarbear on Jan 23, 2021 19:31:12 GMT
Thanks for all this info and this timely thread everyone. We are in a new province with out of date wills. We approached a lawyer before Christmas about new wills. She specifically asked about stamp collections, coin collections, etc. I was surprised and answered I had a stamp collection, but it wasn’t worth much, which is the truth. Our executor knows the location of the Collection summary and disposition notes. Everyone was glad I took the time to draw up that little document.
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