Charles Schwab
By Austin Jarvis
March 8th, 2024
Whether you’re the original owner or the future inheritor of a collection, advanced planning and open conversations are key…
A private wine collection shattered records when it sold for nearly $30 million at Sotheby’s in 2019. Three years later, a rare Mickey Mantle rookie card sold at auction for a record-breaking $12.6 million. And in April 2022, a copy of the first Superman comic went for $5.3 million.
Even far more prosaic pieces can contain real value. However, they can also present unique challenges when it comes to estate planning—both in terms of the financial implications and emotional stress if you haven’t had an open conversation with your heirs about how to care for, or dispose of, your collection.
Given the many considerations that come with passing down or inheriting a collection, it’s wise to plan well in advance—particularly for rare or especially valuable assets. Spending some time and attention on it now can help ensure the collection lives on with an owner who understands and appreciates its value.
