How to advise on the sale of a collection?

[coomo]

[QUOTE="Magnetoman, post: 52682, member: 2806"]Well, me, for one. I'd like my family to inherit as much as possible from my many years of work.
This has nothing to do with speculation, it has to do with arranging things so one's family members receive the maximum benefit rather than auctioneers, people who might try to benefit from a widow's ignorance, etc. And, it's not like the bikes disappear. They are still there for fellow enthusiasts to benefit from. They just would have to buy them at a fair price from the widow.
Well, money isn't necessarily all that ugly of a word, is it? If my wife gets more money than she otherwise would because I planned things properly, I'd like to think that's a good thing.

I bought a BSA M21 nearly 40 years ago. I didn't do it as a speculative investment, which is a good thing because I doubt if it has appreciated a whole lot since then. However, no doubt there is some super-M21 enthusiast who would love that bike. So, would it be better for me to leave it in my will to such an enthusiast, or for it to be sold for as much as possible and for the proceeds to go to my family? My answer to that is, the latter. But, again, I don't see how this question has anything to do with either enthusiasts or speculators.[/QUOTE]

 

[coomo]

Surely that reply

Well, me, for one. I'd like my family to inherit as much as possible from my many years of work.
This has nothing to do with speculation, it has to do with arranging things so one's family members receive the maximum benefit rather than auctioneers, people who might try to benefit from a widow's ignorance, etc. And, it's not like the bikes disappear. They are still there for fellow enthusiasts to benefit from. They just would have to buy them at a fair price from the widow.
Well, money isn't necessarily all that ugly of a word, is it? If my wife gets more money than she otherwise would because I planned things properly, I'd like to think that's a good thing.

I bought a BSA M21 nearly 40 years ago. I didn't do it as a speculative investment, which is a good thing because I doubt if it has appreciated a whole lot since then. However, no doubt there is some super-M21 enthusiast who would love that bike. So, would it be better for me to leave it in my will to such an enthusiast, or for it to be sold for as much as possible and for the proceeds to go to my family? My answer to that is, the latter. But, again, I don't see how this question has anything to do with either enthusiasts or speculators.

Isnt that a bit of an oxymoron? Sorry, but I find money a dirty word,irrespective of whos entitled to it.After many experiences, over the years.

 

[vibrac]

Reading instructions.
UK Capital gains tax re car motorcycles and boats (and horses) read a tax guide (its worth it.)
as for the UK 'merry widow' syndrome. from valuation to sale with a single flat fee read your MPH

 

[Magnetoman]

Sorry, but I find money a dirty word,irrespective of whos entitled to it.After many experiences, over the years.

I'm sorry you've had so many bad experiences with money. My personal experiences have made me feel that money is usually a good thing, except when I don't have enough of it...

 

[coomo]

I should have been clearer.My experiences have been related to entitlement, not money per se.As previously mentioned seeing someones life time passion, simply reduced to monetary worth, with scant regard is quite a vile experience .Imho......

 

[Magnetoman]

As previously mentioned seeing someones life time passion, simply reduced to monetary worth, with scant regard is quite a vile experience

As for my lifetime passion being sold off, as far as I can tell my kids and grandkids actually like me, and there are plenty of photographs, movies, videos, magazine articles, etc. that will remain. So, none of them will need to have that M21 on display in their living room to remind them of my motorcycle passion/eccentricity. Also, because they like me, I'm pretty sure all of them will be sad when all that stuff is sold off and not be gleefully anticipating how much loot they will get as a result. However, someone else's family experiences certainly could be different.

Someone who knows of my several passions once commented that he was jealous because the yard sale after I die will be much more unusual than the one after he dies. That's a goal: to live my life in a way that results in the most unusual yard sale possible. But, for all of us, in the end there will be a yard sale. To the extent our families are put through a lot of extra effort to prepare for it, and realize far less money than they should have, is dependent on how much we do now. Which is why more answers to Part B of my original post are welcome.

At the risk of oversimplifying, over the years I've taken money from the family bank account to indulge my interest in motorcycles. If that money had stayed in the bank it would have earned interest and so the total in the account when I die would be larger than it will be as a result of a garage filled with rusty relics. Some of those relics won't be sold for much (e.g. M21), while others should sell for a lot more (e.g. Black Shadow). If in the end of all the money that comes from selling off the garage, when put back in the bank, at least roughly equals how much would have been there had I not squandered it on myself over the years, I believe in the case of my own family that will be a good thing. Again, someone else's family experiences certainly could be different.

 

[Somer]

This is an interesting discussion. I also notice we have three countries giving observations. Might be best to predicate your comment with "In insert country.

 

[vibrac]

=" If that money had stayed in the bank it would have earned interest and so the total in the account when I die would be larger than it will be as a result of a garage filled with rusty relics. .

I dont need a country check to tell this is not a UK resident spealing if I emptied my bank to buy BSA Bantams I would get a better return than the present disinterest rates

 

[sidmadrid]

One story......
A few years ago a friend was diagnosed with terminal cancer, he called me and asked if I would buy his collection which was extensive.
He set the prices saying ' would you give me a hundred for this, a thousand for this....?
I said yes to everything, came away with 60 bikes. He did not want tyre kickers etc. arround the place.
He had also invited a Clasic car/bike dealer and they took some of the stuff, they came with a huge pantecnican removal van and took them away, paid cash. They would have got them at below market value but it was clean and efficient and they have to make a living I suppose.
Story two....
A local lad passed away after a lingering illness. His widow decided that his stuff should go to a big auction house. Stuff was old car projects. There were benificeries, and the estate had to go to probate apparently so she needed a paper trail.
The cars did not sell the first time, they were put in store a short while, all costing and to come off the final price realised, also commission and transport costs. Two of the cars were bought the owners mates in the end, they would have paid the going rate and the auction house need not have had a huge cut.

I have a few drinking buddies, old school, gentlemen one and all, and we have an agreement that should anything happen to anyone of us we would help clearing the estate, we would be allowed expenses for this service.
We all have lots of stuff and know the difference between a GP and a Monoblock.

 

[van Ginneke]

Very interesting thread !

In my workshop I have a book labelled 'Bikes'.
In it all my bikes with pictures and as much detail on numbers and their meaning.
Also with each bike a reasonable guess at what they are worth a.t.m.
I have named two fellow clubman (they know) whom I have known & trust for years to whom my relatives can turn to.
I also made a list of persons whom I label as 'not to be trusted'
Ofcourse that could fill the rest of the book but some of them do stick out.....