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• Artnet : This site tracks fine arts auction records from 1989 to the present , offering valuable insights into art market trends .
• Invaluable . com : The site covers over 50 collectible categories , providing detailed pricing information from recent and historical auctions .
• PSA Auction Prices Realized : This is the site for the Professional Sports Authenticator , and it offers daily updates and allows users to compare results using the PSA ’ s grades for sports paraphernalia such as cards , tickets , packs , coins and pins .
Avoiding Common Mistakes And Scams
The collectibles market comes fraught with scams , which makes it crucial for sellers to exercise caution . Here are some strategies to protect yourself and your clients :
• Be skeptical : Question unexpected offers , especially those that seem too good to be true or that come with pressure to act quickly .
• Protect your personal information : Be cautious about sharing personal or financial details with unknown entities .
• Verify organizations ’ legitimacy : Research organizations and individuals before engaging in transactions , and contact companies directly through official channels .
• Consult trusted contacts : When in doubt , seek advice from professional contacts , friends or family members .
Best Practices For Storing And Preserving Collectibles
Proper storage and preservation are essential for maintaining or increasing the value of collectibles . While the specific requirements can vary depending
on the type of collectible , a good starting point is to explore resources such as StorageCafe ’ s Guide , which provides comprehensive advice on this subject .
Knowledge And Caution
It can be both exciting and lucrative to navigate the collectibles market when you ’ re settling an estate , but the process must be approached with both knowledge and caution . By selecting the appropriate platforms , accurately assessing the value of clients ’ items and taking steps to avoid scams , wealth managers can help clients make informed decisions and achieve success in this dynamic space . Whether they ’ re selling a single item or managing a vast collection in an estate , these strategies will prove invaluable .
ATTORNEY MATTHEW ERSKINE is managing director of Worcester , Mass . -based Erskine & Erskine .
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OCTOBER 2024 | FINANCIAL ADVISOR MAGAZINE | 55