A hobby is an enjoyable activity people do during their free time for pleasure. Many people like to collect different items of interest as a hobby. While items will vary, collecting as a hobby looks similar and includes acquiring, organizing, displaying, storing, and maintaining treasured items.
Some people start collections to keep for the rest of their lives and then pass them down to children or other relatives. Others choose this hobby to make money and purchase items to sell for profit. Below are some of the more popular things people collect.
Some art collectors only see dollar signs, while smaller-scale collectors look at it differently. Many are passionate about the pieces they purchase; others see it as a form of investment. Prices and value vary significantly depending upon the time periods and the artists, so starting an art collection doesn’t always have to be expensive.
Art collectors choose what appeals to them personally, be it the color or the concept. Starting an art collection involves a lot of research and a learning curve. The process is an enjoyable one as it is a hobby around a passion and love of art. It is not uncommon for people who start collecting art as a hobby to begin seeing it as an investment as their collection grows in value. There are many options available when selling pieces of art. The first step is to make sure it is retail ready.
Collectors keep on file the name of the artist, a recent appraisal, the materials used to create the art, and the dimensions. These documents are necessary to provide to potential buyers and will also be used for income tax purposes. The best customer is one who appreciates the value of what they are buying. Get referrals from art dealers or directly from artists, for they might be able to provide insights into potential buyers. Some art galleries offer the option of displaying pieces marked for sale. In this situation, the consigners still own them until sold.
Another option is to sell at an auction. In both scenarios, commission details need to be worked out ahead of time to preserve profit margins.
Various factors motivate coin collectors. One is an appreciation of the history behind specific coins and wanting to own a small piece of it, while the profit motive is another undeniable reason. It takes time and effort to grow coin collections, but for those who choose to start, it is an enjoyable hobby. Many people start with a specific series of coins that often leads them to start new collections.
Although many coins may be mementos, there are also many that have historical and financial value. The Royal Canadian Mint and the United States Mint produce coins specifically to be collectibles. Coin collecting can be a very profitable hobby since the prices of metals cause the value of coins to fluctuate. Investors who decide to sell part or all of their collection may even get all of their investment back, which is not a common occurrence for most investments.
There are several ways to sell coins. They include professional coin auction sites, coin dealers, and coin consignment sites. Below are a few tips investors and collectors use to sell coin collections.
- Have a clear understanding of what coins are worth
- Get the most amount of money possible
- Ensure that transactions are transparent
- Don’t appear desperate to avoid getting into a forced sale situation
- Look for a price lock guarantee
Because trust and relationships are so important when it comes to finances, working with a coin dealer is a wise decision. They have the experience and information about the coin market that the average coin collector doesn’t.
Beth Bernstein, a jewelry historian and collector, explains in this article how she has a safety deposit box filled with rare high-quality, signed, and antique jewelry that are actually assets. She talks about having bought pieces of jewelry over the last 25 years to celebrate important times in her life. Beth loved shopping for her jewelry and got even more enjoyment wearing them. She realized that what she owned had value but had never thought of them as investments until recently.
Of course, there are also people only who purchase pieces of jewelry as an investment to sell them later. Some of the places to sell jewelry pieces or collections are:
- Estate sales
- Auctions, online and offline
- Jewelry brokers
- Consignment shops
Collectors will never know everything about the subject matter of their collecting hobby. They continually research and add to their collections. Keep in mind that the value of any collection is not truly realized until it is sold.