Divorcing Our Collections

I am standing in line at an antique show and the conversation fascinates. As is typical, the median age of those in the queue is probably 65 or higher and the talk turns to divesting our collections. One collector is adamant that she wants top dollar for what she has collected. Another weighs in that he would take less but wants the pieces to be appreciated and enjoyed in their new homes. A third is focused on displaying the collection and talks of donating many antiques to a local historical society, if only they would not put them in storage. A fourth collector has already begun writing the stories that accompany many of the items in his Americana collection and putting them in drawers and affixed to the underside of tabletops. A fifth wants some pieces to remain in the family, hopeful her grown children and even grandchildren are interested. 

They are talking about divorcing their collections. Perhaps the divorce will be easy and amicable. Perhaps these collectors will be forced to know themselves – what is it I value and want as we separate? If a couple, each partner may not have values congruent with the other and compromises will be necessary. Mediation may be required, between the collection and the collector, between possibilities in the real world and what the collector hopes for. 

I listen, hoping to learn something that will guide my wife and I when the time comes to divorce our own collection. I think of the individual differences of the collectors that surround me, and the psychology of the meaning of being remembered, remunerated, respected, and acknowledged. Anyone who divorces his collection receives value in return. The worth may be measured in dollars, in an emotional impact, in something as simple as “more space” or other outcomes depending on who the collector is. We would expect that emotions and biases would influence this divorce, and they do.

Let us begin with money. Divorces often end up here. An emphasis on money and the meaning of receiving top dollar being paramount must be explored as it can vary from person to person, and within the same person depending on the antique being divested. For money often involves a combination of factors – money is never really money. It is anything but. 

One dealer in Americana who also works in an auction house told me the following:

I think when I hear collectors talk about getting “top dollar” what that brings to my mind is obsessing over what every single item in the collection sells for and being willing to expend as much time and energy as they think necessary to do so. And wanting anything back that does not bring their idea of “top dollar” (reserves). I think in practical terms it probably means either highly reserved auction where they babysit every catalog entry, estimate, and reserve, or consignment to a dealer.

Collectors know that top dollar is aspirational and cannot be a certainty. A butterfly flaps its wings somewhere in the world, the stock market sags, and collectors become nervous just as a collector’s antiques enter the market. If at auction, despite all his (their) efforts, the antiques may bring a fair price that day, but not top dollar. If pieces are consigned to a dealer(s) patience is called for. Even with superb marketing and the dealer’s stellar reputation some pieces may not find a new home for some time, nor at a price the collector hoped for. 

None the less, many collectors are motivated to receive a “fair” price. Is doing so as simple as picking an auction house or dealer that (who) is honest and a good fit for the antiques to be auctioned off? Is it as the dealer describes above? 

But why an emphasis on money, whether top dollar or not? Here are some potential questions to explore if a collector, or you as a collector, are primarily motivated by money as a collection is divorced. 

Investment Value: Some collectors view their art, antiques, or collectibles as investments. They want to maximize their financial return on the initial investment they made when acquiring the pieces. For them, getting top dollar is a measure of financial success. 

Financial Security: For some collectors, the funds obtained from selling their collections may contribute to their financial security or serve specific financial goals, such as retirement or funding other projects, interests, or investments. Top dollar represents a means to achieve these financial objectives.

Validation of Taste: The value of American antiques is often tied to their rarity, quality, and historical significance. Getting top dollar for a piece can be seen as validation of the collector’s taste and acumen in identifying valuable items. It reflects a sense of accomplishment and expertise in the chosen field of collecting.

Recognition and Status: Inherent in several of the motivations discussed for top dollar for a collector’s antiques is that doing so is seen as a source of recognition and status within the collecting community. It may establish the collector(s) as someone with valuable insights and assets, contributing to their reputation among peers. Perhaps the collectors want the auction of their antiques to be a benchmark, talked about by others and the press for years to come.

Preserving a Legacy: Collectors may see their collections as a part of their legacy. Getting top dollar ensures that their carefully curated pieces are appreciated and valued by others even after they decide to part with them. It’s a way to preserve and extend the impact of their collection. The long-lasting impact of the collection’s dispersal is recognized in its fiscal return.

Market Trends: A desire for top dollar may also be influenced by awareness of market trends. Collectors who follow market dynamics may want to capitalize on peak demand or specific trends that can enhance the value of their pieces. This is often driven by an understanding of the market and a strategic approach to selling. They want to sell when the market is hot for the genres they own.

Understanding the meaning of money in this context involves recognizing that money serves as a measure of value, providing a tangible and quantifiable representation of the worth of the collector’s items. It is a symbol, not only of financial gain but also the broader impact and recognition of the collector’s efforts and choices within the collecting community and the wider market.

“All true,” I hear you say. “But do not other ways exist to measure worth?” “I want collectors to have the same emotional attachment to the antiques that we did.” Collectors may want to ensure that their cherished items are passed on to individuals or institutions that value and respect their cultural or historical significance, and obtaining top dollar may, thus, not be the prime consideration. Donating antiques to an institution, even with potential tax benefits typically does not equal the monetary return of selling a collection. There are other reasons that collectors who prioritize the excitement and appreciation of the buyer over getting the absolute top dollar for their pieces may feel that way. Keep in mind that these goals also can be aspirational and may be as difficult to achieve as setting out to maximize financial return. None the less, here are some reasons some collectors might choose to prioritize goals not measured in dollars.

Legacy and Long-Term Impact. Legacy in this context differs from “top dollar” discussions. These collectors want the divorce to contribute to the American antique world. Such collectors may prioritize selling their pieces to individuals or institutions that share their enthusiasm for the items and will actively contribute to their preservation and public appreciation, even if it means accepting a lower price. Thus, they would be hesitant to gift pieces in their collection to an institution if they were to disappear into the archives, to be seen only rarely, if at all. 

Building Relationships: The Wall Street Journal had an article (November 2023) about those selling their homes establishing meaningful relationships with the buyer. In the same vein, building relationships with buyers who share a genuine passion for the items can be rewarding for collectors. Some may prioritize creating connections with like-minded individuals who hold in esteem the collection’s value beyond its monetary worth.

Fostering a Positive Experience: Collectors may prioritize creating a positive and memorable experience for the buyer. This could involve sharing stories about the pieces, providing additional context or historical information, and ensuring as best they can that the buyers feel a strong personal connection to the items they are acquiring.

Supporting a Cause: Some collectors may be motivated by philanthropy or supporting a particular cause. They might choose buyers who align with their values or who have expressed a commitment to contributing to charitable or cultural endeavors associated with the collection.

Caring Less about Top Dollar: Collectors who are not primarily motivated by financial gain may avoid waiting for the market to peak or the perfect avenues to divesting their pieces to maximize profits, choosing instead to sell at a “fair” price to those who genuinely prize the pieces.

Personal Fulfillment: The satisfaction and fulfillment derived from knowing that their collection brings joy and excitement to the new owner can be a significant motivator. For some collectors, the emotional reward of seeing their pieces cherished and celebrated is more important than the highest possible financial return.

Minimizing Stress or Hassle: It can take a great deal of work for a collector or estate executor to disburse a collection. (see the dealer’s comments above). Does the spatterware go to a Pennsylvania auction house, the posters to a New York City one, the New England furniture to a New England dealer on consignment, and so forth? Avoiding this lengthy and often complex selling process may entail choosing a smoother and more straightforward transaction, even if it means accepting a lower dollar return.

Fun. Collectors may want to move on from their collections and have fun in doing so. If aged and perhaps infirm they may have enough on their plates than a careful and arduous divorce from their antiques. Pop the champaign, have mirthful conversations with dealers or a chosen auction house, and let the devil take the hindmost. “Life is too short to do otherwise” some collectors may say.

Greater control. A collector may consign a collection to auction house A that allows her to write item descriptions to ensure their accuracy, and have greater say in the auction catalog even if the terms are less financially beneficial than auction house B. 

In brief, collectors can prioritize many variables, e.g., excitement and connection with buyers, over maximizing profits often do so for reasons related to their personal values, goals of long-term impact, and the overall experience associated with passing on their cherished items to new owners. The decision to forego the best price reflects the diverse motivations that drive collectors beyond purely financial considerations.

As might be expected, one finds that divorcing a collection is often not this simple, i.e., the dichotomy between financial and non-financial triumph. A collector or collectors selling their collection can embody many of the above values simultaneously Some pieces may be earmarked for top dollar, others for appreciation, still others for a legacy within the American antique universe or family. Wanting the statement, “ex collection of ___” to have meaning can depend on price or the taste of the collectors regardless of what their collection brought, and so forth.

To be sure, a third alternative exists. A collector may be laisse faire about the divorce. Not especially interested in the money side nor the nonmonetary values, a collector may simply want the collection to disappear. “I have run out of space.” “I used to have a lot of passion for these antiques, but my ardor has cooled over the years.” “Be gone.” 

 “All and good you say,” but what sense have you, Dr. Perlman, made of all these choices and personal needs? After all you are not spring chicken. “What is the end result of your grappling with such a divorce?” “A fair question,” I respond, and a good one. It can be better answered by those who have already divorced their collections if we could find their voices to add to our conversation. But I will be a sample of one of those considering the separation.

Let us begin with my wife’s collection of novels about girls and women who fly. It has been important to her for some years. It was built tome by tome, and doing so took a lot of effort. She has read each and reread some. If her mother was a young woman today, she might have become a pilot. And my wife is a “woman’s suffrage” type of person. Only being a pilot will do. So, she was most pleased (and I also) when it appears that we may have found a home for her collection of fiction. The Women’s Airforce Service Pilot WWII Museum has expressed interest. While nothing is settled, we have our fingers crossed and have not yet explored with them the possibility that the collection be displayed. If so, a small notion with my wife’s name would please her greatly. In this case, donating the collection, worth a fair number of dollars supersedes the check we would get if we sold it. In this instance, meaning and sharing is important to us both.

We discovered as we talked that we are not a “top dollar” couple. We would rather the antiques in our collection go to younger collectors of Americana as excited in owning them as we were years ago when we acquired many of them. If not that, then for a fair price, nothing more. We do not view our antiques as an investment but a hobby that has brought great meaning and allowed us to become friends with some wonderful people over the years. It is good enough for us if the collection is fairly marketed and sold by an auction house someday, with perhaps a few pieces consigned to a dealer. If there is a good story or two to tell after the divorce is over, that would suffice.

None the less, questions remain. How does one go about finding excited collectors if that is a goal of letting go of one’s antiques? We have not figured that out yet but will make our wishes known to an auction house or dealer. Aside from the books we have no needs for legacy when our collection is disbursed. We do not need the affirmation of a single owner sale complete with a brief biography or page set aside in the auction catalogue, unless that helps brings about a white glove affair.

We would be pleased if a few of our antiques stayed in the family and our elder son has expressed interest in one or two. We hope they bring him pleasure. 

Of course, collectors aging as they are, do not know what the coming years will bring. But the meaning, or lack of, of their collections is an interesting issue to make sense of, each in their own way. Talking with trusted fellow collectors or dealers may shine light upon the collectors and the divorce. For the collectors’ personalities and the significance and essence collectors attach to these pieces of Americana can play a large part in their divorce from them. Photographs might replace visitation rights, seeing items displayed somewhere gratifying. As might the use collectors make of the dollars received for them. 

Voltaire observed that “friendship [for our purposes, with the antiques we collect} is the marriage of the soul, and this marriage is liable to divorce.” And for some collectors they may feel a part of them has been lost when the process is complete. Yet there is great worth in collectors evaluating who they are and what they value as they divorce their collections. For our purposes, Socrates was correct when he stated that “Knowing yourself is the beginning of all wisdom.” But having that wisdom is only half the battle. Actualizing it when a collector divorces his collection may truly be an equal or more difficult task.