Should You Donate or Sell Your Antiques?

When creating your will or trust, you must decide what to do with your antiques. This decision depends heavily on the volume and types of items in your collection. If you’re considering leaving these pieces to loved ones, it’s essential to ask if they will enjoy them the way you do. In the event that your family members aren’t interested in antiques, what can you do with them? Should you donate them, leave them to a charity, or sell them? Before making this important choice, ensure you know the value of your pieces by hiring a qualified appraiser. Knowing the real value may help you decide the best course of action. Once you have that information, exploring and researching all the options is critcal before putting your wishes in writing.

Passing Pieces Down

You love your antiques, and it’s easy to assume your family will love them the same way. Unfortunately, passing down items isn’t always easy for families after they lose a loved one. If you have a house full of antiques, consider whether they’ll be able to physically and emotionally handle sorting through everything and whether they’ll want to keep many of the pieces. Whether you feel sure of their decision or not, it’s important to have a conversation and ask about their preference. This also gives you an opportunity to let them know your intentions for your will.

Depending on the value of your pieces there may be tax benefits for your loved ones when items are passed down. If you purchased a piece 50 years ago for $100, but its current appraised value is $10,000 you’ll have a taxable capital gain of $9,100. You’ll be taxed at a rate of 28% on that profit. However, if you pass the item down, the IRS will see that your beneficiary received that item when it was valued at $10,000, and if they then sell it for $10,000 they will owe no capital gains tax. To receive this benefit, be sure your will shows an updated appraised value of the piece and consult a tax professional.

Donating to Charity

For speed and ease, many people choose to donate or bequeath their items to charity. This is a great option if you have a large collection that your family isn’t interested in holding onto. Many charities offer free pick-up so your loved ones won’t have to load trucks and caravan to your chosen organization. This choice even offers some flexibility; you may donate your items now or name a charity in your will to receive the items once you’ve passed away.

When deciding whether to hold onto your items or donate now, taxes could be another consideration. Donating appraised items means you can often count the entire value as a tax deduction. If you were to sell that same item, you may owe money on the taxable capital gains, but that can be completely avoided with a donation. Speak with a tax professional to make sure this benefit applies to you.

An additional benefit of donation is the knowledge that your antiques will go to good use. The charity may keep the item for office operations, give them to someone in need, or sell them to fund their work. Don’t be surprised when a charity can find a use for even the most unique antiques.

Selling Antiques

Whether looking to downsize for your family’s future benefit or your own, selling antiques is always a popular option. You’ll find many avenues through which to sell pieces both online and in-person. As with passing down and donating, it’s important to first know the value of what you’re hoping to sell. A qualified appraiser is always recommended for high-value pieces, but you may get a general idea of value through a few internet searches. Some antique dealers might even provide free appraisals online.

The advantage of selling online is certainly access to more buyers. Your item can be placed in front of millions of people worldwide on sites like eBay, Etsy, and Ruby Lane. These websites charge relatively small fees and are simple to use, but you’ll have to do the behind-the-scenes work of photographing your item, listing, and shipping. You can also reach out to online antique dealers. These companies often buy items at lower wholesale prices to resell, which allows you to avoid much of the selling hassle.

If you would prefer to sell your pieces at a more local level, consider stores in your area. Options include consignment shops, local dealers, flea markets, auction houses, and even an individual garage or estate sale. Each of these comes with its own benefits and drawbacks. A garage or estate sale brings in money quickly, but buyers often seek a bargain. An auction house is great for high-end items and does much of the heavy lifting of advertising and selling, but may take a large commission. Selling antique items in any venue can take research and patience. Take the time to ensure selling is the right option for you and your family.

When making end-of-life preparations, deeply consider both the value of your antiques and the well-being of your loved ones. Have conversations about what pieces are going to whom and whether they want those items. Will it be difficult for them to handle your collection? Also, consider whether you want to hold onto your antiques or sell them and enjoy some extra funds now. Whatever you choose, we can’t say it enough: have your antiques appraised. Before you put any choice in writing, whether it be donating, selling, or gifting items to loved ones, know the value of the pieces. Being sure of an antique’s true value can save large tax bills and headaches later. This is a crucial step for any will or sale, but can help you now. A proper appraisal can allow you to insure valuable items in case of damage or theft. Take time with these complicated decisions and rest easy knowing you’ve made the best decision for your family."