Technical article

What Families, Dealers and Appraisers Say About Inherited Collections

A widow wrote on a collectors' forum that a shop offered her US$5,000 for her husband's collection.

By Neil Solomon · 3 min read

A widow wrote on a collectors' forum that a shop offered her US$5,000 for her husband's collection. The collection was worth over US$500,000. At the next shop the offer was US$50,000. She wrote that low first offers are a common problem.

That is one forum post, and every account below is of that kind. None is data. Together they show what people say they wish they had known.

What heirs describe

An heir wrote that settling a father's large collections was a nightmare, though about 75% of one still sold for good money. A widow wrote that seven years on, dealers glance at her spreadsheet and show a look that says they have found a bargain. A relative selling a 2005 Audi TT was offered US$5,000 by a dealer and US$7,000 by a national car buyer. It sold for US$17,500 on Bring a Trailer with no reserve.

A seller of a ring wrote that the appraisal was US$6,500 and the jeweler offered US$900. A UK parent wrote that heirs who did not state their wishes early often felt slighted later.

What dealers and auction houses describe

Dealers give another side. One said book value minus a commission covers overhead. Another said many inherited collections are accumulations, and that the average collection he buys is under US$10,000. Many coins, he said, are worth only their metal. A watch dealer said sellers may find offers 20 to 30% below the prices they see online, because asking prices are not payouts. An estate jewelry dealer in New York said an auction house must beat a private offer by 30% to net the same, because it takes 25 to 30% in total.

Heritage Auctions said over 20% of the people it had helped dispose of collections were heirs with little knowledge. In its example, one brother sold his share for under US$7,500 that was worth over US$85,000.

Two disputes in the news

A Florida family sued a dealer in 2024. They allege he kept over US$240,000 from sales of four cars from a late collector's estate. A news report later described a settlement. A Florida widow sued an auction house over her late husband's stamp collection, said to be worth up to US$2 million. A coin newsletter quotes her lawyer saying the house was holding the stamps for ransom. Both are allegations, and the other sides may tell it differently.

The objection

You might say that dealers have to make a living, and that is a fair point. A dealer must pay rent, and a shop that buys everything buys some things it cannot sell. The same posts say that heirs may not know which of the two they have, and that a second offer can differ widely from the first.

Who this touches

The widow or widower, who may be grieving. A collector on a Winchester forum wrote that grief can keep widows from handling the collection, and suggested tagging each gun with a written description and keeping factory letters with it. The children, who may be divided over who knows the field. The executor, who may be asked to decide on a day's notice.