Selling an O Gauge collection
I recently received an email from someone asking for advice on how to sell an O Gauge collection. In fact, I’ve received a number of such emails over the past few years. I’ve never sold a collection but I do know one person that has and watch many others as they try to sell them on eBay when the auction shows up in the eBay listing at the botton right of OGaugeWatch.
There are many ways to liquidate a collection including:
- selling on eBay or some other on-line auction
- using a traditional auction house that specializes in toys or model trains
- selling them with a classified ad in the newspaper
- posting an ad on Craig’s list
- selling to a local train shop or to an on-line establishement like Trainz.com
- selling on consignment
Selling a collection can be great burden, especially if it is the collection of a loved one or friend that passed away and the seller has no idea about O Gauge trains. Scott Griggs over at Trainz.com (who was a sponsor of OGaugeWatch) has posted some very useful information that I point people to when asked about selling a collection. You can read the post here: Things to consider when selling your trains.
I think the best piece of advice I can offer to sellers or those with a collection they eventually plan to sell or know the collection will be sold upon their departure for this earth is to create an inventory of the collection.
An accurate inventory will make it easier to get an accurate appraisal and make the logistics of selling the collection so much easier. An inventory list can also be a requirement of some insurers if the collection is large and valuable when a decision is made to insure the collection. The inventory can be as simple as a hand written list or as elaborate as a report created using an inventory system such as TrainMinder or others. Having photos of each piece will also help.
Trainz.com offers a simple inventory form (as an Microsoft Excel spreadsheet) for download here. The basic pieces of information captured on the inventory form are:
- Quantity
- Manufacturer
- Model # (this is important and can usually always be found on the piece)
- Short Description
- Notes
- Condition - See the Train Collectors Association’s condition grading standards here.
- Does the item have a box?
Having an inventory of a collection just makes sense especially if it is large and valuable. Creating an inventory can be time consuming but the dividends will pay off when it is time to insure or sell the collection. Loved ones or friends left with the task of liquidating a collection will be very grateful an inventory exists.
If you’re reading this and are willing to share an experience of selling a collection with others please do so by posting a comment to this post.
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2 Responses to “Selling an O Gauge collection”
First I will say, great article Dave! To add to what you have said, I think that a note on expectations is needed. This is especially important if it’s a loved one that is selling. Many folks walk around train shows with books that purport to ascertain value of pieces. When evaluating the worth of your own collection you should bite the bullet and reduce your expectation of what may be paid by about 40% or more off those books. Clean Postwar would be the exception as it takes a lesser hit. Trainminder has an interactive feature that may true up real prices; although I haven’t had time to use that feature yet.
Regards,
Bob
Posted by: Bob Amling | Mar 22, 2009 at 5:32 AM
I have a some what similar situation. I am helping sell off a train store.
The owner has passed away from a very short and unexpected illness. So, the family was not prepared for this situation.
Circumstances dictated that we we sell most of the inventory through the store, while I commenced to sell the higher dollar items through e-bay. E-bay is a costly and time consuming effort. The fees are outrageous and then the shipping. I have started using portals like choochooacutions.com, as the fees are seller friendly, however, the exposure is less than e-bay. Craigs list is fine, but the audience is much broader and you really need to find toy trains on that board. WE will eventually go to a collection buyer like Trainz or Train City, that that will occur after most of the inventory is gone. At that time we will have to redo the inventory count and have those who are interested make a bid.
Be advised, that, though time consuming, the inventory list will be your best weapon in selling you inventory. Honesty in your grading will be a big help as well.
Posted by: aNJDevil2 | Mar 22, 2009 at 6:50 AM