Expanding Your Collection Wisely

By May 8, 2013Asset Tracking

A smart person saves money without compromising on quality. Some of the best collectors are very smart when it comes to deal hunting and treasure seeking. They know how to scout around and find the best deals on the things they want to include in their collections. Knowing how to expand, develop, and protect your collection is essential to keeping it.

Always Know the Value

One of the first steps to expanding your collection wisely is to make sure that you know your collection’s value and the value of what you are trying to purchase. This is important on multiple levels. In the first place, it is necessary to be able to insure it adequately. You can do this most effectively through a software asset management tool like Asset Panda. Asset Panda’s software asset management program allows you to update your collection regularly with an easy to use program. However, what makes it even better for collectors is that it has a compare market feature that allows you to compare the perceived value to the market value. Since you can access Asset Panda app on your iPhone, you can get all the information you need about your collection when you go to trade shows and auctions without having to bring it all with you. The software asset management tool allows you to both demonstrate the value and to compare, an invaluable combination for most collectors.

Remember There Could Be a Bias

It’s good to bring in a neutral party as to evaluate the item before you purchase or sell. However, bear in mind that even so there can still be biases. Sometimes an expert might hope to purchase the item himself or prevent the sale. This isn’t that uncommon, so the best solution is to seek more than one opinion.

Avoid Purchases Sight Unseen

It used to be that most collectors either examined the items for themselves or they sent people to do it for them. With the expansion of ebay and other similar sites, that’s no longer required. However, it’s far too easy for scam artists to work their trade over the Internet where you cannot examine the item. A common trick in Jerusalem is for certain individuals to get large quantities of coins and then beat them so that they look old. They then sell regular money worth mere pennies as ancient coins to coin collectors over the Internet. While you can take a risk on something that is relatively inexpensive, make sure that you don’t make expensive purchases without having some form of verification. You may not be able to go and see it in person, but you might be able to obtain an expert verification that the item is as it is described.

Do Not Advertise a New Purchase

It’s important that you are cautious when you do make an expensive new purchase or add to your collection. With every item that you add to your collection, you increase its value. Posting on social media or other networking sites what you have done may seem like a harmless little way to let friends and family members know how you are pursuing a favored hobby. The problem is that it is also a common tool for thieves. It’s common for collectors to put new pieces on display in less secure locations. In fact, the entire collection might be out on display so that the owner can enjoy the new addition. This makes it an easy target for thieves who are quite eager to add to their own collections.

Speaking generally, it’s best if you don’t even advertise that you have a valuable collection. However, if you must, keep it vague and general. Don’t disclose any more than you absolutely must.

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