Finding New Homes for Collectibles as Baby Boomers Downsize
As the baby boomer generation transitions into retirement and a new phase of life, they are starting to downsize their possessions. To adjust to a different financial situation, they are selling larger existing homes and moving into more manageable sized spaces as well as transferring wealth to family.
The coming dramatic transfer of wealth by the baby boomers is going to occur in several forms. From real estate to liquid assets, from family owned businesses to stock portfolios, this wealth will be changing hands. Just as importantly, so will the artwork that hangs on the walls, the classic car in the garage, and the fine jewelry on the dresser.
Auction houses, dealers, and even appraisers have been adjusting to the collecting habits of these boomers over the last few decades. New collecting categories such as comics, illustration art, and video art began to overtake traditional favorites such as stamps, antiques, and furniture. Now their children will be faced with what to do with these family heirlooms.
The liquidation of this tangible property is seen by many in the field to be a potential decades long surge, as this generation retires, downsizes, and eventually passes on. Auction houses have added staff, added new specialists in categories, and already begun wooing future estates and their representatives.
Valuing these family heirlooms can be challenging. If you need assistance valuing or finding a home for these treasures, contact the Anders Sports, Arts & Entertainment team.