Share
One day after the death of Michael Jackson, Heritage Auction Galleries was besieged with calls asking what his memorabilia is worth.
“The general consensus is that whatever it was worth yesterday, today, it's probably worth double, if not triple,” said Noah Fleisher, spokesman for Dallas-based Heritage, the largest collectibles auctioneer in the world.
Collecting is a big business, and it's become even more so as the recession has led many consumers to rummage through their attics and basements to see what can be sold and turned quickly into cash. Craigslist, for instance, has seen its “For Sale/Collectibles” section grow 60 percent in the last year, a Craigslist spokeswoman said.
But much of collecting has to do with the emotion someone feels toward a person, object or genre, and experts say that's how you should first approach collecting.
“A true collector buys items because he or she loves to collect,” not because they're trying to make a buck, said Todd Imhof, executive vice president of Heritage and a rare coin expert.
Jackson's unexpected death creates a surge of interest in collectibles linked to the pop legend. But the tarnish to Jackson's image from the strange turns his life took and the expected litigation over his affairs could erode the collectibles' long-term value, industry experts say.
The value of Jackson's memorabilia will spike for about a year or two and then most likely will settle back, Fleisher said.
“Autographs and items from Michael's prime will prove to be the most valued and cherished by fans looking to collect anything related to the legendary singer,” said Doug Norwine, director of music and entertainment auctions at Heritage, which will feature Michael Jackson materials in its September auction.
Norwine said collectors should keep in mind that a flood of Michael Jackson collectibles in the market could lessen their value.
“Rare, authenticated pieces, Thriller-era autographs, video-worn costumes and personal mementos will always be prized,” he said.
No matter what you're collecting, there are some overall rules of thumb to follow.
Perhaps most important: Educate yourself about the collectible.
“In the 20-plus years I have been working with collectors, I've observed that almost without exception, the most successful people are those who truly immersed themselves into their chosen field,” said Imhof, who collects fine wines and Olympics memorabilia.
“They read everything they can about their area of interest, attend trade shows, develop business and social relationships with experts and dealers and essentially become world-class experts in their own right.”
Realize that every collectible item will have distinctive characteristics, and your criteria for judging its value will have to take that into account.
For example, David Widener, a collector in Waco, said that with sports cards, “I recommend buying vintage cards over the modern and current products” unless there is a limited supply of the current product.”
In other words, the scarcity of an item is a key component of value. But make sure that scarcity comes with demand, because the two don't always go hand in hand.
