What Makes Something Collectible?
There are many types of collections: silver spoons, comics, stamps, etc. People can collect anything; however, it is rarity and demand that creates value and makes something collectible.
Creating the Demand
Often the demand for an item doesn’t grow until many years past that item’s production phase. By then, the item may be scarce and difficult to find. During this period, the item may be forgotten about by consumers; however, over time, something can occur that sparks interest back to the object and creates a demand.
A renewed demand for an item can come as a surprise. Something brings attention back to that object. For example, years down the road someone may notice that a popular item had a misprint, or an unknown creator makes a big debut and their previous work becomes highly sought after. Perhaps a blockbuster movie comes out and revives attention to a forgotten franchise. Not everything turns into a collectible this way, and not everything that claims to be collectible lives up to its billing. Expert collectors advise against collecting anything that is labeled as collectible as that can be simply a marketing incentive to get someone to buy a collection of a product.
The uncertainty of what will become an item in high demand in the future excites many people and drives their desire to collect certain items.
In 2014 Nintendo came out with Amiibos for a video game at around $12 each. The company planned to release one Amiibo for each character of the game. There was no rush or urgency to start collecting the Amiibos until a few weeks after launch when the company mentioned that it would be discontinuing production of three characters. Immediately those figurines were sold out in all stores and up for sale on auction sites for around triple the retail price. The characters were initially unpopular. But once they became scarce, not only was everyone in the gaming community talking about them, people were also on the hunt for them to grow their Amiibo collections.
Collections can also be very personal and sentimental. Not everyone collects items in hopes that they will grow in value. Regardless, all collections are special and are worth something to someone. If you have a collection, you should investigate ways to protect and preserve that value. An item may or may not be worth something now, but if it has value to you, invest in insurance to protect it.
MiniCo Insurance Agency offers insurance for hundreds of categories of collectibles. There are options for low or zero-dollar deductibles, and no appraisal is required at application (except for jewelry/watch items valued over $50,000). Getting an online quote is quick and easy.