Anyone have experience selling/giving to a Museum?

Long story short, I have some company books (financial) from the mid 1800's that I contacted a museum about. Major nationally-known and well-funded antiquarian institution - not something like a local Historical Society. The records are not of interest to an average collector and have mostly historical value, since it is mostly ledgers and other company information, though some could be marketable as post-civil war hand written correspondence (back when handwriting was quite beautiful and people would take the time to write a letter about $1.02).

They do seem interested, though early in the process. They have asked me what I want for them and I don't know how to respond. Has anyone ever sold or made a gift of items to a major museum? If so, how have you negotiated terms? Especially when the item would have more value to them than it would on the open market?

 

Maybe ask them what they are willing to pay.

I find that often times people will offer more than you are expecting.


Wait for others to respond.

 

We donated a collection Boehm porcelain birds to a local Audubon Society when my parents passed away. We settled on the Audubon because we learned that if you donate something to a museum, or the like, and what is given is nothing like what they normally have, the IRS will not allow a tax deduction.

So, you can't give a gift of old tools to a local doll museum and expect to be able to deduct it as a charitable contribution, you can forget it!

This is only for gifts, if you are selling the items then that is a whole other thing

 

or give a tax write off for a donation....

sniped.........

 

Seems to me I remember back when my parents were living in NJ, there was a historic house that came on hard times and sold off some of their antiques....of which my Mother bought a huge dining table......when it came time to settle Mom's estate, I gave them a call and asked it they had any interest in re-acquiring the table.....they were very excited.......I had it appraised.....and donated it for a tax deduction and they were thrilled to get it back!!! Win/Win!! Just be sure to get an itemized receipt from them if you do something like that!!!!

 

Sorry.....

 

Some museums will sell donated items that don't fit perfectly into their collecting objectives. If you are doing this for altruistic reasons make sure that they plan to add the items to the permanent collection and not sell them at the next opportune time.

 

The Natural History Museum in London once bought a pair of books from me via eBay. As with all things it would be worth getting them appraised or an offer made from somewhere else, even if just to get an idea of value.

 

Some will also sell items they've taken in that are not up to snuff.....It's a known way to raise needed funds.
How many times I've seen sellers posting Museum Deaccessioned items..... spouting " Look...real Museum item !! "

 

@Jeff Drum , if you are in the U.S., the changes in the tax law have raised the standard deduction much higher than it formerly was... and they expect fewer people to itemize deductions in the future. Itemized deductions are what is needed to get any tax benefit from charitable contributions.

I know you didn't ask about this, but others have mentioned the idea of getting a tax deduction from a contribution. You can still get the deduction, but with the new standard deduction amounts it may not be worth it to donate with the idea that you'll get a deduction. -- And yes, charitable organizations are worrying about this a bit.

There are many articles out there about the changes... Here is one:
https://www.schwab.com/resource-cen...hould-you-change-your-charitable-giving-plans

So if you want to donate from the goodness of your heart, that is still fine! (And I am going to continue making donations to those orgs that I regularly donate to.)

 

A donor can set restrictions on how a contribution is to be used, which the recipient must either agree to or decline to accept the donation.

We don't have much info on the full nature of your items & what it is about them that has value to this institution, but they look to me like something that would not go on display, rather become part of a research library? Despite recent thread on libraries deaccessioning books, sounds like yours are unique & not something they would discard once acquired.

Also have no idea of the potential value of these books. 'Value' is only the most someone is willing to pay today. If this institution is one of the few entities - or the only - that would have any interest, what they're willing to pay is what they're worth.

I don't know whether this site has been updated to take into account any changes that have been made in the new tax bill to the deductibility of in kind contributions, & it is written from the point of view of the charitable organization, but does discuss the considerations in valuation (they usually will not do it) & the documentation that should be provided to the donor. Recipient has to be classified as charitable/non-profit under tax laws.

After discussing with the Met whether a piece in my collection would be of genuine interest or just something they would be saddled with, & I was asking if they would want it as a donation/bequest, not to buy, my eyes were opened to how many of their holdings were given to them, how few they ever buy, how much what they have to choose from in deciding what to exhibit is determined by the tastes of wealthy collectors, past & present. When I teasingly chided the curator about their having only hardstone cameos & none of the beautiful shell cameos done in the same period, I was told Well, that's what Mr. Weil collected.

I was concerned that so many of their holdings are not on display, & cameos are a challenge to show in a way that lets the public really see them anyway, but realized they are doing a great job of putting everything on line. One can see their cameos much better in photos taken from 2 or more sides than when in display cabinet.

Also learned they have cases & cases of Chinese export pottery in a prominent location in the museum they would like to replace with other things, but terms of donation do not allow it.

 

That seems like a good link from the charitable org side. I'll read it more carefully soon. The main thing about the new tax law is that the standard deduction is so much higher starting with 2018. Most people will no longer itemize deductions because the standard deduction will be higher than the total of the other things people have to deduct. I think you understand this, Bronwen... I'm just repeating it so other people reading this thread understand. People can still make all the donations they want, but depending on total deductible amounts a person has it may not add up to a better tax break than the standard deduction.

 

Oh, I do. My comments got so lengthy I didn't add what I thought, which was that your guidance in the matter was excellent & is the first consideration: whether your financial situation makes itemizing deductions sensible or not. The site I linked to says value has to be at least $250 to even qualify, so there's the next consideration.

I put in my 2 cents because after nearly 25 years of managing the financial matters for a small 501(c)(3) organization, I know most people are not familiar with how in kind contributions are handled. Also figured others may have the same misapprehensions I had about museum acquisitions.