What are the top 5 mistakes that new collectors make?
Throughout the pandemic, many people discovered (and rediscovered) a love of collecting– whether it is NFTs, sports cards, watches, wine or sneakers. With so many new people coming to the hobby, I wanted to capture the top mistakes I’ve seen new collectors make– myself included– to help you on your collecting journey.
1) New collectors don’t think about WHY they are collecting— Simon Sinek said it best– Start with WHY. Whether it is nostalgia, profit, love of sports or enjoyment of design— there are NO wrong reasons, but understanding why you are spending your time, energy and money is critical to your enjoyment.
2) New collectors don’t view collections as part of their wealth management. Regardless of your WHY, these assets have real value and should be managed as such. Whether you are a base card collector or looking for a Honus Wagner card, it is valuable for you to understand your financial position. Not to mention, there are real tax and insurance implications which should not be ignored.
3) New collectors buy before researching often buying what is promoted on social media-– Know what you are getting into before you buy. Many new collectors make simple mistakes given the plethora of collections, sets, grading companies and other nuances. Look for comps, pictures and grades in order to make sure you are buying what you really want. Also, just because you heard about a card on Twitter or Instagram doesn’t mean you should buy it. Everyone has an agenda. While traditional investment products require that holders make disclosures about what they own, there are very limited standards or norms in the collectibles space, and you may find that someone promoting a specific asset is looking to move their own holdings.
4) Collectors do not store their assets securely— Floods, fires, bugs and all sorts of other disasters are far more common than anyone ever expects. It is important to use the right mix of cases, safes and other security systems to protect assets that you want to keep in your possession.
5) New collectors (and plenty of old ones) don’t keep track of what they have, where it is stored or what they are looking to acquire. Besides finding your grails being one of the best parts of the hobby, a detailed inventory is really important for insurance, maintenance and even your estate planning. MAGPIE makes this easy.
MAGPIE was built by collectors to make collecting fun and easy while dealing with the important details.
How can MAGPIE help you collect better?
