One cautionary note. My cousin has been a train collector since the late 1940's.
He has rehabbed/sold trains, and been the largest parts dealer in the mid-Atlantic
region. This is what he tells me about the hobby. Nearly every week he hears
of an old train acquaintance who is ill or passed. Who is replacing those who
are lost? Not many and nearly no youngsters. The hobby for vintage and special
trains is not growing. He says that if you buy a collectible train with the
notion that it is a good investment you will be in for a rude lesson later on.
Maybe the unobtainable expensive engines will always pull those with money to
burn, driving prices up, but for most trains, no.
I know this to be true. My family was in the antique business for a long time
and hobbies, like fashion, come and go. I always figure when buying a vintage
toy, like a Marx tin train or a vintage steam engine, that I know I can get at
least half of what I paid for it if I need to sell. I had fun and fun costs
money. If I repair one, well, I'll probably get at least what I paid if not
more. From time to time, I'll hit a home run.
Finally, yes, the EBAY 'taxes' reporting is bad, especially the ridiculously
low number. For a large collection, if you want to go thru an auction house,
try a modest number and variety of engines to sell to determine how good they
are and how quickly they pay. Really. My cousin used one once and they didn't
pay until he called the owner, who he knew personally for a long time. He was
paid by personal check, then auction house shortly thereafter went down for the count.
My cousins word on what will happen to his collection when he passes, well,
he'll leave his Marx stuff for me but the rest....is his sons' problem to solve.
As for me and my hobbies, same idea.
On the other hand, it will be an exciting sale, I'm sure.
Good Luck,
Wayne
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