by Stephen M.H. Braitman

When you saved your hard-earned pennies to buy that Elvis 45, or that Beatles record, or that color-vinyl Nirvana album, you probably did it out of love. Once you had the record in hand, and could play it anytime you wanted, you were in heaven. Music was life, after all.

Chances are you didn't think what you would do with that record after you were “done” with it. Maybe you’d give it to your younger sibling, or trade it in at a record store for something else.

Chances are you never dreamed you could pay for a car by selling that record. Or putting a significant down payment on a house.

Surprise! Records are more than just collectibles now. They’re investments. Records have joined coins, stamps, comic books, antiques, and fine art as hot commodities that are bought, sold, auctioned, and lusted after more than ever before.

Some recent results:
$3,716 - New Tweedy Brothers psych album
$6,777 - Bach Cello Suites performed by Andre Levy
$8,100 - Rare Northern Soul 45 by The Magnetics
$11,700 - John Lennon’s “Double Fantasy” album, autographed
$11,797 - Earliest known Elvis Presley concert poster
$17,364 - Bob Dylan’s handwritten letter to Jerry Garcia
$534,464 - 1950s Rex Acoustic guitar (The first guitar Paul McCartney learned to play with)

Obviously prices like these reflect the most prized and valuable items in the music memorabilia field. But these stars shine upon all the others in the universe, bringing up the general wealth of record collecting. True, there are many more low value or worthless records than valuable ones around. But nothing should be assumed about that box of old LPs you've got in the garage.

Because of the high prices that records are bringing, it is dawning on people that their collections are worth protecting. More insurance companies are including record collections in their coverage riders. Divorce settlements have become more contentious when there is a valuable music collection included. And, the I.R.S. has taken notice. Yes, the Tax Man wants his share.

It is important now that people understand the value of their collections. Although it is relatively easy to ascertain what a record might bring on eBay or selling it to the local used record store, it is more complicated to certify its value for any of the more formal legal needs.

You can make a claim to the insurance company that the record you found waterlogged in the basement was worth $100, but they won’t take your word for it.

You may claim that your junky, old records are worthless when your soon-to-be-ex-wife demands half their sale price, but the judge won’t take your word for it.

You may claim that donating that box of LPs to Goodwill was a $1,000 deduction, but the I.R.S. won't take your word for it.

What you’ll need is an appraisal.

An appraisal is not simply an opinion of value by an expert. There are plenty of experts. An appraisal is a formal, scientific process of research into the value of an object. An appraisal adheres to nationally recognized methods and procedures to produce an objective report. That report is an iron-clad argument to value.

It will make the insurance company, the judge, and I.R.S. smile.