A Lesson for Collectors and Their Heirs

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Matamata, New Zealand – December 09 2017 : Scenery view of Hobbit holes at the waterfront in Hobbiton movie set in Matamata, New Zealand.

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On August 4, 2025, the New York Time reported that a first edition copy of J.R.R. Tolkien’s The Hobbit, nestled inconspicuously among everyday books in a Bristol home, had emerged during a routine estate clearance. The family had no idea this literary treasure was hiding in plain sight. Only when a specialist called in to assess the estate, recognized its significance, did the book’s true value, estimated at £10,000 to £12,000 was known. Although not as valuable as the legendary gem Arkenstone featured in the Hobbit, the book is at auction that will close on Wednesday August 6, 2025, and the winning bidding is £43,000, or more than $57,000 USD.

This discovery raises the issue every collector and estate planning professional should consider: the hidden value that may exist outside a formally documented collection. For collectors, families, and fiduciaries alike, this underscores why estate planning for collectibles must go beyond only the obvious.

Books, especially children’s books, are easily lost, damaged, donated, or sold for a fraction of their worth, simply because it wasn’t considered to be worthwhile adding it to a collection. It’s a scenario I encounter often in my own work as a trusts and estates attorney and private fiduciary that items fall through the cracks, not from neglect, but from lack of knowledge or documentation.

Estate Planning Lessons from Unexpected Collectibles

Collectors often focus attention on their primary passions—be it fine art, rare gemstones, antique cars, or rare manuscripts—while other possessions are dismissed as “ordinary.” The Hobbit story is a case study in why this approach can be costly.

First, heirs and executors are rarely experts in the collector’s interests much less those things the collector is not interested in. A shelf of old books or a box of faded photographs—may hold gems that require a specialist’s eye. Keeping a detailed inventory, even of possessions outside the main collection, and periodically reviewing these with experts, is useful, but keeping an open eye is even more important. Once I was going through a house in an estate and saw a small baby food jar on a shelf in a closet half full of pennies. I wondered why someone would put a jar of pennies in a safe place so took it down and found that each penny was a key coin, some of which were worth thousands of dollars.

Second, regular communication is vital. Share your knowledge and intentions regarding your collectibles with your heirs now. Supplement your estate plan with clear notes and instructions, so future custodians know what to look for and whom to consult.

Third, engage professionals. Estate planning should include not only the transfer of wealth, but also the preservation and realization of sentimental and financial value in less obvious assets. Estate attorneys, appraisers, and fiduciaries can help catalog and assess hidden treasures—ensuring nothing of value escapes attention.

In my opinion, the lesson is clear: Treat every possession with the respect and curiosity it deserves. Estate planning for collectors must include both obvious and subtle assets, and heirs should never assume that value is always visible on the surface.

The Unexpected Brilliance of Routine Estate Reviews

When I counsel families, I encourage periodic “estate walkthroughs”—a collaborative look at not just the prized items, but also forgotten corners, bookshelves, and attics. Surprises are more common than you might think. Proactive planning not only preserves value but honors the collector’s true legacy.

The discovery of The Hobbit is more than a literary footnote; it’s a wake-up call for collectors and their loved ones. Take steps now to inventory, appraise, and communicate about all your valuables—because sometimes, the greatest treasures are hiding in plain sight.