Collectibles, Art and Estate Planning What is a collectible? According to the IRS, the definition of collectibles generally includes works of art, rugs, antiques, any metal or gem, any stamp or coin, valuable alcoholic beverages or any other tangible personal property that the IRS determines is a “collectible” under IRC Section 408(m), subject to exceptions. There are two common ways to distribute collectible personal property: leave the assets to your heirs or donate the