The short answer
Each sale of a capital asset is listed on Form 8949, and the totals carry to Schedule D. The Schedule D instructions call gain from collectibles held more than one year “28% rate gain” and give a 28% Rate Gain Worksheet for it at line 18. Your preparer completes the worksheets; what they need from you are two documented figures, the proceeds and the basis.
Basis is the other half. Publication 551 explains that basis is generally cost plus certain costs, and that improvements increase it. For a piece you inherited it generally starts from the value at the date of death, and for a gift generally from the donor’s adjusted basis, so older valuations can matter as much as the current price.
Before you sell, comparable sold prices tell you what the market has actually paid. After you sell, they help you check that the price you received was in line.
The forms that apply
| Form or rule | What it asks for | Read more |
|---|---|---|
| Form 8949 | Sales and Other Dispositions of Capital Assets. Each sale is listed with proceeds, basis and dates. | Our guide to selling and the 28% rate |
| Schedule D (Form 1040) | Capital Gains and Losses. Totals from Form 8949 carry here. The 28% Rate Gain Worksheet in the instructions is used for line 18. | Our guide to selling and the 28% rate |
| Basis records | Publication 551, Basis of Assets, explains how cost, improvements, inheritance and gifts feed into basis. | Our guide to selling and the 28% rate |
What to gather
- The sale statement or invoice showing what you received, with the date.
- Records of selling costs, such as the house’s commission and shipping. Your preparer decides how they are used.
- The purchase receipt or other proof of what you paid, and the date you acquired the piece.
- If you inherited it, the value used for the estate. If it was a gift, the donor’s cost and date.
- Records of improvements or restoration.
- Comparable sold prices for the same model or reference, to show the price was in line with the market.
Worked example: a Rolex GMT-Master II 'Pepsi' 126710BLRO
Suppose you are deciding whether to sell a stainless steel GMT-Master II, reference 126710BLRO, or you sold one and want to check the price. Here is what the same reference sold for at auction between 1 November 2025 and 31 October 2026.
| Sale date | House | Sold price (USD) | Sold in | Lot |
|---|---|---|---|---|
| 3 Dec 2025 | Christie's | $17,951 | HKD 139,700 | View |
| 25 Nov 2025 | Bonhams | $19,753 | HKD 153,600 | View |
| 19 Nov 2025 | Christie's | $20,481 | CHF 16,510 | View |
| 11 Nov 2025 | Sotheby's | $20,614 | CHF 16,510 | View |
| 9 Nov 2025 | Antiquorum | $18,657 | CHF 15,000 | View |
| 9 Nov 2025 | Sotheby's | $17,376 | CHF 13,970 | View |
How to read this. These are sold lots only, not estimates and not asking prices, matched on the model or reference. The USD figure is the price the house recorded, converted at a rate near the sale date; the "Sold in" column shows the original currency. Whether a recorded price includes the buyer’s premium depends on the house. A lot listed under two links is counted once. Condition, completeness, dial and provenance move individual prices, so a range is a starting point and not an opinion of value. Figures pulled from our data on 11 November 2026.
Set that range beside your records of cost and the date you acquired the piece. The sold prices here are the prices the houses recorded. Your own proceeds depend on the terms of the sale, including the house’s fees, and your CPA works out the tax.
Two ways to go from here
See what it sold for
The free Price Check shows real sold prices for the same model, with dates, houses and a low, median and high.
See what it sold forNeed it in writing?
Open the ALT/FNDATA Wealth app and tell us the piece and what it is for.
Request a valuation report or a qualified appraisalTools that fit
Frequently asked questions
How is the sale of a collectible reported?
Each sale is listed on Form 8949 and the totals carry to Schedule D. For collectibles held more than one year, the Schedule D instructions point to the 28% Rate Gain Worksheet for line 18. Your preparer completes the worksheets.
What is 28% rate gain?
It is the Schedule D instructions’ term for gain from collectibles held more than one year. The instructions have a worksheet for it. Your CPA confirms how it applies to a specific sale.
What is my basis if I inherited or was given the piece?
Publication 551 sets out the rules. For inherited property basis is generally the fair market value at the date of death, or on the alternate valuation date if used. For a gift it generally starts from the donor’s adjusted basis.
How do I know what a piece is likely to sell for?
Look at what the same model or reference actually sold for, with dates. The free Price Check shows real sold prices, a low, median and high, and the houses they came from.
Sources
- IRS Instructions for Schedule D (Form 1040) (2025)
- IRS Instructions for Form 8949
- IRS Publication 551, Basis of Assets