After studying this issue further:
As indicated by previous replies, my situation is not a matter of applying Section 183 (the hobby loss rule), but is a matter of whether the collectibles are/were held as investment property or as personal property. An example I ran across several times involving paintings was that if one displayed a painting, it would be considered personal property, but if the painting were stored away in anticipation of its increasing in value, it would be considered investment property. I'm not sure things are really so clear cut, as this might imply that one could not enjoy a collectible to any extent without it being considered personal property, or the case where what begins as purely a hobby turns into a provable investment activity.
I don't think that Section 183 applies to my situation because it primarily deals with 1) the deductibility of expenses associated with activities not engaged in for profit and 2) presumptions as to whether an activity is engaged in for profit. It does not actually address the taxability of the activities or the properties associated with them. As stated in my original post, I am not trying to deduct expenses or make basis adjustments. I am just trying to accurately determine capital gains and losses based on purchase prices and sale prices--and minimize adverse consequences, which I apparently cannot do.
