I’m pretty sure if you have a capital loss with collectibles, that loss can offset capital gains for federal tax purposes. So, if you inherited a collection, got it appraised as of the date of inheritance, held the collection for investment purposes (thus eliminating everyone on the boards who says they don’t care about values) then sold at a loss, you very well may be able to use that loss to offset any capital gains you incur during that year, and maybe beyond. But only against capital gains, not ordinary income.
I am not a tax lawyer, and this is not tax advice.