There is no true reality show anyway. :)
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If they're actually looking at selling large portions of their collections, then they're idiots for letting him take just those 1 or 2 things. For some people it's probably more about being on tv for 5minutes anyway.
They should, as you said, take it all to a fair and sell it themselves.
Going to a fair and selling will require effort and a bit of risk. This way they make money for doing next to nothing and getting their 5 minutes of fame to boot. Getting all those calls from people pretty much means he picks what he wants from them, I suspect. A collector like him isn't going to buy bulk small scale items that don't sell big- think there's an understanding of this before he goes in.
It's all on youtube.