@philly79 I would say there is nothing unethical about the gift if everything was his idea. I think it's right that since you know the value to tell him and make sure it's really what he wants to do with it. That said, if he still does want to give it to you, then he is just a really generous guy. Depending on when and how he got the items, though they hold value, perhaps he got them really cheap when they weren't classics and instead were just "obsolete junk". Thus he doesn't mind giving them up.
Perhaps take your friend out to a nice dinner and/or get him a REALLY nice bottle of whiskey.
