I talked to a number of folks in the record business, and eventually we put the collection up for auction through our University's surplus department. During the process I learned a lot about what's valuable to collectors and what isn't, what's marketable, and that sort of thing.
And then today I read about a Brazilian gentleman who is probably the world's most avid collector of vinyl records--by his own account, probably owning several million records.
The story about him is here.