Good topic, as always, Mithadan! I'm inclined to agree with obloquy. With the notable exceptions of the Silmarils and that pesky Fëanor and his ilk, the Elves seem to have been much less materialistic than the other races of Middle-earth. They were particularly generous in this regard when a particular item or items could be more effectively used elsewhere: Cirdan gave Gandalf Narya, the Eldar gave the Palantíri to Amandil “for the comfort of the Faithful of Númenor in their dark days”, and of course Galadriel gave the Fellowship many gifts without which their mission would likely have failed. It’s unimaginable that Elrond would lay claim to Glamdring while he’s biding his time in Rivendell and Gandalf is out fighting the good fight.
I would add that the cultural significance of family heirlooms was probably considerably less for Elves than for other races. What is an heirloom, anyway, but a way to create some sort of continuity with vanished ancestors? This is not such a big consideration for Elves, where generations do not fade and, in the event of death, there’s no mystery about the “afterlife” – you will meet your ancestors again in the West. There’s no need to maintain the superficial and woefully insufficient link to past generations through heirlooms.
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