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Is it possible to have a collection that is not in the library? As I replace some of my old Dvd's with Blurays I would like to remove the dvds from my library, but still retain the info I had about when i bought the dvd, price paid, times watched Etc. Thanks

You can create an excluded collection just for this type of occasion. First create a regular collection with "File->New Collection" or the plus button on the bottom left of the main window and give it a name. Select the new collection and run the menu command "File->Exclude Collection From Library". The book icon for the collection will turn from blue to gray to indicate the collection is now excluded. Drag and drop the DVD movies you would like to exclude to the new collection. You will no longer see them as part of your library and will have to select that specific collection to browse them.

If you have smart collections, there is a preference under the Preferences->General tab that will include "excluded collections" in smart collections, but that is off by default.