I'll be following this thread with great interest as it speaks to my motto that "more isn't always better, sometimes it's just more."
My personal bag collection consists of 20 bags (including 2 backpacks) that I carefully selected and love. That number is not my ideal as it's too many for me. I become overwhelmed by excess and cannot enjoy each piece fully. I don't know my magic number, but I think it may be 8:
2 work bags
2 fun/weekend bags
1 backpack
1 nylon crossbody for travelling
1 gym bag
1 special events/ evening bag
I can't really contribute to the thread much as over the past year, I've been gifted 13 or 14 bags from friends and family, and that has brought my current total to around 33/34 bags. What I have is the opposite of an edited bag closet.

I'm so far removed from my ideal number and find myself in a funny position in that I don't *love* so many of these bags but, I do love the people who gifted them. Having this crazy high total does not bring me joy and it is seriously stressing me out, yet I don't dare part with any for fear of offending my friends.
I admire others who can live with collections of 50+ bags, but I function much better with moderation than abundance, and this applies to every area of my life.
Right now, I'm trying to work with the less-loved (gifted) bags and have created a capsule wardrobe with them to last me the next 6 months. If I cannot make these bags work in that time then they will be donated. I figure that's a fair balance of utilizing the gifts and showing my friends they were appreciated, but also letting go of them if they are only cluttering my world.
I'm really looking forward to following everyone's journey and seeing how you curate your collections.

I'm hoping that over the course of the next year, I'll have donated the excess and edited my collection back down to only the pieces that I adore.