Define reasonably priced
We know it when we hear the number. :)
and what metadata need to be tracked?
Exact details are TBD, but presumably there would be master categories such as hardware - software - document - and "other". Then each category would drill down as needed, for example, hardware > computer > microcomputer > Commodore > 64, with various fields such as item number, does it work, cosmetic condition, who donated it, etc. ..... we can't possibly think of all the sub-categories in advance, so there would be plenty of rearranging as needed.
I installed Collective Access on my Linux server to evaluate it
We're aware of that program. There is another popular one called PastPerfect. What scared me away is the complexity and the hosting costs on their respective web sites. In theory we could put it on our own hosting account, but I don't know how much space/bandwidth these products need, nor what it takes for someone to be an ongoing sysadmin ..... that's why I think something simpler may be better for us, something that's more of a straightforward database service vs. a big professional museum application. Perhaps you'll find otherwise, let me know how your test goes.