This article explores material loss and develops a new conceptual agenda. Synthesising and developing debates on the sociology of consumption and material culture with those of the sociology of nothing, it argues that material loss is crucial to understanding people’s everyday relationships to the material world and to practices of consumption. Abstract notions of absence, nothing and loss are becoming increasingly intriguing phenomena for sociologists interested in the everyday. However, whilst their theoretical connotations are being progressively discussed, empirical investigation into these phenomena remains somewhat (ironically) absent. This paper draws on a recent project exploring lost property, including qualitative interviews with lost property offices, households and museums. Developing previous work on material affinities and material culture, the authors argue that lost property reveals the enduring relationships people have with objects which are no longer in their possession. These relationships disrupt and develop contemporary debates on the sociology of consumption regarding how objects are divested, devalued and disposed of, as well as how they are acquired, appropriated and appreciated. In turn, we contend that the transformative potential of material loss and absence offers a way of thinking about alternative, non-material practices of accumulation.