According to Official Guinness Records,
The largest collection of telephones belongs to Michael Phillips (USA) and consists of 1,135 telephones as of 6 August 2011. The collection is housed in Greenville, South Carolina, USA. Michael Phillips started his collection in the early 1980's with a Superman statue telephone which is currently worth approx. $1,000. The collection includes racing cars, food and beverages, musical instruments, flying machines, vehicles, superheroes, animals, cartoon characters, sports and branded novelty phones.
For a complete list of 2011 records, please visit 2011 Guinness Records in United States.