Choose From a Hat
This sounds silly, but it's actually a pretty good option. If left to rationalize who gets what, children will spend days, weeks and months making the case that they deserve that armoire more than their sibling does. For items of similar value, why not leave it to fate? Write down items categorized by similar value, put them in a hat and take turns choosing. Make sure you all agree that you'll be satisfied with any of the items. You can even add a "white elephant gift" twist by allowing trades as long as everyone agrees to the terms.