Getting the Most Money for Your Collectibles
Collections
of any kind – comic books, records, coins, china, dolls, jewelry – can
take on a life of their own. Over time these surmounting collectibles
provide joy to the collector, who often doesn’t consider that he or she
will be selling them one day. Typically, collectors sell when they
downsize their homes or are in need of money, or the collection may
fall into the hands of heirs. Even items in the home that aren’t part
of an organized collection can bring in extra money to the owner. These
might include Great Grandma’s vintage Singer sewing machine, pink
Depression glassware, or an autographed pro sports jersey.
Collectibles tip:
Keep Heirlooms
It
may smell like cats and tobacco, but you never know what people will
pay for Uncle Harold's snuffbox. If you own or have inherited antiques
or collectibles from relatives, check around and see whether they are
worth something before you throw them in the moldy corner of the attic.
When you pay nothing for a collectible, the profit margin goes way up.
Source: www.investopedia.com |
Whatever the situation may be, determining
the right price and finding an avenue for selling the collection are
the two big factors in a successful transaction. Seniors should be
especially cautious when selling their collectibles. People who are in
the business of buying and selling collectibles are of course trying to
make the most money. Associations that revolve around a specific type
of collectible can help seniors find a reliable source. An Internet
search will provide a good starting point for this approach.
Because
collections and family heirlooms hold emotional value for the collector
and/or family members involved in the sale, Consumer Reports’ Shop
Smart magazine recommends a thorough information-gathering approach to
selling:
Get some free advice.
Many
antiques and collectibles dealers are willing to authenticate pieces
free of charge. Call a shop in your area to see if it offers this
service. Resist the temptation to sell your valuables to the dealer
without verifying the price they quote, or you may not get the best
deal.
Consult price lists.
To
ascertain the real value of your item, Consumer Reports recommends
visiting your local library and consulting collectible price guides,
such as the "Kovels' Antiques & Collectibles Price Guide" and
"Collectibles Price Guide." ( www.kovels.com is highly recommended by many sources.)
Determine the going rate.
Don't
assume that the price listed in the guides is the maximum you can
expect for your collectible. The antiques and collectibles market is
subject to fads and items frequently go up and down in value based on
demand. To determine the going rate for your collectible, find out what
it's selling for on eBay, Kovels.com, and other online dealers.
Pay for an appraisal.
If
you find that you have an item worth hundreds of dollars, Consumer
Reports says it may be worth paying an expert to appraise it. To
determine a reasonable asking price, try to find an appraiser who is an
expert in your area of collectibles.
Choose your method of sale.
Selling
your collectibles through a dealer will likely cause you the least
amount of hassle, but dealers generally offer 20% to 50% less than
so-called "book value." Auctions typically pay better, particularly if
you have a large collection that contains some high-value items, but
you'll have to pay a 10% to 15% commission on the selling price. Other
options include advertising online or in collector's publications and
selling your item at a collector's show.
Additionally, Gary E. Lewis, a Certified Senior Advisor and past president of the American Numismatic Association,
advises that collections should be part of a senior’s estate planning.
He states, “[Collections] outlive collectors, so it’s important to
provide guidance to your heirs. Describe what you own and where to find
it and identify those items with substantial value. Suggestions for
selling also will be helpful along with a name of a [professional] who
could help out if the estate is liquidated.”
Lewis has noted
over the last year that the trend in the coin collection industry is
for sellers to fall into two categories: estate and needy. The estate
sellers are people who acquire or inherit the collections from a
relative and have no interest in keeping them. The needy sellers are
the people in need of money who own collectibles and at the point they
decide to sell, it is for the sole purpose of making money. In either
case, and with any type of collectible, sellers should be aware of
buyers who may be trying to take advantage.
The best way
to make a good transaction is to know the true value of what you have
and find a reputable dealer who will not pressure you. Be patient when
making decisions about cashing in on your collections and valuables.
Getting accurate information about your collection from professional
sources can help alleviate the stress of knowing if you are getting the
best price.
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