Lee Bernstein Antiques & Collectibles

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Volume 1, No. 3

Help!
I Don't Know What It's Worth

Part One: A Few Warnings And An Assignment

It happens many ways . . .

You’re watching television and see an item appraised for big bucks. Then you remember having seen a similar piece in your attic . . .

You’re at a flea market and purchase a vintage toy because your gut tells you it’s worth more than the dealer’s price. Later, you discover it’s a hot collectible that’s getting hotter every day . . .

You’ve had your Aunt Rosie’s glass vase sitting on your shelf for years. Friends tell you it’s probably worth a fortune. You've been meaning to get it valued . . .

In the corner of your garage sits a box filled with junk -- just a bunch of old stuff that's been collecting dust. No one wants it and you’ve been meaning to get rid of it, but you’re afraid to trash it because you're smart enough to know it may not be junk after all . . .

So, there you sit with your fantasies, your vintage toy, your inherited vase, or your I-don’t-know-what-the-heck-it's-worth-whatchamacallit, and you're wondering where to begin.

First, let’s discuss what not to do:

The beautiful glass vase that’s been in the family for years may indeed be worth a fortune, but may be worth less than you think. Yet that cheesy ol' tire-shaped ashtray in the garage could be highly collectible.

It always pays to investigate the market before selling. The old cliché that one man's trash is another man's treasure is true, but treasures often come in surprising forms. Most everyone knows a valued heirloom deserves attention, but sometimes it's the odd or seemingly junky piece that really needs investigating. There are countless collectibles that have become desirable simply because most people assumed the items were worthless and threw them away.

Never assume all dealers know what they’re doing, either. This is especially true if you (like many) hope for some free advice. It’s very tempting to walk into an antique shop or send a piece of e-mail to someone you hope is an expert: "I have such-and-such from so-and-so. Could you please tell me what it's worth?" Caution: Some dealers consider this rude while others may give the wrong answer.

Finding the value of an item takes time, and not all dealers have the expertise or desire to give free appraisals. Instead, tell the dealer that you're investigating an item and ask for some recommendations on how to best research it. The dealer may know quite a bit about your piece and give you information on the spot. If not, you’ll probably get some good advice on where to look next.

If you do get an answer as to the value of your piece, you should know: Some dealers have a hard time saying they don't know, epecially if they enjoy listening to themselves talk. Use the advice as a first opinion only.

Most dealers are wonderful, but not all. Some offer "free" appraisals as a way of getting first crack at buying a piece. Never sell an antique or collectible to someone who appraises it and then offers to buy it. Appraising in this manner is highly unethical and a good way to lose money. A worthy appraisal is seldom free and should be given by a responsible, certified appraiser who has been hired as an expert -- someone who specializes in your collectible or who is willing to do all the necessary research.

This doesn’t mean a dealer can't offer to buy your item. After all, If dealers couldn't buy collectibles from other people, how would they have anything to sell? An offer to buy wholesale is a fair and legitimate way for a dealer to do business, but a responsible dealer will not make it seem as though the amount offered is the the same the appraised price.

Instead, a reputable dealer will make an honest wholesale offer, which means the amount offered will be roughly 1/3 to 1/2 of the fair market value. This may seem low, but selling wholesale can sometimes be a prudent way to sell a tough item quickly. Just don't make any on-the-spot decisions. You're item may be easy to sell for a higher price, so you'll want to do some more checking. Thank the dealer, take his card and keep the offer for future consideration.

If you’re seeking information over the Internet: Small variations in antiques and collectibles can mean a big difference in value, and it's often difficult for a dealer to give an accurate appraisal without hands-on experience or detailed photographs. Some collectibles are easier to value -- fine first edition books or well-known mint-in-box items, but most collectibles require a close personal inspection, especially since many collectors assume an item to be in excellent condition when it is not.

Even more dangerous is assuming an item has age or value and then asking for information on the Web. Let's say an aunt dies at age 95 and leaves a vintage Tiffany lamp. That's great, but her age at death doesn't mean the lamp was old, and her good taste doesn't mean the lamp is authentic. She may have purchased the lamp at age 70, yet to a relative of middle age or younger, it will seem as though the lamp has been around for a lifetime.

Also, the Aunt may have innocently acquired a fake. Yet if someone on the Web takes the new owner's assumptions as truth, it will result in a mistaken value. Web information is great, but a true appraisal comes from having an expert look at your item in person. (How to hire an expert will come later.)

Research is as easy as a trip to the library or your local bookstore. Ask the reference desk or clerk to show you to the antique and collectors’ books. Grab a stack with related information, find a comfortable spot and start turning pages.

If you don't find your item listed, read about similar antiques or collectibles as well. While like items aren't always a reliable indication of the price of your piece, it helps to familiarize yourself with the subject, the market and desirability. The more you know, the better you'll do when it comes time to sell.

If you do find your item listed, note the copyright date on the book. As a general rule, add ten percent to the value for every year since publication. This trick should be used as a guesstimate only; some items drop in value while others rise much faster.

Go to collector's conventions, swap meets and antique shows. Pay attention to prices and look for items similar to yours. If you like, you can take photos of your collectible with you and look for a dealer who sells similar items. Most dealers keep busy during these shows, particularly during opening hours, so keep your questions short and to the point: "You seem to know a lot about snuff boxes. Do you know anything about this one or have any like it available?" Use the same caution as in the "appraisal" caveat, above.

Begin by finding related web sites. Do a search in any major search engine with the name of your item, and investigate as many pages or threads as you can. Note prices and keep a list. Check back from time to time to see if the item has sold. Write to the dealer and ask about the state of the market or if similar items are selling well.

Newsgroups such as Deja.com are excellent tools. In Deja.com, go to "Search," and select "Browse Groups” to find a newsgroup with knowledge of your collectible. Then add a post that asks if anyone knows where to look for more information on your item. Give a detailed description, but do not say you are selling the piece. Newsgroups are for information only, and for sale posts are not allowed in general threads. (We’ll discuss how to sell through newsgroups and classifieds in a later installment.) Always include your e-mail address so people can respond to you directly. Use the answers you receive as a guide, not hard facts, always send a note of thanks.

Search Internet auction sites. E-Bay is still the largest on-line auction service, so begin there. Do a search with the name of your collectible under completed auctions or track an auction in progress. Check back often, and try to find at least three auctions with your item in similar condition (more if possible). Figure the average to get an indication of the going price.

By now you should have a better understanding of the possible value of your piece, but there’s still much to learn. In the next installment of The Attic Muse, we’ll discuss what to do next.

Go to PART TWO.

Till next time,
Lee

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Keep on top of the collectibles scene
with a free subscription to
The Attic Muse: Collectors' News.

Click on the link below
(All email addresses kept confidential,
and you won't be bothered with tons of email.
You'll receive email notices of a
new Attic Muse about four times a year.)