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Cousins Antiques: Tips for Determining Value
July 2, 2009 - 2:59pm
I will outline many of the major factors that help determine value here. For purposes of this article, 'value' will refer to 'retail value'. This is by no means a complete list, and the factors are not listed in any particular order. The level of importance of any factor will be variable, depending on specific conditions. 1. Supply & Demand: If an item is plentiful, supply is high, and vice versa. If a large number of people are clamoring to own an item, demand is high and vice versa. Although not always true, an item that is in high demand with sparse supply will have the highest value of any of the combinations of these 2 factors. 2. Where are you? The region or the country in which you live can have an impact on the value of items. Some communities value items from their past quite highly, or some items are not functional for some areas (e.g. a snow shovel in Florida). Sometimes, a particular style will be very popular in one area, causing the value to rise in that region. 3. What is the item's condition? With very few exceptions, damage will reduce the value of an item. Depending on the item, minor damage may cost 50% of the value, and major damage could cause a 75% reduction in value - or more! On the other hand, value will be enhanced on an item that retains original packaging or paperwork. 4. What is the level of quality and method of manufacture? Generally, an item that was high quality when it was made will hold value better than a less expensive item. If you take these 4 factors and apply them to active research of your item, you'll be on your way to discovering an item's worth. Active research includes: consulting printed price guides, in person shopping at shows, auctions and stores, checking completed transactions at online auction sites as well as online fixed price sites, like Ruby Lane! After a bit of practice, it can become a treasure hunt to find the value of an item! Anita Veith |
Shop Spotlight |
Have you ever wondered how to determine what an item is worth? I frequently receive letters from people who have an item 'Just like' mine - only different! The individuals don't know how to value their item, and if they want to sell it, they understand that they need to know the value before offering it for sale. That little bit of knowledge is essential to avoid being cheated by unscrupulous people.
Comments
Chris, City Lights Antique
Chris, City Lights Antique Lighting, Ruby Lane and on the web and blog "Tall Tales from the Antiques Trail"
I have favorite saying, “When the two fools meet” meaning the person who quotes the crazy price and the person who pays it begging the question, “which is the bigger fool.” Also that old adage applies, “You buy at retail and sell at wholesale.”
I have been buying and selling antique lighting for 38 years. I have been shocked too many times by prices paid and items passed to be comfortable thinking I have any notion what other antique lighting dealers will pay for things.
“Just give me a ballpark you must have some idea,” is invariably the question.
My answer is this “I have a retail shop I have never sold wholesale. I only know what I will pay for things.” I like to be helpful so I will usually offer, “If I had this and was trying to sell it to a dealer I would feel comfortable with getting…” then name a price that seems reasonable.
Unfortunately, sometimes the person responds, “Oh no, that’s much too low. You’re selling the same thing for ten times that.” Most people are not so rude, but responses such as this cause me to vow never to offer my opinion again.
My Father's Favorite Saying . . .
It is only worth what someone will pay for it. That is why I have the "make an offer" available on all of my items. But it also holds true that "if you snooze you lose!" This week a customer placed a make an offer on an item and while waiting for my response another customer completed a purchase order on the item for full price.
Great blog.
Cinsababe