Planning to Sell? Start here.
 |
Whether you have a single item of value or a house full of “old junk,” the selling process should be undertaken thoughtfully. Here are a few questions to ask yourself: 1. What is your primary motivation for selling? For some, it’s all about the money…whatever it takes to realize the best price. For others, timing is everything…gotta get cash now! Sometimes, emotions factor in heavily (whether the estate of a loved one, or even your own lifetime collection of antiques), and creating some distance between you and the sale is important. And of course, there are those situations when the top priority is to just get it done. Ask yourself this question and think on it a while. There are no wrong answers. The more honest you are with yourself at this stage, the better chance you’ll be a satisfied seller down the road. |
2. Do you have a timeline? Do you close on your house in 30 days, or are you planning to downsize in the next 2-3 years? How much time you have to sell can greatly impact the available sales methods available to you, and thus, ultimately, how much you can realize.
3. What is your item (or your collection) actually worth? You can certainly contact an appraiser, but there are other ways to get a ballpark idea of value. If you are internet savvy and have some knowledge of the marketplace, there are plenty of online resources (both free and subscription-based) that offer auction sales records. (Stick with actual auction sales records—these indicate an actual selling price, whereas a “Buy It Now” price on eBay may have no basis in reality.) Check with your local libraries and museums—many, as fundraisers, have appraisal events (much like the Antiques Roadshow) where you can, for a small donation, get a verbal estimate of value on a few items.
Just keep in mind that what you paid for something, what an appraiser valued it at in 1988, or what an item “just like it” was valued on last night’s Antiques Roadshow have little bearing on what your item is actually worth in today's market.
Once you’ve spent some time thinking about answers to these questions, then it’s time to think about HOW to sell. There are three primary methods of selling:
1. Direct sale to a dealer: generally, you set the price on your item, but of course, you need to find a dealer who likes what you have and believes that there is a reasonable profit to be made.
2. Auction: bidders (e.g., the marketplace) sets the price and the auctioneer or auction house keeps a percentage of that price as a commission
3. Consignment shop: you and the shop collaborate on the price and you pay a percentage of that price as a commission when it sells
4. Do-it-yourself (eBay, Craig’s List, etc.): you set the price and you do all the work
Auction is the most commonly used method, but each of these sale methods can be used effectively. If you’ve answered the three questions above, then you might already know what method is best for you. If not, contact us!
3. What is your item (or your collection) actually worth? You can certainly contact an appraiser, but there are other ways to get a ballpark idea of value. If you are internet savvy and have some knowledge of the marketplace, there are plenty of online resources (both free and subscription-based) that offer auction sales records. (Stick with actual auction sales records—these indicate an actual selling price, whereas a “Buy It Now” price on eBay may have no basis in reality.) Check with your local libraries and museums—many, as fundraisers, have appraisal events (much like the Antiques Roadshow) where you can, for a small donation, get a verbal estimate of value on a few items.
Just keep in mind that what you paid for something, what an appraiser valued it at in 1988, or what an item “just like it” was valued on last night’s Antiques Roadshow have little bearing on what your item is actually worth in today's market.
Once you’ve spent some time thinking about answers to these questions, then it’s time to think about HOW to sell. There are three primary methods of selling:
1. Direct sale to a dealer: generally, you set the price on your item, but of course, you need to find a dealer who likes what you have and believes that there is a reasonable profit to be made.
2. Auction: bidders (e.g., the marketplace) sets the price and the auctioneer or auction house keeps a percentage of that price as a commission
3. Consignment shop: you and the shop collaborate on the price and you pay a percentage of that price as a commission when it sells
4. Do-it-yourself (eBay, Craig’s List, etc.): you set the price and you do all the work
Auction is the most commonly used method, but each of these sale methods can be used effectively. If you’ve answered the three questions above, then you might already know what method is best for you. If not, contact us!