Valuing Collectables: How To Find Their True Worth And Make A Profit
If you’re looking to make extra money, selling collectables can be a lucrative financial move. Contemporary British ceramics, for example, are becoming increasingly popular, with a rare vase designed by notable British ceramicist Hans Coper selling for $790,000 at auction last year – a new record. Accurately valuing your collectables is an essential step in determining their true worth, and ensuring you don’t miss out on a good deal.
Identify Your Collectables
Identifying your collectables is the first step to knowing how much they’re worth. So, take time to examine and learn everything you can about your items. Check for any designer signatures, marks, or labels that tell you who the manufacturer is, as well as other information like country of origin. Silver hallmarks, for example, are used to indicate silver purity. Since different assay offices use different marks, you’ll also be able to tell which country a piece of silver originates from. Alternatively, pewter touch marks are used by pewterers to authenticate their works. Standard “touch plates” are regulated in some areas, while other areas don’t enforce strict rules. So, although you’ll always be able to find a pewterer’s mark on your item, it won’t necessarily be included on any pewterer databases.
Consider Current Supply and Demand
Current supply and demand is hugely influential on the value of your collectibles. If an item’s experiencing a surge in demand, it immediately becomes more expensive. When demand drops, on the other hand, so do prices. So, take a look at current trends to figure out how many people are looking to buy your item. For instance, if rustic, farmhouse-style décor is on-trend, then collectibles like pottery, ironstone, and vintage tools will be worth more. Moreover, gold coins are always a valuable investment. Usually, the rarer a coin, the more valuable it is. The Franklin cent, for example, is worth a few hundred dollars, and even as much as $10,000 for coins in good condition. Alternatively, quarter ounce gold coins contain 22 karat gold and have a face value of $5. The true value of these coins, however, is determined by the spot price of gold at the current time.
Assess the Condition
The condition of your collectible also plays an important role in determining its overall value. Generally speaking, the better the item’s condition, the higher its value, while excess wear and turn causes value to drop. So, check the condition of your collectible – are there any chips, fractures, or cracks? Paint loss or discoloration are other issues to look out for. If you have an item that’s seen better days, think carefully before having it restored. In some cases, keeping your collectible in its original condition can fetch a higher price.
Determining the true value of collectables is essential if you’re looking to buy or sell. By identifying your collectables and considering supply and demand, along with item condition, you can accurately determine their worth and make as much money as possible.