How Do Antiques Dealers Price Their Items?

 

QUESTION: I’ve always wondered how dealers decide on the price of an antique. Sometimes, the prices seem deliberately inflated. And at other times, they seem downright cheap. What governs pricing in the antiques business?

ANSWER: That’s a great question. Most of the time, collectors dwell on the value of an antique. They usually don’t think about the price, unless it has a direct relationship to that value. 

The important thing to remember is that buying and selling antiques is a business. And just like any other business, dealers have overhead—if operating a shop, then electricity, heating, phone, and other utilities; if selling at shows, then the booth fee, advertising, etc. 

The key to making a profit in any retail business is to buy low and sell high. Most dealers mark up the price of their antiques by 50 percent over the buying price. But the higher the buying price, the less they can mark items up. High-end dealers selling antique for four to six figures often only use a 20 percent or less mark up. In this case, they need to sell the item quickly to make enough turnover to make a profit.

But a lot of dealers have antiques inventory that’s been in their shops too long. The longer an item remains unsold, the less the dealer makes on it because unlike the static price of an antique, the cost of running a business continues to change. 

And what about sales and bargaining? Many antiques dealers will bargain with a customer over the price of an antique. They know how much they must make on the item and won’t go below a certain price. Bargaining lowers the mark up and cuts into overhead costs.

Some antiques dealers, much like other retail business owners, will occasionally have sales to move merchandise. But don’t expect deep discounts on these items. Remember the mark up. Usually, sales bring customers into the shop who most likely will find something else that they like and buy that instead. Or they may buy several smaller items.

Generally, the higher the prices of the antiques, the less likely a dealer will bargain much for them. And those same dealers will not have sales.

Unlike antiques dealers who operate shops and do shows, flea market and antiques mall dealers usually deal in much smaller and less expensive merchandise. They’re more willing to bargain the price down a bit to make a sale. And often will lower prices on items that have been in their inventory for too long.

Antiques are such subjective items that prices vary tremendously depending on demand, current trends, and rarity. Prices can vary from dealer to dealer, so it’s difficult to compare the price of one piece with that of a similar or identical one. Antiques appreciate over the long term. Like the stock market, antiques rise and fall in value depending on demand and trends.

So how do antiques dealers ultimately figure the price of the items in their inventory? First and foremost is what the dealer paid for the item. Obviously, the higher the original price, the higher the retail price. And thanks to T.V. shows like The Antiques Roadshow and Pawnbrokers, the buying public has an inflated idea of what an antiques value actually is. 

The value of an antique is what someone is willing to pay for it. So the value is essentially what the last person paid for the piece. Values for high-end pieces usually result from auction sales while those for lesser valued collectibles may result from books dealing with a specific category of collectibles such as Depression Glass or world’s fair collectibles. While the prices of the former are kept in proprietary, subscription-only databases, those of the latter are available to the general public. And then there are auction/buy-it-now sites like eBay online. 

And many antiques dealers consult online auction results and other sites to determine what the going rate will be for the items they’re pricing. 

Finally, dealers add the percentage of markup, determined by the amount of their overhead and what their local market will bear.

One of the reasons many antiques sell for many times over their auction estimate is that many live on-site antiques auctions now include phone bids while many online auctions allow bidders to bid in real time. These phone and live online bids now come from anywhere, thus the final selling price of the item isn’t affected by the local market.

So the next time you’re out antiquing and come across that piece that you just can’t live without, remember the complexities of antiques pricing. And if you can purchase the piece for a reasonable price in the end, all the better. 

To learn more about what it’s like to start your own antiques business, read How to Start a Home-Based Antiques Business.

To read more articles on antiques, please visit the Antiques Articles section of my Web site.  And to stay up to the minute on antiques and collectibles, please join the over 30,000 readers by following my free online magazine, #TheAntiquesAlmanac. Learn more about railroad antiques in "All Aboard!" in the 2021 Summer Edition, online now. And to read daily posts about unique objects from the past and their histories, like the #Antiques and More Collection on Facebook.

How Much is This?

QUESTION:  I went to a favorite flea market of mine last Saturday. A lot of the same dealers display some of the same things they’ve had for sale for the last several years. While I don’t mind asking the price of an item, I got really annoyed when I heard a dealer quote another customer a lower price after he had quoted me a higher one for the same item a few minutes before. Is this becoming a regular practice or was it just this dealer?                              

ANSWER: While most dealers price their goods beforehand, a few don’t. Take Mr. I-Don’t-Price-Anything—Mr. Idpa for short. This rather smug dealer always seems to offer interesting items, none of which shows a price. So customers are forced to ask, “How much is this?”

There’s usually a slight pause as Mr. Idpa sizes up the customer.  By the way she’s dressed, perhaps he thinks she has a Lexus parked in the lot. If so, he’ll immediately raise his price by as much as 50 percent, even before he says anything.

This same dealer not only makes up prices as he goes along, but also refuses to bargain when asked for his best price. If he had been the only dealer doing this, customers would probably just pass by his space. But, unfortunately, he isn’t.



The following week, a new dealer set up next to Mr. Idpa, and like him, she hadn’t priced her goods. Another dealer she knew stopped by to say hello. “I don’t understand why no one has asked about my chairs,” she said. She had four well-used ladderback rushed chairs arranged out in front of her tables, each nicely draped with colorful silk scarves.

“Perhaps it’s because you don’t have any prices on your items,” her dealer friend replied.

Some dealers think prices might scare customers away. But they don’t. Customers need a place to start—a pricing reference point. When a customer approaches a dealer’s tables and sees something he or she likes, they look at its price to see if it’s within their budget.

Those who are serious collectors come to flea markets looking for items to add to their collections—for the right price, of course. If a dealer overprices an item, they’ll move on because they know more or less how much the item is worth. But if the price is within their range, they can begin a conversation with the dealer about it.

Once in a while, these non-pricing dealers forget to take the previous price tag off an item after they purchased it elsewhere. A customer comes along, immediately sees that price and approaches the dealer asking if he or she can do any better. After a little haggling, the customer walks away with the item, satisfied that they received a good price.

Buying antiques and collectibles is one thing, but selling them is quote another. Let’s see what happens when the shoe is on the other foot. Let’s take a look at the right way to price items, but before we do, let’s take a look at how not to.

Another dealer at a different flea market had a number of U.S. stamps for sale, all packaged in groups by age. Among his collection of stamps for sale was a little “stock” book with four manila pages with overlapping strips into which he had inserted an assortment of U.S. commemorative stamps. Stamp collectors use these little books to transport stamps to shows or to store a particular group for further study. The dealer had placed two stickers on the cover. One said “$3.50 net with book” while the other said “$4 postage.” At first glance, the $4 sticker stood out, so a customer might think that the stock book with stamps was $4.

Noticing the customer’s interest in the stock book, the dealer directs him a plastic bin with other packages of stamps. Not seeing anything that he wanted, the customer began leafing through the plastic pages of stamps in a looseleaf binder. The customer chose four of them, each with a sticker that said “$2 postage.” The dealer told the customer he could have the stock book filled with stamps and the two pages for $10. That seemed like a good price, so the customer said he would take the lot.

“That will be $13.50,” said the dealer.

“How can that be?” said the customer.

“Oh, $10 is the face value of the postage. The stock book is an additional $3.50,” replied the dealer. Needless to say, the customer walked away empty handed. The dealer wasn’t at all pleased. If he had put a definite price on each of his items, there wouldn’t have been a controversy. Instead, his stickers were vague and communicated the wrong message.

So what is the best way to price antiques and collectibles so they do sell? First, price isn’t the same as value—it’s usually about half that. So while many people use an antiques pricing guide to look up their items, what they’re really looking at is a value guide. The authors of these guides research the value of a particular item by checking the most current amounts the item fetched both at auctions and in shops, then they average the different amounts together.

The market value of an antique is what someone is willing to pay for it. And just because an items lists for $25, for example, doesn’t mean that a person will be able to charge the same amount for it, especially if they’re selling their item at a market entry-level venue like a yard sale or flea market. To sell successfully at these places, prices need to be lower than the guide amount.

Some antique and collectibles sellers take a shortcut and go directly to eBay to check prices. While prices are current there, many have been inflated by the “entertainment” factor. Many eBay shoppers look upon “winning” an auction much as they would winning a game of chance at a casino. At a regular auction, the highest bidder “buys’ the item while on eBay, the highest bidder “wins” the item. Generally, this drives final prices up.





However, the number of auctions has decreased on eBay in recent years while the number of “Buy It How” sales have increased. But even beyond using pricing guides and eBay to research prices, a seller should check the prices of similar items in the same sort of selling venues near them—that is at local garage sales and flea markets. This is known as pricing what the market will bear. Sellers can’t charge more than people are willing to pay in a particular area. Items just won’t sell, no matter how valuable they may be.

To read more articles on antiques, please visit the Antiques Article section of my Web site.  And to stay up to the minute on antiques and collectibles, please join the other 18,000 readers by following my free online magazine, #TheAntiquesAlmanac. Learn more about western antiques in the special 2019 Spring Edition, "Down to the Sea in Ships," online now. And to read daily posts about unique objects from the past and their histories, like the #Antiques & More Collection on Facebook.  

Getting an Appraisal

QUESTION:  I have inherited a tall case clock and am looking for some guidance. The clock is said to be at least from the time of the Revolutionary War. There’s a slit in the back that I’m told is from a soldier putting a sword through. I’m trying to get a value for shipping and also for fairness for other family members in the event it’s really valuable. Can you help me?

ANSWER: Contrary to popular opinion, not just anyone can valuate an antique or collectible. Asking someone how much an object is worth is like asking if it will rain tomorrow. The only way to know what an antique, especially a potentially valuable one such as this clock, is worth is by having it “appraised” by a professional appraiser. And only a professional appraisal is legally binding when it comes to insurance claims or inheritances.

Exactly what is an appraisal? An appraisal is the paid opinion of an expert on the value of an object based on known facts. In the case of antiques and collectibles, known facts include records from more than one sale at more than one auction, the latest published price guides, and personal experience gained from buying and selling similar items many years.

While a verbal appraisal may offer an indication of how much an item is worth, a professional written one is the only one legally recognized by insurance companies and the courts. It must be based on fact and able to stand challenges in court. However, written appraisals, even for one item, can take hours to prepare and are expensive, but are absolutely necessary to prove an item’s worth.

A verbal appraisal, on the other hand, is an informal one. Usually, the person giving the appraisal spends no time researching auction records and price guides. Therefore, a verbal appraisal is an opinion based on first hand knowledge.

Formal appraisals fall into two categories—replacement and fair market value. Insurance companies require the former, while estate valuations require the latter.

Replacement value is generally defined as the price at which an object would be available on the retail market. In other words, what an antique dealer would charge for a particular item.

When you try to insure a collection, the insurance company wants to know how much it will cost to replace it. The same applies for a single piece of furniture. The insurance company won’t accept a verbal appraisal as the basis of settling a claim. Instead, they require a written appraisal with proof of replacement cost.

Fair market value, on the other hand, is best described as "the price that property would sell for on the open market between a willing buyer and willing seller, with neither being required to act, and both parties having reasonable knowledge of the reasonable knowledge of the relevant facts.

But whatever the appraised value, an object will bring only a percentage of its replacement value when offered for sale—generally between 40 and 60 percent below replacement cost. Items that sell extremely slow will sell for only about 30 percent of replacement value, while those that sell fast may bring 80 to 90 percent of replacement value.

With so many auction sites online these days, it’s easy to pull one up and do a search for a particular antique or collectible to see what it may be selling for. Most people use eBay. Unfortunately, the amounts listed on eBay may not reflect an object’s true value. If the object is listed on an auction site, then, as with live auctions, the price could go way above the object’s current value due to competition between bidders. If someone really wants an antique or collectible, they may stop at no amount of money to obtain it.

Too many homeowners use this as an easy way to price items in a yard or garage sale. Flea marketers do the same. This is why so many items that are actually worth much less are selling for higher prices today at these venues.

Prices of objects at antique shows usually sell for the amount of their value or a little less. However, some sell for what the dealer perceives to be the value of the object. High-end dealers selling objects for four to six figures do their research and know their market. Those selling at middle-market shows, sometimes do research about an item, but, more often than not, just guess at an item’s value and price it for what they think the market will bear.

To find a professional antiques appraiser near you, contact the International Society of Appraisers. 

For more information, read my article on appraisals in The Antiques Almanac.

Looking for Value in All the Right Places

QUESTION: I’m a novice at putting value on furniture and other old things. Can you tell me the best way to do this?

ANSWER: Putting a value to an antique or collectible isn’t as simple as black and white. Finding out about the value of an object involves several steps.  First you need to authenticate it—that is, find out if it’s real or fake. Then you need to determine the value you want to research. And if you discover that you have something valuable, you need to consult a certified antiques appraiser.

While there’s no fixed value in antiques and collectibles, there are two types of value you need to consider—replacement value and retail value. Which type you need to research depends on whether you’re planning keep or sell the object.

If you’re keeping it, you want to find its replacement value. Replacement value is the retail price you would pay to buy an object that’s identical to the one you own. Though that sounds simple enough, it isn’t. The object has to be exactly the same, including its condition. Then you’ll have to purchase it from the same type of source—an Internet antiques store, eBay, an antiques shop or show, or flea market. The retail price of the object will be different at each of the venues. So, unless you purchase it at exactly the same type of sales outlet, you may have a problem.

In the end, you’re the one who determines which price applies. Most beginning collectors use the highest price. While this may boost your ego, this may not be the best value. What about averaging all the prices? That won’t work, either. You’ll just have to consider the most likely place to which an average person might go to purchase the item.

Traditionally, insurance companies have considered the retail price asked by a dealer at an antiques show or at an antiques and collectibles mall as the replacement value. But, let’s face it, who pays the asking price? Smart collectors don’t. The object is to buy pieces at the lowest price possible, so that they’ll gain value right off. A lot of novices are turning to eBay to determine the replacement value. But this isn’t good, either. Any of the auction sites are just that—auctions. That means that buyers bid against each other, often sending the price higher than it should be. If you’re going to use eBay to determine value, you’ll need to study several months worth of pricing data.

If your goal is to sell your object, the price varies depending on retail venue. Traditionally, people sell items through garage sales, flea markets, eBay, and antiques shops and shows. You’ll need to research the potential value in all those categories. Each one has hidden costs, so the price represents only a portion of the amount paid. Auctioneers charge a commission to sell objects. Antiques dealers have to mark up their wares to make a profit. Flea market dealers have to do the same, albeit not as much, to make a profit over space rental fees. Ebay sellers have to add on numerous fees. Only garage sale sellers can charge the least amount and still make a profit. If you base your object’s value on their pricing, you’ll never get anywhere, even though some price their items based on what they see on eBay.

About the only way you’ll get the full value from an item is to sell it privately. However, while private buyers will pay the highest amount, they have to want the object. Most private buyers have been collecting for some time, so the list of what they want is usually short. Most of the time, they’ll already own the item. Further, finding a private buyer is a time consuming and difficult process. The best example is trying to find a buyer for collectibles from the 1939 New York World’s Fair. While there are certainly many collectors of these souvenirs, finding them is another story.

The Vintage Trap

QUESTION: I recently purchased a vintage formal living room set for a steal of a price and am looking to learn more about it. What can you tell me?

ANSWER: Depending on how much you paid, the question is who got taken, the dealer or you. I suspect it was you. While this is a very well-built living room set, it’s really not very old—most likely from the 1940s or 1950s, but could be as old as the 1920s.

Furniture of this sort falls into the category of what used to be known as “period” furniture. Many people in their 60s grew up with such furniture. Their mothers warned them about not putting their feet on the couch or sleeping in the chairs. Generally, manufacturers overstuffed these pieces so they would be more comfortable. They provided thick blocked cushions so that anyone sitting in them would sink into them. Your set happens to be styled after French “Louis” pieces of the Rococo period. But that’s where the similarity ends.

People like yourself often fall into the “vintage” trap. The word vintage originally applied to wine making
and the process of picking grapes and creating the finished wine. A vintage wine is one made from grapes that were all, or primarily, grown and harvested in a single specified year. In certain wines, it can denote quality.

The people who sell on eBay and other auction sites saw that word “quality” and figured why not use the word “vintage” to describe their pieces and make them more attractive to bidders. In this case, vintage means referring to something from the past of high quality. Let’s face it folks, anything from yesterday—the day before today—is from the past and if it’s of good quality, then it technically can be labeled vintage. When the buyers on the auction sites saw the word quality, they perceived vintage to mean something old that has lots of value. Unfortunately, that doesn’t always apply.

Online sellers throw the word vintage around like it’s a catchall word that will instantly add credibility and perceived value to the items they’re selling. You’ll see vintage jewelry instead of estate jewelry, vintage furniture instead of used furniture, and vintage kitchenware instead of used kitchen utensils. It’s all in the wording.

Unfortunately, middle and lower-market antique and flea market dealers have picked up on the use of vintage to describe goods for which they don’t know the age. Since using the word online has become rather successful—you can full a lot of people a lot of the time, to paraphrase an old saying—they figured they might as well try it.

Don’t fall into the vintage trap. Find out about a piece before you buy it. In the end, you’ll make an informed decision and just might get something of real value for a steal.

Antiques or Not–An Age-old Question

QUESTION: How do I find out if items I have are really antiques?  Do dealers need pictures to come look at my pieces? How do I find honest reliable ones?

ANSWER: Many people ask themselves these same questions. Unless you’re an antique lover and collector, it’s often hard to figure out what’s an antique and what isn’t. First, let’s tackle what is an antique.

To anyone who browses antique shops these days the question "What is an antique?" seems to have many answers. Side by side with ancient-looking furniture and old- fashioned china, you may find souvenir spoons and colorful carnival glass. The problem bewilders not only buyers but dealers, too.

In 1930 the U.S. Government ruled that objects had to be at least a 100 old to be classified as antiques, so they could be admitted duty free into the U.S. But that was a legislative  tax decision. Since then antiques have often been defined as objects made before 1830.

Here in the U.S., dealers and collectors count among their antiques both items made by machine as well as those made by hand. Most of these are later than 1830. That date does, however, serve as a dividing line between the age of craftsmanship and the machine age. As the 21st century moves on, objects from the early 20th century are now reaching the 100-year mark, thus technically making them antiques. But if you talk to a high-end antique dealer, he or she will probably consider them just used goods.

A fine antique comes with a provenance or written pedigree. This isn’t just what your Aunt Milly says is an antique. It's proven to be one through a detailed history of its creation and ownership.

But while the personal associations of heirlooms add to their interest, they can’t be relied upon to place their date and source. Not every old piece has a pedigree or a maker’s mark or label, but every one has characteristics that identify it which make it valuable to someone else. The secret of where and when and by whom it was made is in its material, its design, and its workmanship. So an antique is what the collector knows or perceives it to be. Nothing more.

Collectibles are items that usually have a less-than-100-year history, although not always. You could collect Limoge porcelain boxes from the 18th century and consider them collectibles. But for the most part, collectibles are objects from popular culture—old detergent boxes with the soap powder still in them, old bottles, old souvenirs.

So begin by determining, if you can, what it is that you have that’s an antique or just a collectible. Do Image searches on Google for your items and see if any photos come up that are like what you have or similar, then click on the photos to go to the Web sites where the photos have been posted to learn more about the item. Go to your public library and check out an antique encyclopedia or other books that have pictures of antiques. See if you can find objects like yours.

Once you have a good idea of whether an object is an antique or collectible, take some good digital photos of it. And, yes, dealers really appreciate seeing a photo or two of an item before they’ll make the trek to your place to see it. This applies even more to dealers you may find online. Take an overall shot, perhaps several from different angles, as well as a couple shots of details—carvings, signatures, hardware, etc. If you’re going to make the rounds of local dealers, you’ll want to get your photos printed. Small 4x6-inch photos will do nicely.

Asking where you can find honest reliable dealers indicates that you assume all antique dealers are scoundrels. They’re not. In fact, most are honest, hard-working business people. They’re in business to make money, so don’t expect that any of them will pay top dollar for your pieces. The most you can expect to get is half the value, on a good day.

One way to tell a dealer who may be less than honest is to see if the pieces in his or her shop are priced. An antique store is a retail business and all retailers price their items for sale. A dealer who doesn’t price their items may be planning on taking advantage of you—deciding what to charge for an item on how you’re dressed or how much you seem to know about antiques. Avoid shops that are piled high with goods in which the shopkeeper says, “Have a look around and let me know what you like, and I’ll give you my best price.”

Put a Price on It

Last week, I told you the story of a flea market dealer who hadn’t priced anything and wondered why no one was asking about her items, let alone buying them. So to help you price your antiques and collectibles, especially for a yard sale or flea market, I thought I’d offer some guidance. But before I do, I’d like to offer another example of how not to.

To do that, I continue a few tables down from the previous dealer to another at the same flea market. This guy had a number of U.S. stamps for sale, all packaged in groups by age. Since I collect U.S. stamps, my eye immediately zeroed in on a little “stock” book, with four manila pages with overlapping strips into which he had inserted an assortment of U.S. commemorative stamps. Collectors use these little books to transport stamps to shows or to store a particular group for further study. The dealer had placed two stickers on the cover. One said “$3.50 net with book” while the other said “$4 postage.” At first glance, I noticed the $4 sticker, so I offered him $3, and after some hesitation, he agreed. Then he directed me over to a plastic bin with other packages of stamps. I didn’t see any I wanted, so he directed me to a looseleaf binder with plastic pages filled with stamps. I chose two of them, each with a sticker that said “$2 postage.” He said I could have the stock book filled with stamps and the two pages for $10. I did some quick calculations and came up with $7 for the three items, not $10. “Oh,” he said, “that’s only for the face value of the postage.”

“You said I could have the book with its stamps for $3, so I’ll just take it,” I replied. Needless to say, he wasn’t too pleased. If he had put a definite price on each of his items, there wouldn’t have been a controversy. Instead, his stickers were vague and communicated the wrong message.

So how do you go about pricing your antiques and collectibles so they sell? First, price isn’t the same as value–it’s usually about half that. So while you may use an antiques pricing guide to look up your items, what you’re really looking at is a value guide. The authors of these guides research the value of a particular item by checking the most current amounts the item fetched both at auctions and in shops, then they average the different amounts together.

For you see, the market value of an antique is what someone is willing to pay for it. And just because an items lists for $25, for example, doesn’t mean that you’ll be able to charge the same amount for it, especially if you’re selling your item at a market entry-level venue like a yard sale or flea market. To sell successfully at these places, you’ll have to start your pricing much lower than the guide amount.

Some antique sellers take a shortcut and go directly to eBay to check prices. While prices are current there, many have been inflated by what I call the “entertainment” factor. Many eBay shoppers look upon “winning” an auction much as they would winning a game of chance at a casino. At a regular auction, the highest bidder “buys’ the item while on eBay, the highest bidder “wins” the item. Generally, this drives final prices up.

But even beyond using pricing guides and eBay to research prices, you should check the prices in the same sort of selling venues near you. Go to several yard sales and/or flea markets and check what similar items are going for there. This is known as pricing what the market will bear. You can’t charge more than people are willing to pay in a particular area. The item just won’t sell, no matter how valuable it might be.

How Much is This?

[NOTE: Occasionally, I’ll be posting some blogs that are more my opinion of a particular situation involving antiques and collectibles than an answer to a quesiton about one. This is the first.]

“How much is this?” If you have to ask, then the antique shop or flea market dealer hasn’t completed their job–or the person is just downright lazy.

I went to a favorite flea market of mine last Saturday. I say favorite only because it’s the only regular one left in my area–it occurs on the third Saturday of each month from late Spring to late Fall. A lot of the same dealers display some of the same things they’ve had for sale for the last couple of years.

While most of the dealers price their goods beforehand, a few don’t. Take Mr. I-Don’t-Price-Anything, Mr. Idpa for short. This rather smug dealer always seems to offer interesting items, none of which has a price. So I’m always forced to ask, “How much is this?”

There’s a slight pause as Mr. Idpa sizes me up. If he thinks I’m a Yuppie with a Beamer parked out under the trees, he’ll immediately raise his price by as much as 50 percent, even before he says anything. I know this because I’ve conducted a little study over the last few months in which I wear different styles of clothes on different visits to the market. I then pick the same or similar item and ask the same question: “How much is this?” He rarely remembers me and so far, none of the prices quoted for the same item have been the same.

A few times I really wanted an item I collect, but resisted because not only did he make up prices as he went along, he also refused to bargain when I asked “What’s your best price?’ If he were the only dealer doing this, I would just pass by his space. But, unfortunately, he’s not–although he’s the king.

Last week, a new dealer had set up next to Mr. Idpa and like him, she hadn’t priced her goods. As I neared her table, I overheard her say to another woman, “I don’t understand why no one has asked about my chairs.” She had four well-used ladderback rushed chairs arranged out in front of her tables, each nicely draped with colorful silk scraves.

After the woman left, I approached her and said, “Perhaps it’s because you don’t have any prices on your items.”

“Do you think that’s it?” she asked.

I explained that customers need a place to start–a pricing reference point. “When I approach a dealer’s tables and see something I like, I look at the item, then at its price to see if it’s within my budget.
“But I thought prices might scare customers away,” she replied.

“Not at all,” I said. “ You see, people who are serious collectors, like me, come here [to flea markets] looking for items to add to our collections...for the right price, of course. If a dealer overprices an item, I move on. But if it’s within my price range, I begin a conversation with the dealer about it.”

Just then, a woman approached the dealer carrying an old hand washboard she had picked up out near the dealer’s chairs. The washboard had a price on it of $18. From my previous conversation with the dealers, I assumed she left the previous price sticker on from when she bought it. I stepped aside and let them haggle. A few minutes later, the customer walked away with the washboard under her arm and a smile on her face.

I again approached the dealer and said, “That makes my point.”

“I guess so, “ she replied. “Now what can I use for price stickers.”

More on pricing antiques and collectibles next time.

The Thrill of the Hunt

QUESTION: I’ve been buying most of my antiques at flea markets and in shops. I’d like to go to antique shows, but I’m afraid the prices will be too high. Can you give me some advice?

ANSWER: Though there are all sorts of antique shows out there, I divide them generally into three levels–the friendly firehouse or school show, the more elegant hotel show, and the high-end show.

You’ll find the first of these, the friendly firehouse or school show, held in a local fire company hall or the all-purpose room of an elementary school once or twice a year. Here, you’ll find lots of affordable antiques and collectibles. Prices range from as low as a few dollars up to perhaps three figures. Dealers, mostly from the surrounding region, tend to sell only at shows or out of their homes.

The more elegant hotel show comes around usually once a year and features finer items. Tables often display a myriad of small objects–Japanese Imari porcelains, Wedgewood, fine English majolica, and Staffordshire ware, along with small pieces of furniture, trunks, stained glass lamps, and so on. Dealers tend to come from a wider area, including surrounding states while prices range from two to four digits, with finer items selling for several thousand dollars.

High-end shows are extravagant affairs, both in goods and prices, and feature dealers from all over the country. For some patrons of these shows, nothing says they’ve made it better than bragging about how much they’ve spent on an antique, whether it be a piece of fine 18th-century furniture or a diamond necklace that once belonged to a princess. Just before the recession, patrons at these shows thought nothing of whipping out their checkbooks and writing checks for $30,000 to $40,000 for an Empire sofa or as much as a quarter million for an 18th-century Philadelphia secretary in the Chippendale style.

Many of these shows are vetted, which means the promoters guarantee everything sold there as authentic. Where’s the fun in that? Part of the thrill of the hunt is being able to tell for yourself if a piece is real or not by the knowledge you’ve amassed about it beforehand, especially when the dealer doesn’t have a clue.

And while you can attend high-end shows by paying the heft admission price–going to a good cause, of course–you’ll find the reception from other showgoers rather off-putting. Let’s face it. They have no idea from your worn jeans and casual top that you just inherited a cool million from daddy. The dealers, on the other hand, couldn’t be nicer. After all, they’ll gladly take money from anyone.

Give me the dealers at my neighborhood flea market and firehouse antique show any day. While things may not cost as much at these venues, the dealers love to bargain. And, for me, that’s part of the thrill of the hunt.

Hess Toy Trucks--Everyone's Favorite Holiday Collectible

QUESTION: I have a complete collection from 1988 through 2008 including every truck (2 1996), most packs of batteries with Hess logo and several Hess truck bags. I have recently gotten married and have no room for them with my other collections. How can I sell them and where can I sell them without giving them away?

ANSWER:  It’s Thanksgiving time once again and that means Black Friday and, for the last 45 years, Hess toy trucks. And you don’t even have to get up at 2 AM to beat the crowds because the Hess Corporation has pushed back the start date to a week before Thanksgiving. For many years, people lined up at Hess Stations on Black Friday morning to get their hands on the coveted toy “truck” of that year.

Starting in 1964, the Hess Company wanted to thank their loyal customers by making small replicas of their trucks as a token of appreciation for their business throughout the year. The company was the first one to manufacture toy trucks that had working lights and sound. Hess gas stations along the East Coast sold the "B Model Mack  Tanker" in 1964 and has continued that tradition each year since. Because the company produced these trucks in limited quantities, they limited each customer to two of them. That first truck sold for $1.29, and today can sell for over $2,500. Over the last 15 years, the value of some of the older Hess trucks has doubled. But there is a catch.

More than half the value of each truck depends on the condition of its box. If the truck, itself, is also in perfect condition, then it’s considered to be “MIB” or Mint-in-Box.  Most people have trucks they bought to give to their kids for Christmas. Unfortunately, their children played with the trucks and now they’re worth a fraction of the mint ones.

Plus values of these toys tend to fluctuate, depending on who’s buying them. While dealers pay the lowest amount and then double it to sell them, some collectors will pay just about anything to get the truck they want. In fact, I heard of one guy who drove four miles to meet a woman in a rest area on an Interstate highway just to look at a truck she had for sale.But before you get dollar signs in your eyes, understand that the true value of your collection is whatever anyone is willing to pay for it or individual pieces.

Of course, values can be different, depending on which price guides or Web sites you consult. A truck listed for $300 on one site might be listed at $400 in a current guide. And since Hess Stations operate on the East coast, collectors in the West will usually pay more.

While the first trucks were tankers, succeeding ones ran the gamut from transports to fire trucks and car carriers.  In 1966, Hess deviated from its line of trucks by producing an ocean-going tanker, but it wasn’t until 1993 that the company offered a police car and in other years sold a helicopter carrier, monster truck, and this year, a race car. However, the price has gone up from that first truck selling for $1.29 to $24.99 for this year’s model race car.

.

To find the retail value of your Hess Truck, check The-Collections.com