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.

Treasure Between the Pages

QUESTION: I was given some old magazines, two of which are dated 1894?  How can I determine if they are of value?

ANSWER: Is it worth keeping old magazines? The answer to that question depends on several things. Just stockpiling old magazines doesn’t result in any significant gain unless you know what you’re doing. Perhaps a family member gave or left you some. Now what?

As with any other type of collectible, condition is critical. However, you could have a back issue that's over 100 years old and pristine but virtually worthless because there's nothing inside or on the cover that a collector would be interested in.

And like other collectibles, an old magazine is only worth as much as someone is willing to pay for it. Perhaps you have some that feature fairly recent notable events, but then you find that they’re only worth a fraction of what you thought. And if no one wants them, they’re worth nothing. Take the Saturday Evening Post, for instance. Most issues from the 1960s forward aren’t worth the paper they’re printed on–one reason the magazine didn’t last. About the only reason anyone collects later issues are for the covers by Norman Rockwell during the 1950s. For modest collectibility, you need to have issues from the 1930s and 1940s. And if you’re lucky enough to have an issue or two in good condition from the 1920s, then you’re talking big bucks.

To know exactly what you have, you’ll have to do some research. Find out what magazines are selling. Check eBay, of course, but don’t forget to check other sources, such as ephemera price guides and other Web sites belonging to dealers and collectors.

So what are collectors looking for in old magazines? The majority look not at the whole issue of a magazine but at certain parts. Some look for vintage magazines with covers by a famous artist. Did you know that Andrew Wyeth painted a Saturday Evening Post cover—and only one at that? Others look for unusual advertisements. They carefully remove the ad and sell it separately, matted and/or framed. A magazine full of unique advertisements could bring in more than issue, itself. A few look for first editions while others look for articles on specific topics.

Like most collectibles, the price of an old magazine is directly related to its age, condition, and the general demand for it. And with demand comes supply. As with newspapers, publishers print magazines in great quantity, especially today. The higher the number printed of a particular issue, the less it’s worth.

By far, the most popular magazine is LIFE. You see them everywhere—at garage sales, on tables at flea markets, and on counters in antique shops. They’re larger than most other magazines and have distinctive covers with the date printed on them in big type. But even famous issues, like the one for the Apollo Moon landing in 1969, only sell for a few dollars. Why? Because they flood the collectible magazine market.

Another topic that you’d think would be highly collectible is the assassination of John F. Kennedy. LIFE, Look, and the Saturday Evening Post all did extensive coverage of the event. Today, you’ll find mint copies of these issues selling for $25 or so at an ephemera show. That’s because T.V. shows on collecting and such have given everyone the impression that these are very valuable. So everyone who has them continues to hold on to them. In this case, it pays to research the event and the market for magazines reported it.

The two hottest collectible types of magazines continue to be those featuring stories, photos, and covers of movie stars and sports personalities. But even these don’t bring much more than $20 an issue—and that’s only if it’s in mint condition.

National Geographic gets the prize for the all-time worst magazine to hold on to. Again, too many people have held onto them which means the market for them is overloaded.