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.

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.”