If I have heard it once, I have hear it a hundred times, “I looked it up online” (sigh).
As the Millennials hold to their minimalist standards and their frustrated parents struggle to thin down a lifetime of accumulation, more and more people are turning to the Internet to find the value of their belongings.
While there is help available online, there are also sites to approach with caution. Let’s take a look at two of the most commonly misunderstood sources people go to for pricing, eBay and Replacements.com.
There seems to be a sizeable segment of the population who believe they can go to eBay to establish value. For the novice, this is simply not a good idea as there are too many variables. First, it is left to the discretion of the seller to set their own price and the same item can be found with a wide range of prices. Second, you are viewing listings from across the nation and values vary greatly from state to state. Third, bidding wars are a common occurrence on eBay. All you need are two people who go crazy over an item and “run it till they get it,” and the end result will be an inflated sale price.
To use eBay properly go to the “items sold” page. This will show you not what someone was hoping to get, but the actually realized price. When I do this I try to find three like items that have sold and take the average of the three as a point of consideration for value. The value you want to establish is what would be considered “Fair Market Value” to the central Indiana area. To do this look at the area of the country where the buyer and seller are located and use items that were sold within your state. I realize that this is not as simple as going to “items for sale” and looking for a comp for what you have. It is, however, the only way to get a realistic guide to value.
In the late 1970s a group of buyers traveled the country purchasing sets of china. A friend of mine had the good fortune to meet one of these buyers and arranged to “pick” for them. For three years she scoured the flea markets and garage sales of central Indiana buying partial sets of Noritake, Haviland, Pfaltzgraff and other brand-name tableware made from 1930-1970. By purchasing partial sets and individual pieces she was able to acquire them for pennies on the dollar and then in turn sold them to her “buyer” for 3-4 times her purchase price. He also had her watch for mint condition crystal stemware and sterling and silver plate table settings and serving pieces. Eventually their arrangement dissolved, but not before she netted a healthy 5 figure profit for her efforts.
The inventory acquired by my friend, and dozens others like her, were assembled in Greensboro, North Carolina where they formed part of the foundation for what would become the largest replacement company in the world, Replacements.com. While this company is a wonderful way to find a single place setting of your favorite china, or to replace Great Grandma’s serving dish that was broken last Thanksgiving, this is NOT a source for valuing your items. Replacements has a massive inventory and overhead and you are paying a hefty premium for the convenience of finding the exact piece that you need. This is why a cup and saucer that will cost you $34.99 on their site can be found at a local antique mall for $5 or at a flea market for 50 cents.
Both Replacements and eBay are great sites when used for their intended purpose. To use them as a “self appraisal” tool will leave you confused and, in most cases, misinformed. I recommend instead that you visit the area antique malls or attend a few of auctions with items similar to yours to see what people are willing to pay. If still in doubt, contact a professional liquidator to assist you with pricing. Until next time . . . Linda
Linda Kennett is a professional liquidation consultant specializing in down-sizing for seniors and the valuation of estates and may be reached at 317-258-7835 or lkennett@indy.rr.com.
