We recommend that you read first this article, Things to consider when selling your sterling flatware, before reading this one so you will have a framework of background information related to this topic.
Why are you asking?
You may have one of several reasons for asking this question. Depending on your reason, the answer will be different. For example, you might want to know your sterling flatware's replacement value when you are buying an insurance policy. If this is the case, you can easily find the retail prices of new pieces from many retailers on the Internet. If your pattern is discontinued, prices for used pieces can be found on web sites like eBay and on the sites of major sellers of used pieces such as Replacements, Ltd. and Silver Queen Inc.
The most common reason we are asked this question is when someone is considering selling a set of sterling flatware. In almost all such cases, the seller is disappointed with the answer! Most potential sellers look at list prices quoted by retailers and think that they should be able to get a price close to this. In the vast majority of cases, they won't.
In our first article, we stated that the best price could probably be obtained from a buyer who wants a set of sterling flatware for personal use. Such a buyer isn't concerned with making a profit on the later resale of the set. Based on our observations of the marketplace, we estimate that a planning figure for such a sale is between 25% and 50% of the retail price. This is highly dependent upon the characteristics of the set as described in our first article.
On the other hand, if you sell to a dealer, the planning price is reduced, probably to the range of 10% to 35% of the retail price.
To make sure we were accurate in our estimate of what a dealer will offer, we actually requested quotes from three different dealers for a representative set of used Gorham Chantilly flatware. One dealer was very large, one was a medium size and one was very small in terms of estimated annual sales volume.
The three quotes were within 7% of each other. The highest quote was less than 20% of the average retail list price, maybe even less than 15%, depending upon the retailer.
So, as we stated in our first article, our recommendation is that you keep your sterling flatware for future generations. It will have much more long lasting sentimental value than its real value on the secondary market.
We welcome questions and comments. Send us an email (Want to ask a question about silver?) or add your comment to the article.
Disclaimer
Although the author has tried to be completely unbiased and factual in this article, readers should understand that the author is in the business of buying and selling sterling flatware. Therefore, comments in this article could be considered biased and self-serving. Readers should verify the information from independent sources before attempting to act based on the information presented herein.
Selling Your Silver: A Guide to Finding a Buyer and Getting a Good Price, by Jim Stringer
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