The wild commodity silver market has caused many people to try to sell their sterling flatware and hollowware. Unfortunately, some potential sellers have set expectations for the price they might receive at much too high a level.
Many think they should receive a price much higher than the scrap value of their sterling. I agree that they SHOULD but, unfortunately, in this imperfect world, many will not receive a significantly higher price than scrap.
Back when commodity silver was cheap, the world was more reasonable and it was quite common for sterling flatware in good condition to be sold for a price much higher than its scrap value. Now that the scrap value has skyrocketed, it seems that buyers can’t bring themselves to pay more. I’m not saying this is true for every sale but it is common.
Here are some concrete examples of actual recent sales on eBay.
- On July 15, a Towle Candlelight set containing about 2950 grams of sterling sold for $3,000. The scrap value of that set at that day’s closing price was $3,445.
- On July 22, a set of Gorham Chantilly containing about 1050 grams of sterling sold for $1,263. The scrap value of that set at that day’s closing was $1,251.
- On July 21, an International Wild Rose set containing about 955 grams of sterling sold for $985.00. The scrap value of that set at that day’s closing was $1,115.
- On July 19, a Reed & Barton Autumn Leaves set containing about 970 grams of sterling sold for $1,103. The scrap value of that set at that day’s closing was $1,127.
This is not to say the news is all bad. Sales at significantly higher prices than scrap value do occur. Most involve very desirable or rare patterns in top condition.
Perhaps the rule to be learned here is that we should not be too hasty to sell our sterling. If we feel we have to sell, then we should be patient. It may take a while to find the right buyer willing to pay the right price.
Disclaimer: The author is in the business of buying and selling sterling pieces. The opinions expressed in this article could be considered as self-serving and biased. Opinions on this subject should be sought from others.
Selling Your Silver: A Guide to Finding a Buyer and Getting a Good Price, by Jim Stringer
Comments