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7 things you must know when selling your antiques to a dealer
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Quick cash won't be the highest offer, but it will be... quick.
If you could always get a retail price for your antiques then it would be a perfect world. The cold hard truth is that sometimes you need quick cash and you have to wholesale your valuables to a dealer because they will pay you right away.
The information in this article is geared specifically for this situation, I don't recommend this advice for other circumstances.
- Line up at least a few people to look at what you have, this way you won't feel as desperate about taking a low ball offer. It's crucial to do this BEFORE you start talking to people.
- Although you want to line up several prospects, keep that information vested. DON'T tell the dealer you have someone else in mind. They may already assume that you do, and that's fine, but to disclose that puts them on the defense and lessens the chance of things going well.
- If at all possible, have the dealer come to your home. After having an investment of time and gas into a deal, the dealer is much more apt to try to consummate a deal. No one likes to waste time and gas. A good rule of thumb is, the home team has the advantage.
- Don't try to approach the situation as an expert if you're not. Tired old cliche's like: "I know this is worth a lot of money" and "I was offered $1000.00 for that last year", are things antiques dealers have heard a million times before, and it doesn't raise the value of what you have by one nickel, rather it assures the dealer you really DON'T know what you have.
- Listen carefully to what the other person is saying and read between the lines. If a dealer shows interest in something, and then proceeds to "knock your item down" by knit picking on small flaws, what they are really saying is this: "I really like this item but I'm trying to get it cheaper by disparaging it." But also know that flaws do affect the value of collectibles, and a dealer can't pay as much for something with damage as he/she can for a perfect item. The point to remember here is that someone who feigns interest because of flaws is likely very interested if they spend a LOT of time pointing out those flaws. Time is money and no one is going to waste time pointing out imperfections in something that they are NOT interested in.
- If you have an idea of the retail value of your antique, expect a dealer to offer in a range of 1/3 to 1/2 of retail in the best case scenario. If you need to get a higher percentage than that, go another route, you are wasting your time with a dealer.
- If you think the first offer is a good one, take it. This is a highly speculative market, you may not get a better offer in a quick manner and most offers are good only for the time that dealer is there. You may want a better offer, but the dealer that just made a good offer may leave you and find a better investment and no longer be interested in what you have. It's a buyer's market right now and you should know that.
These are just a few of the important things you need to know when selling for quick cash to a dealer, all that needs to be known on this topic would never fit here, that's why I have a comprehensive instant eBook available called Selling Your Valuables in Tough Times.
It contains the best secrets from my 25 years in the antiques business. You'll find the all the best guerrilla tactics for negotiating the best price for your antiques when you need the money fast, whether your looking to sell online, at a live auction or directly to a dealer as described here.
Click here if you'd like to know more about that.
Test your antiques knowledge. Can you guess the price of the Roll Top desk to the right? Click on the blue lettered link below to see the full online appraisal.
Another thing I'd like to say, is that it's always helpful to know what you have, if you don't, there are many helpful resources online, such as my site Auctionwally.com which is an archive of over 500 antiques appraisals and articles that is completely free to view. There is no sign up necessary.
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