What’s the Value of Your Antiques?June 28, 2017 7:28 pm Leave your thoughts
If you’re into antiquing, or have an older relative who passed away and left you some beautiful antiques in their will, you may be curious about their value. At Sydmor’s Jewelry and Pawn Shop, we are experts in determining value and offering fair prices for buying and selling antiques. As an established pawn shop in Barberton, OH, we know our customers want all the information possible when they’re looking to buy or sell antiques, so we’ve provided a closer look into these three values below. Give us a call to learn more!
For many people, retail value is the number that’s most important. It’s the price you can count on when you head out to a trusted antique dealer for a fair price on an item you own. A good retailer will make sure you get a great price for your item, based on its true monetary value. If you’re looking to buy, do remember that antique stores may charge slightly higher prices than you’d encounter at an auction, because they are putting in the time and effort to go to auctions, bid on items and bring them back to provide to their clients.
This value is pretty straightforward on a basic level. The auction value indicates what your antique would sell for in an auction situation. These items are examined by professional appraisers, who sometimes offer their quote verbally to the auction house in advance of the sale. Items in this situation are assessed at their pure value, with no one obligated to sell or buy them for a specific price.
Sometimes, a particularly appealing item (such as something very rare) can incite what is known as a “bidding war,” where several parties fiercely compete for the last bid in order to take home the prized object. In a bidding war, the price of the item can rise to the point where it far exceeds its expected auction value price, which is why many antique collectors and others choose to auction their items. That way, they know they are getting the most “bang for their buck.”
Insurance value is another important figure, because it is the amount an owner can expect their insurance company to cover if their item is stolen or damaged. If you choose to get a valuable antique insured, you’ll need this number to ensure that, should you have something stolen or accidentally destroyed, the insurance company will give you enough funds to go and purchase another item of similar value.
If you do get an item appraised, make sure a scrupulous professional performs the appraisal, and always get the appraisal in writing. That way, you have official, careful documentation to present to the IRS should the unfortunate need for compensation arise.
Whatever your antique or second-hand interests may be, we invite you to visit Sydmor’s Jewelry and Pawn Shop. We are a respected pawn shop in Barberton, OH, offering great prices for an ever-changing inventory of fun and beautiful items. Come see us today!
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