So you’ve decided to sell Great-Aunt Sally’s dining set, but you’re not sure what to do next. Before you call the dealers, follow these guidelines to avoid making costly mistakes.
1. What condition is the part or parts you are selling?
Now is the time to let go of any sentimental attachments you may have and look at the piece through the eyes of a potential buyer. The condition will affect the price. Is the furniture damaged, the legs loose or cracked, the veneer peeling off, the fabric dirty, torn or discolored? If the finish on the wood is a bit dusty and scratchy, try some Old English Scratch Cover; It comes in various colors for different woods. Clean it and let it dry; covers a multitude of issues. As for the fabric, just taking the vacuum attachment and vacuuming the upholstered areas will remove the dust and grit. Dirty areas can be treated with upholstery cleaners. Be sure to pay attention to the type of fabric and blot the stain; do not grind it further into the fabric. A little effort will help your piece look its best and pay dividends when negotiating a sale price.
2. How old is the piece?
Just because Great-Aunt Sally gave it to you doesn’t mean she got it at birth. An antique is generally considered anything 100 years or older; however, while it may not be an antique, it could be very valuable as a “collector’s” item. This is where you need to do a little research. It is important to educate yourself about the items you sell. You can go to online auctions or try the library if you don’t have any old reference books available.
3. How much does it cost?
Now that’s the question! Most of us have seen an episode or two of “Antiques Roadshow” and revel in hearing the happy endings. We’re hoping that ugly vase hidden in the closet is worth a small fortune. Well now is the time to find out. Go to online auctions, antique stores, or old reference books and find something similar. Please note that with reference books and antique stores, the prices you are seeing are retail. When you go to sell your piece to a dealer, he or she will offer you a wholesale price, which can be approximately 40 to 60 percent of the item’s retail value. The value of a piece can also vary depending on where you live. What is priced high in New York may not be a popular item in Arizona.
4. What is your time frame to sell your item?
Are you moving and need to get rid of it before you leave? Have you already bought a replacement and have to leave immediately? Or are you just thinking of selling, depending on what it’s worth? If you know you want to sell a piece and can take your time, go for it. You can do your research, find out its value, and find a buyer. Don’t wait until the last minute, panic and have to sell fast. In your rush, you’ll most likely settle for much less than it’s worth. It’s better to take your time, do your homework, and feel good about the sale.
5. Should I call a dealer and ask for an estimate?
Before you call, you should understand the difference between getting an appraisal and calling an antique dealer for a price. Sometimes an antique dealer is also a certified appraiser; however, if you would like a written appraisal of the retail fair market value, a fee will be charged. An antique dealer is coming to buy your item at a wholesale price, not to give you a free appraisal so you can sell it yourself. (Would you drive all over town, paying high gas prices, just to give out free appraisals?) If you’ve done your homework, you should know what you want for your part and whether what they’re offering is a fair price. If you haven’t taken the time to do your research and the dealer is not reputable, he or she could use this to their advantage. To be prepared!