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What To Know About Buying/Selling Estate Jewelry

Jan 24, 2020

January 22, 2020

Selling Your Estate Jewelry

The first thing we tell anyone who inherits jewelry - be it a little or a lot - DO NOT TOSS ANYTHING OUT! We have seen too many instances where people mistake the real thing for costume jewelry and vice versa. Take all the items to a trusted professional with experience, test equipment and a solid reputation. Let them tell you what you have.

The second most important thing to know is that generally speaking, Estate jewelry is like any other used item - it is not going to sell for the replacement cost or any where near the cost of a new piece. There ARE exceptions, but a general rule of thumb for a sales price if the item is in good, very good or excellent condition is 50% of the cost of a similar new item. 


Exceptions might include Rolex watches, designer pieces, collectible items - signed pieces, etc. 

A popular misconception is that diamonds and diamond jewelry appreciate in value. Some of this is because of misunderstanding appraisal value. For example, say I do an appraisal on a 1.00 ct G color SI1 clarity round diamond mounted in a 14kt white gold solitaire for someone today. I might advise them to insure the ring for $6,700.00 as a replacement value. Should Ms X pass away tomorrow, will her family be able to sell the diamond ring for $6,700? NO, not even close. I am advising them with the appraisal that in my professional opinion based on 23 years in the business that if they lost the ring, $6,700 would be enough to replace it with a similar ring. Who in their right mind would buy something used for the price of the same item new?


Think about it - pick any item you own that might be covered by insurance. A musical instrument, your car, electronic equipment, smart phone, etc. If your house burned most insurance policies will cover replacement cost (the good policies anyway), but would you use that as a tool to sell your used car, TV, phone, or guitar? No, because no one is going to pay you the same amount for a used whatever as they would for a NEW one. They would be silly. The same principle applies to Aunt Susie's diamond tennis bracelet that she had insured for $7,000. It is used, so expecting it to sell for the price of a new one is not realistic. (Exception, it was a Tiffany piece made in the 1920s in mint condition.....then MAYBE.)


People like to think that this process somehow means jewelry prices are super inflated or fake or what ever. Simply not true. The replacement or new value of ANY ITEM is generally considerably more than what you can sell the used item for. People want to hold used jewelry to a different standard some how and I do not understand it.

We have 20 years experience in the jewelry business and we also have test equipment that helps us find the gold and diamonds in the midst of costume jewelry.


So - what does this help cost? Well, if you will allow us to buy the silver and gold, we don't charge you to look for it. If you just need a general evaluation and to separate out the fine jewelry from the rest, we work on an hourly basis (Cliff is pretty darn fast at this, too) We charge $40 an hour.


If we find some really nice pieces, we can sell them for you on consignment here in our store OR we have a network of people we work with in NYC, Chicago, Dallas, and LA who buy big, estate pieces. We have been able to help people realize more money in their pockets by this networking.

03 Dec, 2020
Have a Merry Christmas this Year!
23 May, 2019
Two of the most common mistakes people make when selling their antiques and collectibles in a garage sale is overpricing them and underpricing them. I know it sounds contradictory but since garage sale season is upon us, I thought it was an important subject to address. Before I go into more detail, let me just say that pricing antiques and collectibles is also a significant challenge for the professional dealer. The mistakes I go into are universal challenges whether you are selling at your garage sale or whether a dealer is selling them at a show or business. The big difference is that a dealer has invested money into an item hoping to sell it for more that he or she paid for it. While you as a consumer, has likely either inherited the item or enjoyed it for years and has now decided to part with it. Overpricing: First, let’s address over pricing. I hear it all the time “somebody has one listed on eBay for _____”. The first thing I say is “That is excellent that you’ve done some research. Now can you tell me what it SOLD for?” But there are plenty of other questions that follow this one simple question. This explains why you may see prices all over the board on your item. Is it the same size, color, condition as what you have? - Years ago, I purchased a turquoise/blue canister made by Indiana Glass from a customer. I had quickly researched it and was excited that her asking price seemed reasonable and I could sell it on eBay for a profit, if it did not sell in the store first. Unfortunately, my research was done in a rush and I missed one key factor. This is actually a common mistake. The canister I saw that was selling for the most money was actually the smallest one of the four canister set. I had not taken the time to check which size I had vs. the one I was looking at. It turned out, that the canister I had was the most common size. The smallest one of the four was not made in the same quantities as the first three. So the supply was smaller on this particular canister and the demand was higher than for the other three sizes. So do your research, but know your limitations. Unless you are a specialist in selling what you are selling then you likely do not understand the market you are selling in and who the top buyers of what you have are vs those just buying it because they ‘like it’. In some instances, it can mean you should be talking to somebody who specializes in what you have who knows it. Another reason people often over-price their Antiques and collectibles in a garage sale is that they mistakenly believe ‘Old means valuable”. “Old” does not always mean valuable. Ultimately its value depends not on age, but does somebody want what you have. This point can also go both ways - Just because it’s “Old” doesn’t mean you should throw it away either. My husband inherited some dishes that date to late 1800’s from his Aunt. They have sentimental value to the family tree since they were owned my husband’s grandparents. But they were chipped and crazed and had no monetary value outside of that. This does not mean we should throw them away. Some of your old items may be great to put out as ‘free to good home’ at your garage sale. Or even donate them to a local dealer or charity. In our market today, I would include things like old clear glass items. These items are in an abundance and there is little or no demand for them. But crafters like to make things with them so don’t throw them away. You may want to confirm with the charity you donate to confirm they will accept what you have. Underpricing Antiques: The other common mistake made by people is underpricing their antiques. But before I go into depth on this mistake, that ‘underpricing’ is relative and sometimes it should be done intentionally to move items quickly. And to clarify, I am talking about higher priced Antiques and collectibles. Not a $10 item that could sell for $20. Time= Money so the lower your prices, the faster some items will sell which IS the goal of a garage sale since it’s not something most do every weekend. One way to find some balance is price wisely but fairly based on your market, condition, etc. But also make sure you are negotiable and that people know you’ll entertain offers. People love to negotiate and when you can sweeten a deal with a better price or throw in something to sweeten the deal it can be a win-win. The other thing to consider is who is buying it and why. There are essentially three types of buyers at garage sales. An end user, a picker or a dealer. The end user intends to use the item and is more likely to buy an item closer to retail value. A picker buys an item hoping to flip the item to a professional dealer for more. They often focus on small margins and more quantity. A dealer will buy and offer less because they are willing to buy the risk that they can sell the item at a profit by taking it to a different market. This means they will invest more time and money to do that. Pickers and dealers NEVER sell 100% of what they buy. Remember, people don’t go to garage sales to pay retail. And ‘retail’ is subject to a supply and demand market which is essentially buyers trends. So trying to get ‘retail’ should be reserved for the most unique and sought after items. For instance, you’re selling your dad’s antique metal Gas sign, it’s large and original and you know one recently sold for $500. You know it’s rare and there isn’t another one out there. You can assume you should be able to sell yours for that or close to it. Maybe even more if it’s in better condition. But Taking $400-500 on this to a guy who wants it bad enough is fair. Taking $200 means you’re probably underpriced because you can probably consign that $500 item for for 30-50% of what it sells for and there is no need to risk taking less. There is nothing wrong with staying high on a price and are willing to bring the item back into your home and try to sell it another way. This just means you are accepting you will have more time, $ and risk into selling it. Social Media has provided lots of new opportunities to sell things but let’s face it, it can be a real hassle when you have to deal with no shows. But selling on social media is still easier than taking all you have and will likely reach more people than your garage sale. And it is also easier than taking everything to an Antique show or flea market. But maybe you have enough to consider having a booth to manage it all at a retail location or having them sell it by consignment. To summarize how to best avoid either of these mistakes, do the research. When possible, find somebody that specializes in what you buy or sell, don’t assume old=valuable and consider what alternative ways you are willing to do to sell what you have. Either as an end buyer or a dealer who specializes in what you have. Understand the correlation in your situation between time and money. Cleaning, researching, pricing, moving, displaying, photographing all take time and often patience for the “right buyer.” Good Luck & Happy Selling! For more information about what you are selling, feel free to contact Tonia at North Star Antiques at 616-897-0898.
13 May, 2019
Losing a loved one or family member can be a very difficult and stressful time. Often those feelings can elevate to a level of high anxiety, especially when that person has an estate that needs to managed. Often times the estate can be so overwhelming, whether large or small, that selling parts of the estate are the best way to consolidate. Guilt may be another feeling you contend with when deciding to sell a loved ones estate. Knowing that you are making the right decision for every item you hope to sell or donate can be a difficult decision to make. The way to attack each estate can be unique. Here are 5 Tips that will give you ideas for the variety of circumstances from the big estates to the smaller estates. For those who want professional help or for those who want to brave it on their own, I hope this list finds you comfort and knowledge to help you thru this difficult time. I will eventually address each of these on the list more in depth down the road. But for now, I wanted to give you a short overview to get you started on the journey. These tips can also be used for anybody looking to downsize themselves or to help a loved one start working on their own “Elephant.” 1) A BITE AT A TIME - Getting over the overwhelming feeling of having to disperse an estate is a lot like eating an Elephant. You can do it, just do it a bite at a time. Creating a list of goals, a project list, and delegating tasks whenever possible is going to make the journey much easier. The shorter your timeline is, and having too few to help means the greater the challenge and may indicate the need to turn to a professional. If you have to be out of a home or apartment by a deadline, the first goal may need to involve moving/ storage vs. a quick sale or donation. Otherwise you may risk hasty decisions on selling vs donation. The fact that you are reading this now suggests you may not want to make hasteful decisions about the items you are entrusted to sell. Family may need time to congregate to discuss items they are interested in. Slowing down whenever possible gives you time to process grief and not make decisions you may later regret. Because I specialize in Vintage Postcards, I have heard countless stories that include “Oh we had no idea grandma’s postcards were worth anything; we threw them all away.” I have spent as much as $500 on a shoebox full of vintage postcards. Unless you are okay with throwing away money, it’s always a good idea to slow down and get advice! 2) SET A DATE/ DEADLINE - Most of us will get more accomplished hours before we leave on a vacation that we do on a typical day. This is not a coincidence! Having a date with a deadline can energize you and the task at hand rather than give you anxiety about it going on forever. Trust me, I’ve seen people let this drag on FOREVER! I suggest avoiding this in order to reduce any further anxiety. Do not procrastinate this project. It’s an easy one to procrastinate if you have the room to store it all!! Before you know it years will pass, and you still have not attacked it the way you should have or when you should have, leaving you with even more anxiety. Once you accept this fact, you will know whether to proceed with a sale or donate. Refer back to Tip #1 and establish a list of goals that work within your timeline. If you are going to have your own sale, set a date. Many of us underestimate the time it takes to do a sale with OUR things, now you have to sell a loved ones things. Be confident and set goals, set a date/deadline you know you can meet, be sure to factor in any delays that may prevent you from reaching the deadline; such as holidays, birthdays, or vacations. 3) SORT ITEMS - Sort the items by category. Avoid throwing things away until you have a plan. When my mother died, we sorted things by four basic categories. You can always break these down further later. 1. “Old” or historic items to donate to the Museum, My mother had a business in downtown Lowell and she still had shopping bags with their logo that she had kept. I didn’t want to throw them away so I donated some to the museum. 2. Family heirlooms/ family history is a must to keep 3.Things to Donate to our FROM (Flat River OutReach Ministries - Our local Goodwill) 4. Everything else you may want to sell or pass down to family. Sometimes these things go by list. In all honesty, sometimes sorting out the last two gets tricky for some people. I could go on and on about this one and mistakes people make. So I will just say one of the most common mistakes is throwing old paper items away. Like “Postcards”, “newspapers”, “Magazines”, Calendars,etc. But I will go into more depth about this in another article. 4) INCORPORATE THE RIGHT APPROACH- Choosing the various options you can use to sell that you believe work with your needs. Some examples are, Garage Sale, Antique shows, Rent a Booth in an establishment, Consignment with a business, Selling online or hiring a company that specializes in 1-3 day Estate Sales. 5) HIRE A PRO- There are several ways you can hire professionals. Estate Companies are one of the most common to use. You can also auction houses, hire dealers, appraisers or work with consignment companies to help you sell. When I was dealing with my families estate, I used to think the percentage estate companies took (around 20-30%) was a lot until I understood more about the business. Of course, the quantity and quality of the estate items means the value and their pay is subjective. Consider what quantity and quality you have to sell. Contact at least 3 professionals to give you estimates and find out their background and experience. Their expertise will help you decide what is right for you. If you decide to do your own sale, you may make mistakes that cost you more than the money an Estate Dealer can bring to your sale. They are expensive (or seem so), because they are worth it. I remember selling some Fire King Coffee Mugs that my mom had for .25 each not knowing they were worth much more than that at the time. Not a huge loss but we also over-priced items because they were “old”. Old does not always = “valuable”. Antiques and Collectibles have cycles. Dealers usually can tell you what is ‘in’ and isn’t. Also, when choosing to run the sale yourself, it may benefit you to hire a local antique dealer to help you organize and price your items and understand the market you live in. The sister that sells Antiques in Chicago may have a different market than the one you live in. Often you can pay them by the hour and their advice can save you time and money. Be sure to pick an individual that matches the needs of your estate. For instance, if your loved one had a large fishing collection, find a person that knows this market. If money to pay somebody is a challenge, consider offering them items in trade for their time. If you have one or two items that seem difficult to find information on, there are dealers who may be able to help. Sometimes rare items can be hard to find. For instance, we subscribe to a website that allows us deeper and older research. Their are also websites that specialize in helping people appraise their items. I once had a customer utilize one of these sites to give him detailed information about a rare Airplane propeller he had. It’s a lot like hiring the librarian to do the research for you! It can be quite affordable for the right pieces. Perhaps not for the art print that has limited value, because Art can be one of the more difficult things to value. I suggest you see a professional for real art. Hopefully these ideas provide you with the confidence you need to begin your journey. Remember knowledge is power and power will give you the confidence you need to attack any project. This is true with any project and even more so when managing an Estate! In the end, all of us have to measure the value of hiring professionals vs our own time Time= $.
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