Antique Auctions – How can you make money from antique auctions?

Antique collecting is a very big business and one of the best ways to start building up your inventory of quality antiques is with the help of antique auctions and estate sales. Bidding in antique auctions or estate sales is a great way that you can find pieces you may not be able to find anywhere else. If you have a community of the right collectors or a great storefront where the item could be resold for a profit, you can start to make a healthy sum of money in the antique resale market.

Some top tips to get you started include:

Finding a niche: start working on some research for a particular niche within antiques that you are very passionate about. If you have some experience collecting sports memorabilia, furniture, jewelry, toys or clothing, stick to this as your main buying and selling category.

Look for only an established dealers: auctioneers and dealers that have an established reputation in the market are always the best to deal with. Choosing a company that’s very inexperienced could mean that you might fall victim to a potential scam or some low-quality items. Antique auctions performed by experienced companies will also run much more smoothly and they will know how to pack/care for the items while they are on the auction block or shipping to you.

Know the signs of fakes and restorations: training yourself to spot a fake or restoration is extremely important. Most collectors are interested in original pieces when it comes to antiques with minimal restoration. A botched restoration, partial replacement of an item or a complete re-creation/fake could be substantially less value than the original piece in great condition.

Consider auction costs: most auctions will have extra fees such as taxes, buyer’s premiums, auction fees and shipping. If you’re going to relist items at auction remember all of these additional fees. When buying items remember to leave a little bit of money in your budget for shipping the item and other applicable costs associated with the actual purchase of an auction.

Here is how you can sell your antique item to a dealer

If you have an antique item that you want to sell and if you want quick cash then the best option available to you is to approach a good antique dealer. Antique dealers may be someone that works alone or he or she could be working at an antique mall. Regardless, they are always ready to offer you an easy solution provided you are willing to negotiate with them.

Save money

The good thing about selling your antique item to a local antique dealer is that you can save some money. Understanding the items history and Wedgwood marks is an important part of the valuation process. A few examples of WEDGWOOD markings are below;

 

The fact is that when you sell to a dealer you won’t have to pay any fees, as would be the case when selling the item through an online ad. Also, you won’t need to worry about collecting your payment and you are also spared all the troubles associated with packing and shipping your items to an online buyer. The best part is that you also don’t have to worry about damaging your items in transit, which is an important consideration if you are selling an antique item that is very delicate and fragile.

Reasonable expectations

Before you approach an antique dealer it makes sense for you to know what to do and you should also have reasonable expectations. This can make a huge difference in how well you complete your deal.

Research well

The first thing that you need to do when dealing with an antique dealer is research them well. Also, you need to be very well informed about your antique item. The fact is that dealers are not very keen on giving you a free evaluation about your item. The more well informed you are about your antique piece the more likely it is that you will get a good price for it. And, it also ensures that you won’t be cheated out of your money. By researching the value of your antique piece you will be in a position to know what to expect.

Ballpark estimate

When you walk into a dealer’s shop you should have a ballpark estimate about the value of your antique piece. However, do not be surprised if the dealer offers you less. Typically, he or she will want to pay you between a quarter and half of what you think is the current market value of your item.

Be prepared to negotiate

Most antique dealers also expect sellers to give them a price that they can work with. So, be ready to let them know how much you expect for your antique. Also, be prepared to negotiate a final price. Try to also judge how much you think the dealer is willing to pay.

Last but not the least; after selling your antique piece to an antique dealer, do not look back. Even if the piece has great sentimental value once the deal is done there is no looking back. Remember also that the dealer may not be willing to sell the item back to you at a later date. So, make sure that you are ready to part with the item before approaching the dealer.

Once you have completed the deal, you should be grateful for what you got and you should then move on to something else.