Pitfalls, Problems, and Misconceptions
Dear Potential Client,
Please read the following carefully. It will save us both a lot of problems.
When you consign your estate, realize that it is a secondary market; the prices realized will NEVER match the dollar value used in a homeowner’s insurance appraisal. That is replacement cost to purchase a new item. Estate sales are 3-5 days at liquidation value. There is up to a 50 percent differential.
Due to the time frame and large amount of items in estates, YOU WILL NOT RECEIVE AN ITEMIZED STATEMENT; you will receive a statement of individual items sold for more than $200. My pre-sale inventory is purely a count and category inventory. Example 40 pairs of shoes or 25 pots and pans. There is no conceivable way to do an itemized inventory in a timely manner.
If you plan to keep items. either remove them from the residence before the sale or have them pulled where our firm can put them in a designated area.
The size of your home or its location bears no consequence on the pricing of your items. They are priced purely based upon the SECONDARY MARKET. Rule of thumb: It is more priceless to you than anyone else.
Due to changing collector taste and the economy, the secondary market CHANGES DAILY.
Appraisers are not allowed to purchase — EVER. If you obtain an appraisal and the appraiser offers to purchase for the appraised value, realize this is a VIOLATION OF FEDERAL LAW. This is also a violation of every appraisal association’s ethics code.
Antiques are what people are looking for at estate sales.
“If I don’t have antiques, why have an estate sale?” Estate sales draw a completely different segment of people economically than say, a garage sale. Actually good clean used furniture and decoratives from the 1950’s-1970’s sell best at estate sales.
“Fine china and stemware are what you put in an estate sale.” WRONG! These are the two categories of items that are hardest to sell. Sets of china and stemware sell poorly because of little consumer demand.
“I should clean the junk and clothing out, then contact an estate sale company.” WRONG AGAIN! There are clients who drool over used clothing and costume jewelry from the 1940′-1970’s. Please call us first. Let us sort out the unsalable merchandise. You will be surprised what people will buy!
Prices are based on the local market. The Antiques Roadshow may give you a value based upon New York or Philadelphia, but this is Oklahoma.
No person, including myself is infallible, so don’t expect every item to realize full value. Some items go begging until Day Three for unknown reasons that weekend, and then sell for half off.
If you have any questions or concerns, PLEASE ASK! Communication is the key to having a mutually-beneficial estate sale.