We’ve all heard the stories of people suddenly discovering they are sitting on a treasure. Maybe something purchased at an antique shop or auction turns out to be wildly valuable, or a collectible languishing in an attic ends up being a priceless work of art. It is the type of story that fantasies are made of, but it is also something that happens pretty rarely.
Still, it doesn’t hurt to find out what the things you are holding are worth. For one thing, knowing an item’s value can help you to properly insure it. Then, too, if you have an item you have just won at auction or purchased from a collector, you are probably interested in knowing whether you got a good deal. If, on the other hand, you are looking to sell some things, it is crucial that you have an appraisal so that you can set a fair price.
Some buyers and sellers are surprised to learn that the same item can have different types of value. The two most common types are retail replacement value and fair market value, so let’s look a little closer at those.
Retail replacement value is the amount you would need to spend to replace something with an item of similar value, and this is the type of value commonly used for insurance purchases.
Fair market value is the amount one could reasonably expect an item to fetch from a sale to a willing purchaser. This kind of value is more often used to determine how much to spend on something you are buying or charge for something you are selling, or for tax purposes.
It might make sense to you, if you are interested in learning how much something is worth, to go where items of that type are being sold. If you have inherited some antiques, you might think of going to the antique shop, or if you want to know how much the ring your grandmother gave you is worth, you might consider a jewelry store. In fact, this is not the best way to go.
It is much smarter to find a certified appraiser who is not interested in purchasing your item. Make sure you choose an appraiser who is accredited, meets ethical and professional standards, and will provide you with a written report detailing the item and the methodology used to determine the value. You can find a certified appraiser a few different ways.
Since the pandemic, people have been increasingly doing business online. That is fine for a number of services, but selling valuable items should involve face to face interaction. Even with an in-person sale, though, you should be prepared to transmit documentation and records electronically.
This makes things easier and more convenient for both buyer and seller, and keeps the process more streamlined and secure. Then, too, digital marketing is a smart move when you are trying to sell, because it has a wider reach than you have through other mediums. When marketing your items, a multi-faceted approach is probably the best way to go.
If your appraisal indicates that you have items of value, and you would like to sell them, consider an auction with Dakil Auctioneers, Inc. Oklahoma’s premier, full-service auction company, we have led the Oklahoma auction industry since 1982. Our auctioneers have over 200 years combined experience, and our 28,000 square foot, state of the art facility in Oklahoma City sets us apart from other sales options, not just locally but also nationally.
We also have the capability of conducting an auction at your location, and our staff will assist in preparing your belongings to be auctioned. Additionally, we provide a complete marketing effort for each auction we hold, with a comprehensive, highly targeted marketing campaign designed to reach the largest number of potential purchasers. If you would like more information or to subscribe to our newsletter, you can call us at (405) 266-2709 or find our contact information on our website.
