Selling While it’s Hot!
People tend to think that the collectibles market goes only in one direction as things age and that is up. While it’s true that many antiques and collectibles do get more valuable with age, I can assure you it’s not always the case. Remember Beanie Babies? How about canning jars? Old Insulators? Right.
Now I know that a few of you out there can point to some obscure items in each of these categories and say hey, I know someone who just sold a $2000.00 Beanie Baby, there are rare exceptions to every rule, but most collectibles cool of after a hot period, that’s why timing is one of the most important considerations in the market. Sell it while it’s hot! I was with a client today, she’s the executrix of an estate, her and her brothers have a sizable US Silver Coin Collection they asked me to either appraise or sell. Either way I’ll make money on this transaction whether I appraise it or take it on consignment.
My advice to her, don’t even bother to have me appraise it, because the market for coins is so hot right now that they will likely bring more money than they could bring in any other market for a long time. What would be the point of me appraising the collection at let’s say $5000.00 when the value will drop for sure once this frantic market levels off?
Do you remember the 1980s when there was a run on Silver and it peaked at about $27.00 per oz? I can’t remember the exact time line, but somewhere around a month after the peak, it was at $3.50 an oz! Sell it While it’s HOT! What happened to all of the people who refused to sell at $27.00 per oz. and said, “well I’ll just hold on to it a bit longer, the price is sure to climb”? Smart people were carrying bags of silver to jewelry stores and other scrap metal liquidators, and walking out grinning. What was the silver really worth? What would have been an accurate appraisal for those items just before and just after the market crashed?
Please don’t think I’m advocating selling off Grandma’s antique wedding ring for a few quick bucks, but if your in a situation where you HAVE to sell or your precious metals are an investment, don’t wait because a hot market can cool off in a day. Got a horde of Gold or a stash of Silver? Call me crazy, most do, but I’d cash that out in a minute because all good things come to an end. Sell it while it’s hot.
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