Hello friends, Gary here! This week, I want to share with you some advice on making money from things you probably have around your home. People are saving and collecting things like they never did before. Thanks to "Antiques Roadshow" and eBay, people are afraid to throw anything away. Here's some suggestions for locating potential treasure right under your own roof:
5 THINGS PEOPLE THROW AWAY THAT DESERVES MORE INVESTIGATION
- Old toys
- Old books
- Old paper (pre WWII post cards, Valentines, and Advertising)
- Old photographs
- Hidden money (The “Greatest Generation” were the least trusting of banks. They hid money in sofas, freezers, in jars under the sink, in books, and clothing!)
5 QUESTIONS TO ASK BEFORE KEEPING OR TOSSING
1. Is it time/culture specific?
Toys are a good example of time specific. You can date our culture by the toys. At the turn of the 20th century, children had porcelain head dolls, cast iron toys and banks, and German litho books. The 1930’s brought the movies with Mickey Mouse, Popeye, and Shirley Temple. The 1950’s had space toys, Barbie and Ginny, and TV heroes like Roy Rogers, and Hopalong Cassidy. The 1970’s brought Star Wars (enough said!). The 2000’s brought us Harry Potter, Lord of the Rings, and Gift “credit” cards.
Pottery, clothing and some artworks are other good examples of time/culture specific items.
2. Is it Emotionally Meaningful?
Closely related to the time specific are things that bring back memories of an era or time. They were things everyone had but never really thought about until later. Lava Lamps, Parrish prints, and Depression glass are just some examples.
3. Is it in Excellent Condition?
Condition means everything with items found in popular culture. A faded print, a chipped glass, a torn page, a stained fabric all detract drastically from value. If you have something interesting which is in terrible condition it is probably worthless. However, if you have a toy, for instance, never played with and in its original box, it is with much more than “book” value. I cannot over emphasize the issue of condition.
4. Is it of Quality Construction?
You don’t want to save things that are of poor quality unless they are in mint condition and hopefully in original packaging. Cheaply made things were probably mass-produced. There will likely be a million of them out there for future generations in broken condition. The exception would be things that are time specific. Items which are of higher quality and were originally expensive will most likely be limited in number and will hold up over time.
5. THE MOST IMPORTANT TO ASK YOURSELF IS: DO I LIKE IT? Or IS IT NICE?
You are going to have to live with it so you better like it. Unless you have limited space and are willing to archive all your possessions, only keep things you like. If you enjoy them then their value matters not.
Remember to relax. Know that you are probably going to throw something away that was valuable or sell something too cheaply. There is not an antique dealer in the world that has not done the same thing. No one person can know the value of everything. You are going to make mistakes, so just accept that going in.
RESOURCES FOR HELP
Appraisers and Dealers: If you have one or two things you are wondering about, most antique dealers will gladly share what information they know about the item. Antique shows are an excellent way to get an education. Be upfront about your questions and ask directly. Don’t try to be cagey. Never impose by bringing more than 2 or 3 things at one time for a quick, free appraisal.
If you are dealing with an estate or collection, then you need the help of a qualified appraiser. Expect to pay a fee, which should be set out at the beginning. Have your things ready because you will likely be paying by the hour. Tell the appraiser that you want a “fair market” appraisal.
NOTE OF CAUTION: Do Not Sell to an Appraiser or Dealer that is providing you with information. It would seem obvious that it is a conflict of interest, however, people regularly expect someone to set the price, buy it, and give them full value.
Internet: Websites like eBay, Ruby Lane, Amazon, and major auction houses all have archives, which are easy to find and research from. You can use them to find out what specific things are selling for in any given week.
Most Important: Your gut instinct. If it looks good to you, it probably is. It depends on how much time you have to put into the project. Do not rely on the neighbor or a friend of a friend. Most often they are more talk than real knowledge. Make a decision and live with it. Do not ever listen to the “Sunday morning quarterbacks”. Do the best you can with as much time as you want to devote. Remember to have fun!
