I’m sure some of you who come to our sales wonder how
we arrive at our prices so I want to try to answer that question. The truth is,
pricing is the trickiest part of what we do. Many factors are considered,
things like condition, rarity, brand, and demand, among others. The most
important factor is knowing what the market will bear and that’s where hiring
an expert will benefit you the most.
I’ll start at the beginning: the condition
of an item is almost always going to matter when determining the price. That
doesn’t necessarily mean it has to work, it means it has to be in saleable
condition. For example, a old treadle type Singer sewing machine in a wooden
cabinet…if it has good paint on the machine, the wood is polished and not
buckling, and the iron legs are black and not rusted (for indoor use) then it
doesn’t much matter whether the machine works or not in terms of what we will
charge. Most people who buy these don’t want to sew with them; they are using
them as a décor piece. So in this instance, condition means appearance.
Ok, moving on to rarity. This can be
difficult to navigate also because being rare doesn’t necessarily mean
valuable. An example of what I mean can be explained using soda pop bottles.
Coca-Cola items are highly collectible but small regional soda pop brands not
so much. So even though the small unknown brand might be rare in terms of sheer
numbers available, it doesn’t mean they are valuable.
The brand of an item also helps to
determine its price. For example, a vintage Singer sewing machine is worth more
than a vintage Kenmore, a Coca-Cola sign is worth more
than a Faygo sign and a Fiesta bowl is worth more than a Pyrex bowl. These are
easy examples; most people are familiar with Singer, Coke and Fiesta…but what
about Pfaff, Griswold and Texas Ware? If you’re not familiar with them you
could make a serious error in pricing and leave money on the table by selling
them too cheaply. For the record, Pfaff is a German company that makes high end
sewing machines, Griswold was one of the preeminent manufacturers of fine cast
iron cookware and Texas Ware bowls are highly collectible with prices that are
generally higher than Pyrex but not as expensive as Fiesta.
Finally, demand and knowing what the
market will bear is probably the part of the pricing equation that makes hiring
an expert a no brainer. Someone familiar with estate sales, garage sales, flea
markets and antique stores will immediately know whether the armoire that you
think is worth $1200 is sellable at that price in this area. We do this full
time and are very aware of area prices, trends and supply. If you have ever
watched one of the many television shows that show pickers, storage hunters, or
antique appraisers then you know that prices around the country vary greatly.
Furniture in the northeast sells for a lot more than it does here but I bet a
good Magnalite pot brings a better price here than in New York City! Also, if
you watch those shows, you may mistakenly believe that $400 for a medium size
porcelain sign is what you should get for it. That $400 price is a retail
price. Retail prices include the wholesale cost, the expense of getting it to
the store, the expenses of having a retail operation (rent, salaries,
advertising, etc.) and some profit. The price at an estate sale is going to be
closer to $100-$150. The reason is two fold; the goal of an estate sale is to
get rid of as much stuff as possible and to make the most money possible.
Although those two things might seem to contradict each other, we have
successfully joined them and do both to the best of our abilities! And in
answer to any doubters, yes, you could hang on to said sign, advertise it on
Craigslist, in the paper, and you would probably eventually sell it for more
than $100 but considerably less than $400. But that is oftentimes a lot more
hassle than most people have the time or energy for. Who has months to devote
to selling off an entire household bit by bit? (Not to mention the desire!?)
I hope this has
enlightened you some on pricing and helped you to understand exactly how
important it is to have things priced correctly. I went to an estate sale last
year that a family member of the deceased had done. It was beautiful! The house
looked great, it wasn’t too crowded and there were some very nice things for
sale. And everything was priced WAY too high! Not just a little on some things,
crazy high on everything. People were walking through in 10 minutes and
leaving! I asked the lady conducting the sale if she was negotiating on prices
or if she was going to mark them down the next day and she said, “No, the
prices are fair and if you are familiar with quality you will know that!” I
smiled and thanked her and kept my thoughts to myself. But I was THINKING that
yes, that cherry dining room table and chairs is Ethan Allen and it is in great
shape, so if someone wanted an Ethan Allen cherry dining table and chairs, then
$1500 was probably an ok price. Retail is probably around $3500 to $4000…the
problem is there is no demand. Today’s families don’t do formal dining rooms
with Early American furniture. You can sell a bar height table and stools that
came from a big box store for more money than you can get for that cherry table
and chairs. I know most people don’t want to hear that but it’s the truth and
knowing that, is what makes us good at what we do!