Frequently Asked Questions
COLLECTING FAQ
Why do we collect?
We collect items for a number of reasons: pride, memories, perceived financial value, to be a part of a collective or group, intrinsic pleasure, family heirloom, to showcase & maintain and for the sheer fun of the hunt are some of the many reasons that come to mind.
Who are Collectors?
They can be found everywhere! They can range from a part time collector who goes after inexpensive items to a wealthy individual or institution that is building or expanding a valuable collection. Chances are you or someone you know has collected or currently collects something of interest.
How Values are ascertained for Collectibles
It is the perception of value that is the genesis of any collection. Whether its rare baseball cards, sports related memorabilia, antique weapons, certain makes or types of automobiles, books, artworks, paper ephemera, photographs, household items, cameras, butterflies, transportation memorabilia, etc., they all must be given a value that will appeal to collectors of those categories. For most, collecting specific items starts out as an inexpensive hobby. Once you are “hooked”, you will find yourself seeking out better items and upgrading the collection by paying more for the more desirable collectibles. Some item values are so high that they only appeal to a select few collectors. Some values are set too high and as such are unrealistic for collectors in the know as to what comparable values/prices should be. Some collectors will pay astounding sums to get items that they truly desire, even though the market valuation is substantially lower. Other collectors who have a sharp eye for value will spot a “sleeper” or “steal” and purchase an item or items at prices considerably below comparable value items. That is all part of the fun of collecting. The bonus is if you are collecting quality, highly desired pieces that become rarer as time goes by, your pleasure will increase in proportion. You will, in some cases, find that the intrinsic value will only increase with appreciation by “experts” for the work itself or from pent up buyer demand raising the value at auction house or retail gallery sales or from the final step in valuation, the passing of the person or artists responsible for the item.
Why some Items are worth more than others
1) Condition—Like real estate (“location, location, location”) condition is critical to getting maximum value or a top price for an item. The finer the look and feel of the item, the higher the valuation. Example: If a book or magazine has no tears with the covers completely intact and the pages are bright with colors and type in registration, we can say that this is a “Very Good” copy of that particular item. Note that there really is no such condition as “Mint”, because to be Mint means, in effect, to have never been handled. So once something has been handled its condition depends on the “look” of the item, which brings us to…
2) State—This is regarded as the “level of quality” for an item. Words like “Mint” (see above under “Condition”), “Pristine”, “Fine”, “Super Fine”, “Very Good”, “Good”, “Poor”, “Turn Key”, “Fixer Upper”, “First Edition”, “First Printing”, “Reading Copy”, “ex-Library”, etc., all represent perceived value depending on the sellers interpretation.
3) Number produced—The higher the number produced the lower the valuation. To be “One-of-a-kind” would obviously mean a higher value than say, 10,000 printed, etc.
4) Number currently available—The lower the number available, the higher the valuation. Example: A 1st Edition of Playboy magazine had a print run (including test samples) of just over 50,000 copies, but today finding any copies, let alone “Pristine” ones would be very difficult, because the number still available through collectors, dealers and general circulation would probably be less than 1000 worldwide (if that!). So the value continues to escalate because of the low number currently available.
5) Previous Provenance (Ownership, History, Notoriety, Autographed)—This refers to, among others, who the previous owner was or owners were of the item. Were they famous (or infamous!)? Were they originators of the item? Was there a unique or special “history” tied to the item? Was the item something that was considered “naughty” in its day? Was the item autographed by the person or persons associated with the item? Example: An early edition of Lew Wallace’s book “Ben Hur”, signed by Charlton Heston (Academy Award winning star of the 1959 movie) would probably be worth more than a “Very Good’ early edition copy without the signature. It is basically any additional elements or (selling) “points” that would increase the intrinsic value of an item or items.
6) Rarity—This can be tied to many elements. How many were made? How many are still in circulation? Does the item have an “autograph” or special provenance? Are there fewer collectors who could afford the item? Has the item been “off the market” for a long time? If you go online and try to find copies of an item and only find 2 or 3…then that item can be considered “Rare”.
How to quickly and carefully Value an Item
First thing is to consider the condition. Next, how much knowledge or expertise does the seller have? This section refers primarily to those items found in a casual sales environment, such as you might find in an Antique store or Garage Sale or Flea Market. If it is a “Garage Sale” type item and the owner is clueless as to the item’s value….and it does have value to you, you have made a “find”. If the item is an important “missing” part of your collection and you consider this find a “bird in the hand”, buy it. Always act at casual sales scenarios as if you don’t have a lot of money. If a seller says to you they want “$5.00” for the item, it’s always best to respond “will you take…..$3.00”? Never act excited if you find something that is under priced…or something you REALLY want. The more time you spend studying your collectible category and its price/valuation cycles, the quicker you will be able to price things out when you come across them.
How to Buy an item you want
First thing to consider is the condition (sound familiar?). Next, what is the reputation of the seller and his/her track record (area of expertise). These important elements can all vary substantially whether buying at an Auction, in a Retail store, from an online seller or an individual collector, etc.
Online Sales: If you cannot physically see the item (EBay or other Online sale, etc.), try to get as many different angled photographs of the item as possible. Don’t be afraid to check other sales (online search) for similar items as to what the going market rate is. If the price asked is ridiculously low, the item might be stolen or defective and/or the seller is probably looking for a quick sale. Today, anyone can go online to check a comparable price. So if the price on the item you found seems too low, don’t think that the seller is clueless. Buyer Beware! This is where provenance can really come in handy to assist your buying decision, etc. When in doubt….do your homework….. Search & Research!
Auction Alert! Always pace yourself at an Auction. The Auction environment can be risky as the excitement of the moment can cause you to over bid your limit or worse! Set a maximum bid level for your self for each item and try to stick to it. Sometimes you will get lucky and not have a lot of bidding competition against you. Other times the price increases can be pretty dizzying and throw you off into a stratosphere you don’t want to be in. So take your time, do your homework and research the item(s) as much as possible. If an Auction item does not clear its “reserve” (the price that a seller has determined is the bottom line price for a sale to be made), you have several options. If you are bidding online or on the phone, you can alert the Auction House of your interest. If you are physically at the auction, you can approach the auctioneer AFTER all sales are done and ask if you can make a reserve bid on the item. Or, if you know the seller is at the auction, you can discretely hand them your business card with a written note expressing your interest in purchasing the item. Be very careful here, because, fair & square, the Auction House will want to be involved in any sale made on their premises so that they can get their commission. If the “sale” is made away from the Auction house you will save at least 10~20% commission dollars to you AND the seller, thereby lowering the price to you and saving the seller extra bucks.
Retail Run-ins Whenyou find an item you are interested in at a retail outlet (antique store, thrift shop, etc.) We recommend that you bring the item to the attention of a clerk and ask, “I know it says $50….would you be able to come down a bit?” Most retailers mark up their merchandise by at least 30~35%. Antique stores usually mark up between 100~200% (!). Thrift shops either won’t come down in price (because it is already priced so low) or if it is a “Mom & Pop” store they will take any reasonable offer, especially later in the day, time-wise. Bottom line is…If you don’t ask…you’ll never know!
Individual Owner/Collector This is always very tricky, because the Owner/Collector always thinks that the item for sale is worth a lot more than you, the buyer wants to pay. You don’t want to offend the seller by berating the value of the item or impugning his/her knowledge or collecting expertise. Stress that “Times are Tough”, “Cash is King”, “Bird in the Hand”, etc. I have found, over the years, that one of the many ways to close a sale in my favor is to stress to the seller that I am going to buy this (type) of an item today…and “if not from you, Mr. Seller….from someone else….today!” It doesn’t hurt to wave a wad of cash or your check book or credit card(s) when making this statement to the Seller.
To sum up, the classic line, “One person’s Treasure is another person’s Trash” certainly applies to Collectors and their collectibles. The most important thing I can leave you with…enjoy collecting and enjoy your Collection!
© 2010 ACME INC by Jeffry Martini
Why do we collect?
We collect items for a number of reasons: pride, memories, perceived financial value, to be a part of a collective or group, intrinsic pleasure, family heirloom, to showcase & maintain and for the sheer fun of the hunt are some of the many reasons that come to mind.
Who are Collectors?
They can be found everywhere! They can range from a part time collector who goes after inexpensive items to a wealthy individual or institution that is building or expanding a valuable collection. Chances are you or someone you know has collected or currently collects something of interest.
How Values are ascertained for Collectibles
It is the perception of value that is the genesis of any collection. Whether its rare baseball cards, sports related memorabilia, antique weapons, certain makes or types of automobiles, books, artworks, paper ephemera, photographs, household items, cameras, butterflies, transportation memorabilia, etc., they all must be given a value that will appeal to collectors of those categories. For most, collecting specific items starts out as an inexpensive hobby. Once you are “hooked”, you will find yourself seeking out better items and upgrading the collection by paying more for the more desirable collectibles. Some item values are so high that they only appeal to a select few collectors. Some values are set too high and as such are unrealistic for collectors in the know as to what comparable values/prices should be. Some collectors will pay astounding sums to get items that they truly desire, even though the market valuation is substantially lower. Other collectors who have a sharp eye for value will spot a “sleeper” or “steal” and purchase an item or items at prices considerably below comparable value items. That is all part of the fun of collecting. The bonus is if you are collecting quality, highly desired pieces that become rarer as time goes by, your pleasure will increase in proportion. You will, in some cases, find that the intrinsic value will only increase with appreciation by “experts” for the work itself or from pent up buyer demand raising the value at auction house or retail gallery sales or from the final step in valuation, the passing of the person or artists responsible for the item.
Why some Items are worth more than others
1) Condition—Like real estate (“location, location, location”) condition is critical to getting maximum value or a top price for an item. The finer the look and feel of the item, the higher the valuation. Example: If a book or magazine has no tears with the covers completely intact and the pages are bright with colors and type in registration, we can say that this is a “Very Good” copy of that particular item. Note that there really is no such condition as “Mint”, because to be Mint means, in effect, to have never been handled. So once something has been handled its condition depends on the “look” of the item, which brings us to…
2) State—This is regarded as the “level of quality” for an item. Words like “Mint” (see above under “Condition”), “Pristine”, “Fine”, “Super Fine”, “Very Good”, “Good”, “Poor”, “Turn Key”, “Fixer Upper”, “First Edition”, “First Printing”, “Reading Copy”, “ex-Library”, etc., all represent perceived value depending on the sellers interpretation.
3) Number produced—The higher the number produced the lower the valuation. To be “One-of-a-kind” would obviously mean a higher value than say, 10,000 printed, etc.
4) Number currently available—The lower the number available, the higher the valuation. Example: A 1st Edition of Playboy magazine had a print run (including test samples) of just over 50,000 copies, but today finding any copies, let alone “Pristine” ones would be very difficult, because the number still available through collectors, dealers and general circulation would probably be less than 1000 worldwide (if that!). So the value continues to escalate because of the low number currently available.
5) Previous Provenance (Ownership, History, Notoriety, Autographed)—This refers to, among others, who the previous owner was or owners were of the item. Were they famous (or infamous!)? Were they originators of the item? Was there a unique or special “history” tied to the item? Was the item something that was considered “naughty” in its day? Was the item autographed by the person or persons associated with the item? Example: An early edition of Lew Wallace’s book “Ben Hur”, signed by Charlton Heston (Academy Award winning star of the 1959 movie) would probably be worth more than a “Very Good’ early edition copy without the signature. It is basically any additional elements or (selling) “points” that would increase the intrinsic value of an item or items.
6) Rarity—This can be tied to many elements. How many were made? How many are still in circulation? Does the item have an “autograph” or special provenance? Are there fewer collectors who could afford the item? Has the item been “off the market” for a long time? If you go online and try to find copies of an item and only find 2 or 3…then that item can be considered “Rare”.
How to quickly and carefully Value an Item
First thing is to consider the condition. Next, how much knowledge or expertise does the seller have? This section refers primarily to those items found in a casual sales environment, such as you might find in an Antique store or Garage Sale or Flea Market. If it is a “Garage Sale” type item and the owner is clueless as to the item’s value….and it does have value to you, you have made a “find”. If the item is an important “missing” part of your collection and you consider this find a “bird in the hand”, buy it. Always act at casual sales scenarios as if you don’t have a lot of money. If a seller says to you they want “$5.00” for the item, it’s always best to respond “will you take…..$3.00”? Never act excited if you find something that is under priced…or something you REALLY want. The more time you spend studying your collectible category and its price/valuation cycles, the quicker you will be able to price things out when you come across them.
How to Buy an item you want
First thing to consider is the condition (sound familiar?). Next, what is the reputation of the seller and his/her track record (area of expertise). These important elements can all vary substantially whether buying at an Auction, in a Retail store, from an online seller or an individual collector, etc.
Online Sales: If you cannot physically see the item (EBay or other Online sale, etc.), try to get as many different angled photographs of the item as possible. Don’t be afraid to check other sales (online search) for similar items as to what the going market rate is. If the price asked is ridiculously low, the item might be stolen or defective and/or the seller is probably looking for a quick sale. Today, anyone can go online to check a comparable price. So if the price on the item you found seems too low, don’t think that the seller is clueless. Buyer Beware! This is where provenance can really come in handy to assist your buying decision, etc. When in doubt….do your homework….. Search & Research!
Auction Alert! Always pace yourself at an Auction. The Auction environment can be risky as the excitement of the moment can cause you to over bid your limit or worse! Set a maximum bid level for your self for each item and try to stick to it. Sometimes you will get lucky and not have a lot of bidding competition against you. Other times the price increases can be pretty dizzying and throw you off into a stratosphere you don’t want to be in. So take your time, do your homework and research the item(s) as much as possible. If an Auction item does not clear its “reserve” (the price that a seller has determined is the bottom line price for a sale to be made), you have several options. If you are bidding online or on the phone, you can alert the Auction House of your interest. If you are physically at the auction, you can approach the auctioneer AFTER all sales are done and ask if you can make a reserve bid on the item. Or, if you know the seller is at the auction, you can discretely hand them your business card with a written note expressing your interest in purchasing the item. Be very careful here, because, fair & square, the Auction House will want to be involved in any sale made on their premises so that they can get their commission. If the “sale” is made away from the Auction house you will save at least 10~20% commission dollars to you AND the seller, thereby lowering the price to you and saving the seller extra bucks.
Retail Run-ins Whenyou find an item you are interested in at a retail outlet (antique store, thrift shop, etc.) We recommend that you bring the item to the attention of a clerk and ask, “I know it says $50….would you be able to come down a bit?” Most retailers mark up their merchandise by at least 30~35%. Antique stores usually mark up between 100~200% (!). Thrift shops either won’t come down in price (because it is already priced so low) or if it is a “Mom & Pop” store they will take any reasonable offer, especially later in the day, time-wise. Bottom line is…If you don’t ask…you’ll never know!
Individual Owner/Collector This is always very tricky, because the Owner/Collector always thinks that the item for sale is worth a lot more than you, the buyer wants to pay. You don’t want to offend the seller by berating the value of the item or impugning his/her knowledge or collecting expertise. Stress that “Times are Tough”, “Cash is King”, “Bird in the Hand”, etc. I have found, over the years, that one of the many ways to close a sale in my favor is to stress to the seller that I am going to buy this (type) of an item today…and “if not from you, Mr. Seller….from someone else….today!” It doesn’t hurt to wave a wad of cash or your check book or credit card(s) when making this statement to the Seller.
To sum up, the classic line, “One person’s Treasure is another person’s Trash” certainly applies to Collectors and their collectibles. The most important thing I can leave you with…enjoy collecting and enjoy your Collection!
© 2010 ACME INC by Jeffry Martini