subject: Auction, Estate Sale, Donation: What Is Your Stuff Really Worth? [print this page] The other night I was watching an episode of a TV show about a pawn shop. A guy came into the store with an item he said was appraised at $500, so he expected to sell it to the pawn shop for that amount. The pawn guy looked at him in dismay and said, "Look, fella, I'm not a collector and I don't want to buy your junk to keep for myself. I have to sell it and make a profit. I'll give you $100, take it or leave it." I could have jumped through the TV screen and hugged that pawn shop guy.
As a Professional Organizer, Estate Liquidator and Senior Move Manager, I am usually the bearer of the bad news to my clients that their stuff is worth next to nothing. They have been deluded by these TV shows into thinking that because it is old , it is a treasure and could be worth thousands. Even the stuff that is rusting in their barns or gardens is sure to be a treasure. I'm sorry, here I go again. Here's the unvarnished truth. Unless it's an antique, a collectible, of historical interest or extremely rare, its probably worth pennies on the dollar, if anything at all. Old does not automatically translate into valuable. Sterling silver sells but forget about silver plate. Nobody wants to use it or polish it either.
Even antiques can be tricky. It's all about what's hot and what is not on the current market. A sudden flood of items of a certain period can dilute or completely deflate the value. Victorian furniture is not currently a hot item. Location matters too. Early American might not sell well in California while Asian Chic might not cash-in in Atlanta. That 100 year old wood carving by Grandpa or the painting by Uncle Al is only valuable to you, unless Gramps and Al were famous. Most used furniture is just that - used. In addition your kids don't want what dealers call "old brown furniture". They want metal and glass. And besides, they can buy stuff new at discount stores. The times, they have changed.
Of course, there are exceptions and stories abound about treasures found in the attic. That's why it is important you invest in a professional appraisal for anything you might suspect to be of value. Your fears about watching a TV episode about antiques and realizing that you gave away a fortune, can be put to rest. Don't live with what ifs and if only's. An auction house or estate liquidator can help you get your questions answered. If it's truly a treasure and you want to sell it, don't "putz around." Hire either an Estate Liquidator (value must be $5,000-$10,000) or an auction house (value must be $1,000) to sell it for you. Remember, they will display, market and advertise it as well as pay staff to sell it. Expect to earn approximately 30%-50% of its actual cash value. Your broker will have their own costs to recover and also will need to make a profit. Be realistic.
Here's what you can do next:
1. Keep what you love. Just be sure you have room to display and/or use it. If not, let it go. Nothing is honored in dusty attics and storage sheds.
2. Don't be greedy. Unless you are really strapped for cash, a garage sale is a bad idea. Advertising is expensive and sales are labor and time intensive, not to mention downright frustrating and insulting. You got up at 6am on a Saturday and spent two days to be insulted by people offering you next to nothing for your stuff. In the end, you have to call a donation truck to take away what wasn't sold. Be done with it now. Give it away.
3. Don't take the risk: Garage sales attract criminals as well as customers. It's a great opportunity for burglars to case your property, ask neighbors about your comings and goings and even unlock a window or door when you're not looking. It's just not worth it.
4. Give it away to loved ones: Do you have things that you are planning on leaving to somebody some day. Leave it to them now. What a pleasure to know they have it, see the pleasure and gratitude in their eyes. Don't deny yourself or them the pleasure of it now.
5. Donate to charity: Hospice is my favorite choice. Any local charity is recommended. These non profits offer jobs, training,and a variety of services to the dying, poor and disabled. What a privilege for you to pass on your blessings to others. In this current economy, they are really suffering. Be part of the solution. You may also get a tax deduction.
Do you think you have to keep something because you paid a lot for it and now it seems a shame to just give it away? Here's my answer. Did it serve you? If so, did you really expect a full refund after using it for years? You got your money's worth. That's called the "blood out of a turnip syndrome". That's greed and that's not worthy of you. Let it go and be grateful that unlike others, you have more than you need.
There's an old saying that whenever you let go of things you don't need, you make room for new blessings in your life. Make room for new blessings. Now,that's really worth something!
