YOUR MONEY
Get Top Dollar for Heirlooms
6 ways to cash in on your valuables and collectibles. :: BY DANIELLE BRAFF
G
ot fancy china? museum- worthy art? A real leather hand-sewn couch, antique rugs, or porcelain dolls
never removed from their boxes? You may have had dreams of
passing down heirlooms like these to your children, but your children might have other plans. A 2018 study by moving company
Mayfl ower Mover Insights found that just 53% of millennials plan to put heirlooms in a safe place to pass along, while 17% said they will refurbish or repurpose an heirloom into something new. So will 12% of Gen Xers. “In line with the minimalist
movement, millennials don’t like extra clutter, so they’re more likely to keep heirlooms if they can refurbish these items to give them new life or a functional purpose,” says Scott Roewer of The Organizing Agency in Washington, D.C. “Baby boomers, on the other
hand, are more likely to store items to pass down to their children or grandchildren someday.” Don’t want to see your dining
room table stripped and turned into 74 NEWSMAX MAXLIFE | JULY 2023
a changing table? If your pieces are too expensive, unwieldy, or unique for eBay or an estate sale, then use these tips to fi nd them a new home.
1
GET THEM APPRAISED. Before you try to sell anything,
get it formally appraised, says Scott Gram, owner of Scott Gram Antiques in Phoenix. If you’re just curious about
the price range of your item, you can look at completed auctions of comparable items on sites like LiveAuctioneers or eBay. Locate an appraiser on the
International Society of Appraisers website (
isa-appraisers.org), and
expect to pay a minimum of $150 per hour. If you need a full estate appraisal
for the contents of your home, expect this to cost thousands of dollars, Gram says. A single piece of jewelry, such as a wedding ring, should cost about $100 to appraise.
2
FIND A REPUTABLE SELLER/ APPRAISER.
The best way to handle this step in the process is to ask for references from past customers or by checking reviews online. For example, if you need a jewelry dealer, “Look for membership in the National Association of Jewelry
Appraisers or Commission Expectations I
f you’re selling a valuable, expect to pay a commission. This varies by location. For example, in Phoenix, most auctioneers charge 35% to 50% to handle normal estate items, but if you have something very valuable ($10,000 or higher), you should try to negotiate a lower fee, says Scott Gram, owner of Scott Gram Antiques in Phoenix.
Larger auction houses may charge 15% to 20%, but they have a higher buyer’s
premium (about 25% to 30%), meaning a higher amount the buyer pays to the auction house on top of the selling price. You may also have to pay sorting, unpacking, and moving fees in addition to the
consignment fee.
JEWELRY/FALCON EYES/SHUTTER-
STOCK / GAVEL/GENA MELENDREZ/SHUTTERSTOCK
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