Determining the value of an antique item isn't easy to do. There are many factors that affect the price of a collectible, including the personal value of the item to both the buyer and the seller. A buyer who needs the item being sold to complete a set may be more than willing to pay more than another who is just starting to build his or her collection. Therefore, you really rely one hundred per cent on the price guides available on the Net or in books, or on web-based auctions.
Many new collectors end up paying more for items that are of little value because they tend to get excited about the first few objects in their collection. Many of those who got defrauded on their first few antique acquisitions get discouraged to continue their collection.
If you don't want to experience this mishap, read on and know the common factors that affect the price of collectibles:
Condition
One of the most important factors in determining what to pay for an antique item is its condition. If you are a neophyte in collecting antiques, it is advisable that you only buy items that are in mint condition. You must remember that an item that is in mint or near mint condition is valued higher than those with imperfections, such as chips, cracks and stains.
Rarity
The price of antique objects also follows the law of supply and demand. If the item that you are buying is rare or hard to find, then you must be prepared to pay a steep price for that much-coveted item. If you are buying an object that is readily available on the market, then you should haggle the price to something that is lower than what is written in the price guide. You must remember, however, that the demand for the item also changes over time. What may have been hot two years ago may no longer be a desired object nowadays.
Age
You may think that an older item will naturally fetch a higher price than something that is, for example, just 25 years old. That isn't necessarily true in the antique market. For example, a 1925 USA stamp may fetch a lesser price than a misprinted 1950 stamp. The rule of thumb, however, is that an object that is 75 years or older is considered antique.
Buying tips for beginners
Be prepared
The first thing that a novice collector should do is research. If you fancy furniture, you need to do an extensive study about that furniture so when you come to an auction shop, antique gallery or flea market you won't be swayed by sweet talk. Many people take advantage of new collectors because they are gullible and usually come unprepared.
Don't buy the first item that you see
Another mistake that a new collector makes is getting the first item that he or she sees. Look around and don't get too excited about your find. You have to first consider the factors mentioned above to determine if what is in your hands is really valuable or not.
Check the object before paying for it
When you are buying clothes, you usually check for holes and see if the fit is right. You usually don't get the clothes on the rack and go straight to the counter and pay. When it comes to appliances, you also check if they are working and if they have a warranty before you even consider buying them. The same is true when buying antiques. You just don't point and buy, unless you are Ritchie Rich.
Take time in checking for cracks, chips, cruddy workmanship and other factors that may affect the price. You don't want to pay a high price for something that is virtually worthless.
Don't be infected with auction fever
Man has a natural tendency to be competitive. You will see such an attitude at an auction. Oftentimes, people get auction fever and they end up paying more for an item that they don't really like that much. They just bid because they get caught up in the atmosphere.
Ask help
If you are unsure if the price of an object that you are planning to buy is reasonable, you can always ask the help of appraisers and experts. If you have friends who are fellow collectors, you can also ask them. Don't be afraid to ask others because even master appraisers seek the help of their colleagues.
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