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Valuing Antiques - Antiques with Gary Stover
Posted August 23, 2015 | 0 favorites
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Selling art & antiques differs from selling anything else for several reasons, but I think that one of the most distinguishing things about the way we do business is that so many people who sell antiques don't know what they're selling, and consequently are unable to tell potential buyers what they would be buying. If you don't know what you've got, how can you set a legitimate price? Other retailers do know and do tell customers what they're selling--they are required to do that. Think Walmart, Costco, your local Ford dealership, etc. Auction houses take pride in telling us that they are agents for the sellers, and they often take absolutely no responsibilty for properly describing what they sell. Yet they tell us what they think a piece should sell for (their estimates), and they try to talk the audience into buying by describing how great something is! Yet they don't stand behind what they say--they often don't guarantee or warranty anything. When auctions used to be primarily attended by professional dealers, maybe not much harm was done. Let the buyer beware works for dealers. But does it work when auctioneers aggressively market to retail buyers? In this week's show we'll examine how relying on auction results for establishing appraisal values is not only risky, but it often leads many participants to false conclusions. And we'll try to show how you can use these discontinuities in pricing to benefit your business.
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