Documentation can help with identification, authenticity, condition and research.
It does not guarantee a particular selling price, but it may provide important context.
If you are trusting an estate sale company with a lifetime of belongings, it is reasonable to ask:
One item may have cost $5,000 when it was new. Another may have cost $10 fifty years ago and now be collectible. A third may have originally been expensive but have limited resale demand today.
Professional estate sale pricing requires more than guessing, relying on the original purchase price or choosing the highest number found online.
More Splendid Things provides professional estate sales and estate liquidation throughout Ocala, Marion County, and surrounding Central Florida communities.
Estate sale prices are generally influenced by several factors:
The same item may have different values depending on whether it is sold through:
It is the price that gives the item a realistic opportunity to sell in the appropriate marketplace and timeframe.
This is one of the most important concepts in estate sale pricing.
Suppose a sofa originally cost:
That does not mean its current estate sale value is $4,000.
It also does not automatically mean the sofa should be priced at $2,000 because it is “half price.”
The resale market does not work that way.
Today’s value may depend upon:
The original receipt can provide useful information.
It is evidence of what was paid—not necessarily what the item is worth today.
Insurance appraisals may use replacement value. That can be very different from the price an item would bring in the secondary market.
A piece may have an insurance replacement value of several thousand dollars while its realistic resale value is substantially lower.
Different valuations answer different questions.
Insurance valuation asks:
Estate sale pricing asks:
One of the most common estate sale pricing mistakes is treating an online listing as proof of value.
You may search for an item and find what appears to be the same piece listed for:
But that item may have been listed for months or years without selling.
Anyone can ask almost any price online.
Whenever possible, actual completed sales are more useful than asking prices. Even then, the sale must be interpreted carefully.
Suppose you find an apparently identical item that sold for $750.
Before pricing yours at $750, ask:
A comparable sale is useful only when it is genuinely comparable.
Condition can have a dramatic effect on resale pricing.
Consider two otherwise identical items.
Excellent condition.
Original finish.
Complete.
Clean.
No damage.
Cracked.
Repaired.
Missing parts.
Heavy wear.
The two items may have very different values.
Pricing should account for:
This can be difficult for families.
A china set may have cost thousands of dollars. A large traditional dining suite may have been the finest furniture in the home. A collection may have been extremely popular in the 1990s.
Sentimental importance does not automatically create resale demand.
That does not make an item less meaningful. It simply means sentimental value and market value are different.
Estate sale pricing may involve several levels of evaluation.
Many ordinary household items can be priced efficiently using estate sale experience and current local demand.
Examples include:
These items may require additional identification and comparison.
Examples include:
These items may require deeper research, specialist input or another selling method.
Examples include:
Jewelry may require consideration of:
Fine jewelry and costume jewelry should not automatically be treated the same way.
Certain signed costume jewelry can be collectible. A piece that looks expensive may turn out to have modest resale value. A small or understated piece may contain valuable materials or have an important maker.
Sterling silver may have more than one type of value.
This may be based partly on silver content, weight and current metal prices.
This may depend upon:
Some sterling pieces may be worth more intact than they would be as scrap.
Identification matters before deciding whether to sell, group or separate an item.
Coin value can depend upon:
Two coins that look nearly identical to an inexperienced observer can have dramatically different values.
Important information may be found on:
Important information may be found on:
And:
Cleaning can reduce collector desirability and may damage the surface.
Artwork may require investigation into:
A beautiful painting is not automatically valuable.
An important painting is not always obvious.
Research may also need to distinguish between:
Artwork should be identified before it is priced.
Furniture is one of the most misunderstood estate sale categories.
Potential pricing factors include:
Large furniture also has a practical limitation:
That affects the buyer pool.
A high-quality piece may still require realistic pricing if it is oversized, difficult to transport or out of step with current demand.
Age is only one factor.
Potential value may depend upon:
Some antique categories remain desirable. Others sell for significantly less than they did decades ago.
Professional estate sale pricing should reflect today’s market rather than assumptions based only on age.
Collectible markets can change quickly.
Demand for the following may rise or fall over time:
Old price guides can become outdated.
Current market information, condition, completeness and buyer interest matter more than a historical price printed years ago.
Tools may be priced according to:
Professional-grade and specialty tools may deserve additional research.
A garage full of tools should not automatically be priced as:
Brand names, model numbers, accessories, cases and working condition can all affect value.
Vehicles require their own evaluation.
Potential factors include:
This may include:
Vehicles should not be treated like ordinary household merchandise.
Ocala-area estates may contain:
These categories may require specialty research.
A maker, model number, serial plate or maintenance record can substantially improve identification and pricing.
Suppose research suggests an item might eventually sell online for $500.
Selling it online may require:
A local estate sale operates within a much shorter selling window.
The appropriate estate sale price may be different.
Excessive pricing can hurt the entire sale.
Customers notice.
If shoppers believe everything is dramatically overpriced, they may:
The objective is not to put impressive numbers on price tags.
The objective is to price merchandise appropriately for the market and selling period.
The estate deserves better than unnecessary underpricing.
A packed house disappearing in three hours is not automatically evidence of a successful sale.
If merchandise could reasonably have generated substantially more:
The objective is balance:
Estate sales have limited selling periods.
That is why pricing strategy often considers the expected discount schedule.
A company may begin at an appropriate initial price and progressively discount merchandise as the sale moves toward completion.
The general objective is:
Protect value.
Increase sell-through.
Can Certain Items Be Excluded From Discounts?
Depending upon the estate and agreement, selected merchandise may be handled differently.
This could potentially include:
The strategy should be determined before sale day.
Sometimes research reveals that an item may deserve another selling method.
Potential options can include:
For certain specialty merchandise, collections, vehicles or equipment.
For selected items that may benefit from additional selling time.
When a specific buyer audience is required.
No system can guarantee that every object in a large estate will turn out exactly as expected.
But a professional process can help identify items that deserve additional attention.
We look for:
And most importantly:
Experience helps identify what deserves a second look.
Keep documentation with the merchandise whenever possible.
Useful information may include:
Documentation can help with identification, authenticity, condition and research.
It does not guarantee a particular selling price, but it may provide important context.
Ask why the item was priced that way.
The family may have information the estate sale company does not have, such as:
Share that information.
Good pricing benefits from good information.
But remember:
Before hiring an estate sale company, ask:
How do you determine estate sale prices?
What research resources do you use?
Do you review completed sales?
How do you handle unfamiliar items?
How do you price jewelry?
How do you price coins?
How do you price artwork?
What happens if you discover something valuable?
Do you offer auction options?
Do you offer consignment?
How are discounts determined?
Can certain items be excluded from discounts?
Who has authority to negotiate?
How do you handle offers?
What happens to valuable unsold items?
The appropriate pricing method depends upon the merchandise. Some items may be individually priced, while certain low-value merchandise may be grouped.
Online marketplaces can be one source of market information, but asking prices alone should not determine value. Completed sales and other relevant market information may be more useful.
No. A formal appraisal and an estate sale resale price can serve different purposes.
Share any information you have. The estate sale strategy should ultimately reflect current market conditions and the agreement between the client and company.
Potentially significant merchandise can be researched further and considered for an appropriate selling method, including an auction, consignment or specialty marketplace.
Buyer preferences and collecting markets change over time. Age alone does not guarantee current demand.
The timeline depends on the size of the estate, the amount of merchandise, the number of specialty items and the sale schedule. Everyday household goods may be priced efficiently, while jewelry, artwork, coins, vehicles and collections may require additional research.
They can, depending on the agreed pricing and discount strategy. Many estate sales use an initial price followed by planned reductions to encourage sell-through.
The post-sale plan should be discussed before the sale. Options may include additional selling methods, consignment, auction, donation, removal or return to the client, depending on the agreement.
If you’re looking around a home in Ocala, The Villages, Marion County or another Central Florida community and thinking: