Blog by Dr. Lori

Values: Auction, Insurance, Retail

by Dr. Lori Verderame
Values: Auction, Insurance, Retail

So you are watching these TV antique and auction shows, or the "stuff" space that TV execs like to call it and all these different values are being thrown around. "I'd price it at X in my shop", "I'd insure it for X", or "At auction, it would sell for X". Are all these values the same? No and I'll explain the three common values now so you can figure out the real value and the real bunk.

1. Retail Values

When most of us buy anything in a store, we are paying retail values and antiques are no different. Retail value for an antique is when it is for sale in somebody's shop and sells at that price. It could be listed with a price tag of 500 dollars, but if you negotiate at 400 dollar purchase, 400 dollars is the retail value. You want to sell at retail prices, not buy at them. Read how not all values are appraised values.

2. Insurance Values

Poker set

The highest of all the antiques values. This value is typically 10% more than retail value. The reason being if the antique is ruined or stolen, read my tips to prevent property theft, you will need the retail value plus additional monies for appreciation in value and for your time to find another similar item.

3. Auction Values

The lowest of values for antiques in this list. Everyone thinks auctions bring excitement and result in high values, but this is not true. Read more of my inside auction tips. Auctions are known to sell to the trade which is wholesale values or around 50% of retail value. The trade, antiques shops, professional resellers and dealers, will buy antiques at 50% of retail at auction and then sell the items in their shops at retail price. That markup covers their costs and of course assures their profit. You want to buy at auction prices, not sell at auction prices.

My appraisal values for antiques are based on actual sales just like a real estate appraisal. In my Online Appraisals and Insurance Appraisals I provide an actual sales record to support the appraised value. This way you know how I arrived at that value. In my opinion, all appraisals should be conducted this way.

Did I miss a type of value that you want explained in a future post? Email me with your question about values or ask it through my social media channels.

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