Financial Frugal Factoids: Sell Your Items at Auction

Everyone is looking to make a few extra dollars nowadays, and some need look no further than their closets and pantries and knick knack shelves hiding all of those antiques and collectibles. The problem is how to know what your stuff is worth before you try to sell it.

This article is strictly for those who have a time element or effort element and want to go to an antiques dealer as opposed to eBay or Craigslist. I'll do another frugal financial piece on researching and pricing those items if you're willing to take the time, but if time is of the essence, or you really don't have the patience for it, your next best bet is in finding the right antiques dealer or collector to sell your objects to. I was an antiques dealer, and I still sell online, so I know finding the right person to sell your object is key.

You can search hills and dales for decades and never find that lone antiques dealer of legend who got into the business specifically to make a killing selling old junk. It just doesn't happen. Most antiques dealers get into the business as means of supplying their own collecting habit. That may be good for you. It also means more work for you. You'll have to figure out 1) What you have, 2) What's is a fair price and 3) Which antiques dealer specializes in selling this type of item.

Here are some steps to take to put a little extra money in your pocket for things you pay no attention to:

1) Go room to room to find things that can be sold. If you know nothing about antiques and collectibles, you may want to do some preliminary research to see what's hot. Cobalt glass, for example, has always been hot. You may be using a vase that's just a vase to you, but if you can sell it to a dealer because of its collectability, you can turn around and buy a flower vase of your choosing for a fraction of what you earn in the sale, and you still have a vase.

2) Don't bite off too much at once. Concentrate on a category: toys, glassware, old collectibles you've outgrown but have kept in mint conditions in the box (like a doll collection, action figures or the like). When you sell that, pick another category.

3) Research the auction houses in your area for several things. First you want to see what their specialties are. Unless you are just looking to unload things in mass, attend one of the auctions. There are strict ethical rules involving auctions, but you don't wait to find out that your items will be thrown in with completely unrelated things. See how the auctioneers conduct the auction.

Then ask the individual auctioneers for their business practice specifics. Some will only accept items on certain days. They will keep a percentage of your sale. Find out what their "buyer's premium" is. Even though the buyer pays that amount, it's still coming off of your gross sale price.

Ask about their specialties. For larger auction houses, you can find out what similar items have sold for.

4) Make sure your items are in good to mint condition unless you really are just looking to clean out items from your home. If you are selling glassware, look for imperfections in the glass. In particular, run your finger over the rim to check for small chips non-collectors rarely notice. Look for hairline cracks. All of these things devalue your item. If you are selling a doll, is it dressed in the original clothing, and does it contain a certificate that came with the purchase and can you provide the box? Collectors love their boxes. With dolls, action figures and toys, if you can provide original packaging, you will significantly increase the value of the item.

5) Clean your items. Remove dust, wipe glass down with a gentle cloth. The exception to this is furniture. Ask the auctioneer before you do anything to furniture, even cleaning. Repairing antique furniture often devalues it. Likewise, don't polish silver coins without talking to the auctioneer as the cleaner removes the very thing that makes it valuable.

6) Make an inventory of your items. It allows you to keep track of what you take to the auctioneer. They will not be keeping track of it! (Note that you should start out with one or two boxes of items until you get to know the auctioneer and the system. You want to track it first to see if you are placing your items at the right place. Second, you want to track it to find out if you could get a better tax write-off concerning itemized deductions if you simply donated it.)

7) When you meet with the auctioneers, ask questions. You may have done extensive research on the item, but an expert in the field may provide you with much more information which could greatly affect its value.

8) Follow the location of your items when they go up for sale. If they are put on the last tables, you are going to miss bidders. Likewise, the first auction tables don't garner as many bidders. This is where attending an auction beforehand comes in handy. You'll get an idea how regulars get treated (if you intend to sell many things). Regulars always get treated better. If you intend to be a regular, let that be known.

9) Attend the auction, if you can. You can answer questions for people who want to bid, the curiosity seekers, and you can see how your items are treated.

10) When you are paid for your items, you should be given documentation as to what each item sold for. One of the reasons attending the auction is vital, if you are selling collections or high-dollar items, is that the documentation you receive may not describe the item in detail. Auctions run quickly. If you bring in five, very different cobalt items, you may only see it listed as cobalt on the receipt you receive. You'll have no idea what sells well with the particular auction houses.

11) Finally, if you really don't want to be bothered (beyond the selling it yourself phase such as eBay and Craigslist), consider approaching a trusted dealer and just sell a box in bulk. If it's truly stuff gathering dust on your shelves at home, it means nothing to you sentimentally, and you know you will never get around to looking up the prices and selling it, why hold onto it? Put the money in your pocket now.