Steps to Determine the Value of Your Collectibles

Written By Steps To Faculty Published July 28th, 2010

There are many ways to determine then value of collectibles. The collectible industry is small, but profitable. Collectibles include rare antiques, and coins, comics, stamps, and antique furniture. To determine collectibles value depends on the the following five ways described here below.

Step 1 Use the dynamics of pricing

There various dynamics in pricing caused by complex issues surrounding the collectibles, especially antiques from a social, political, psychological, cultural, and religious reasons that drive the pricing for such items. This is due to the specific personal interest in the items and their own reasons for wanting to keep the items or to purchase it.

Step 2 Review the demand for the product

Some collectibles are in high demand due to the personalities associated with them. For example many artists will want to own items, which belonged to Shakespeare but other, will want to purchase items belonging to Michael Jackson. However some collectors are able to pay more than what the market demands. Such collectors understand the time value of collectibles. Items such as masterpiece artwork, likle Ansel Adams, usually appreciate over time and have high market values as these are deemed historical items.

Step 3 Determine your attachment to the item

Use personal convictions and decide the value of a collectible depending on the value you attach to it regardless of others opinions. This basis is on the assumption that your interest in the items is the measure to use to gauge the buyers approximations of the value in keeping or owing the item. For example, if the item is a family heirloom, you will pay a higher price than market demand for the item as it is a piece of your heritage.

Step 4 Use category comparison

Use category comparisons and try to use actual prices of items in commercial store or in antiques stores and thereby set the price as per the same categories. This is subject to market forces of supply and demand and may mean that an antique item may be worth more than the price set by the collector or worth less than the price. This way is reasonable as it compares with world prices in antiques stores and also over the internet and enables you to get an idea of the value of the article across different countries and cross culture purposes as well as for political reasons and for museums of the world.

Step 5 Survey the market

This involves the use of a market survey to know the number of people who might be interested in particular item then satisfy such a market by finding the consumers interested in the item. The down side is that by the time the antique is available the customer have already changed the need to want new desires of other items. How ever, the market survey of similar collectible on auction sales will give indications of a realistic value of a collectibles.

Finally you may want to combine the five ways to come up with an integrated approach o correctly determine the value of your collectibles and antique items. Please visit stepsto.com for more great business advice.


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