How To Value Your Collectable Items

Humans have always collected items. Whether this is to temporarily escape the responsibilities of being an adult or to cement their status of being a ‘superfan’, people accumulate things for their own, personal reasons. Building a collection is a fulfilling hobby, perhaps even more so if you’re able to make a monetary profit from doing so. But it can be difficult knowing how much your collectables are worth and when the best time to sell is. Sadly, there isn’t an exact formula involved in pricing or finding value, and it all depends on quality and demand.

The true value of an item is dependent on the negotiations between the buyer and seller. With auction bidding, for example, you choose the price you’re willing to pay up until the moment you stop bidding. But if you’re considering selling your collection, there are a few things you can do to get a rough idea on how much it could be worth.

Assess the condition of your collectables

It should be no surprise that the better condition your items are in, the more money they will be worth. In many cases, keeping the original packaging is worth more than simply owning the merchandise. This works with most commodities, from vintage or limited toys and figurines to alcohol. In fact, the condition of a bottle of wine can also have an impact on its worth, according to specialists The London Wine Cellar but isn't necessarily make or break in terms of overall value, nor is the size of your collection. Most buyers of fine wine will want to physically inspect the bottle before agreeing on a price, so it’s best to take note of any damage and price individual articles accordingly.

You should also check the provenance, especially for vintage valuable items like art. This falls under the banner of product condition as it looks at the history of ownership, which could include galleries, museums, auction houses, and private or institutional collections. Provenance is important when it comes to determining a value—if, for example, a certain piece was previously owned by a celebrity or historical figure, the value can spike. Similarly, if a product was stolen, like in the case of the European Nazi plunder, then it becomes difficult to sell due to the possibility of it being confiscated and returned to the rightful owner. Perhaps the best example of how provenance affects value is the case of Andy Warhol’s cookie jars, which sold for $247,830 in 1988, purely because they once belonged to the artist.

Grade your products according to official guidelines

Some collectables can be organised into ‘grades’ in order to make their condition easily identifiable for prospective buyers. A ‘grade’ measures the appearance of an item, and therefore its value, and there are official guidelines for how these work. For example, comic book collections are graded according to the Comic Book Certification Service (CBCS). The CBCS has published the initial guides for each grade, allowing you to check the condition of your own comic book to get an idea of the value. Similarly, vinyl records follow the Goldmine scale for grading.

It’s important to remember that any attempts to repair or improve the quality of any article in your collection decreases its value. It’s better to be honest with the grading and condition of each product than lie or try to cover up any scratches, rips, or faded prints, which can even render a particularly sought-after record or comic worthless. Even if the repairs blend in and are barely visible, a professional will be able to spot them.

Check the rarity of your collection

Perhaps the biggest factor affecting an item’s value is how rare it is. Obviously, if it is easy to get hold of then the value decreases. However, if there are very few pieces available in the world with many people after them, demand and value increases. It’s worth checking to see if you can still buy an item from a retailer, and at what cost. If it’s not available to purchase directly anymore, your next move should be to check online marketplaces specialising in vintage and handmade products, such as Etsy. This can often be a better resource than websites like eBay, as it has more of a boutique feel. In some cases, listings on Etsy can be priced higher than identical counterparts on eBay.

You should also check online forums dedicated to your collectables to see what advice other enthusiasts can offer. For example, collectors of Funk Pop! Vinyl can visit the various forums dedicated to the dolls to see if there’s any discussion about the trade and get an idea of how much they’re worth.

Find the standout items in the crowd

Your collection may include a mix of highly-sought after articles, which you want to highlight. This could fluctuate over time, so it’s important to keep an eye on the market. For example, the value of Burgundy fine wine has increased by over 95% over the past five years, according to wine index, Liv-ex.

Similarly, a bottle of the Macallan 60-year-old 1926 sold for over $1 million in 2018, becoming the most expensive standard whisky ever sold at auction. The bottle was number 5 of 12 signed by famed Italian artist, Valerio Adami, known for co-signing the Beatles’ Sgt Pepper’s album sleeve. If you happen to have a limited or special edition product, it’s worth taking this into consideration when valuing your merchandise.

Have a professional value your collection before selling

Once you’ve valued your collection yourself, it’s a good idea to have a professional trader check over the items, especially if you’re looking to sell. It’s best to check with someone experienced in dealing with your items as they’ll understand the market and know the current prices of any vintage or rare products. They’re also likely to know if the same or similar items were recently sold and whether there’s a competitive market for your collection. Furthermore, an expert will be able to notice any standout factors that you may have missed. For example, earlier releases of records are worth much more than later editions, which you may have missed out on. As mentioned above, any minor repairs will also be picked up on by an official evaluation, giving a more accurate value for each individual piece.

This article does not necessarily reflect the opinions of the editors or management of EconoTimes.