Estate jewelry has a unique appeal that other jewelry does not possess. They are exquisite and possess some historical and sentimental value that binds you to them. This can sometimes make it challenging to sell them.
However, if you choose to sell, you must be aware of the pitfalls that await. By estimation, 30% of the sellers are likely to receive less than 50% of the actual value, while 15% are likely to be scammed or involved in fraudulent deals.
So, it is upon you to know the dos and don’ts to ensure you avoid any pitfalls and not lose your expensive possession at a value that is not worth it. Whether a ring or necklace, your goal should be to get the best deal.
Before you even list it, you need some preparation and critical information to guidelines; that is why this article explores the few dos and don’ts during the process.
The Dos
Research Potential Buyers
Before you walk into any store to sell your piece, you must research details that could help you fetch the best price. For example, you need to inspect the time of manufacturing.
Another detail to research is the history. A long and elaborate history adds sentimental and pride value to the item, thereby triggering buyers to bid more.
This is helpful when you plan to list it online or on auctions. Remember to also research the reputed estate jewelry buyers to avoid working with those who can scam you or have a habit of underpaying. Based on the history and value, you can work with viable buyers likely to pay for the amount you are asking.
Choose the Right Platform
As a seller, you have different options for the best platform to sell your jewelry. You can do it in person or sell it online on a platform like eBay. However, for such a valuable item, why not sell it in person to a consignment shop, auction, or antique shop?
At least that way, you interact with the buyers, enabling you to negotiate for a higher value. If it is a known historical piece, an auction can help you fetch the highest prices due to buyer competition and pride. The jewelry store should be the best place to sell if you need quick cash.
Get the Jewelry Appraised
Losing such a treasure should only be worth it if you get the best deal. You can pay an appraiser to estimate the value. You can also do that on an online appraising site. All you have to do is enter the time of manufacture, years of production, and other details, and you will get a quote.
If you do not want to spend on appraisal, you can take it to jewelry stores and antique shops. All you have to do is ask how much they would pay to buy the jewelry. Visit about three or more shops, and you will know the average value.
Keep Detailed Information
First, you need all the documents related to the piece, including an appraisal report, purchase receipts, and other details. If you lack receipts, you should include some original pictures of the piece. This shows authenticity, the product’s age, and ownership. However, the appraisal report is a must-have.
v. Work with Professionals
Besides the appraiser, there are other professionals you should consult. This mainly varies based on the product value and significance. For instance, if it is above $1000, inform your lawyer to record asset sales. You can also get other professional resources to help you smoothen the sale process.
Don’ts
Do Not Rush The Process
Unless it is an emergency, preserve your jewelry, thus allowing more room for higher bids. Patience can also communicate sentimental value and unwillingness to sell, triggering buyer impulse.
If you are patient enough, an ideal buyer will eventually show up with the best bid. In the meantime, you can add historical information to boost your bid and its value.
Do Not Neglect Maintenance
Before presenting your treasure for sale, ensure it is in the best condition. This would require cleaning and sometimes polishing to make it look appealing. You can work with jewelry maintenance and cleaning crews to avoid damaging it.
If the piece has any dents or damage, repair it before sale. It is also a good idea to inform buyers of any flaws so that they know what they are buying and the repairs made to the piece.
Do Not Get Emotional About the Piece
As much as you lose a historical treasure, you should separate your emotions from the sale process. Being sentimental can cloud your judgment, affecting your ability to ask for the best prices. What matters most is the amount you get from it; hence, you should not compromise due to sentiment.
Do Not Overlook Legal Conditions
Your sales must comply with the laws and regulations. This includes ownership legitimacy protocols and taxation guidelines for the sale. Also, comply with authentication and counterfeit guidelines to avoid scams. Finally, avoid any misrepresentation and lies that may make you a suspect of a crime.
Do Not Accept Lowball Offers
Buyers will automatically undervalue your piece to enable you to lower the prices. Once you know the appraiser’s value, do not lower your prices; however, how desperate you are. Sometimes, it is best to walk away to get the buyer to raise the price. Also, do not be too rigid; allow some room for negotiations.
Conclusion
If done thoughtfully and patiently, selling a jewelry estate can be a rewarding experience, offsetting your sentimental loss of a family or generational piece.
By following and abiding by all these dos and don’ts, you will likely avoid traps and select the best platform for the best price. Also, remember to work with professionals who value your sacrifice to lose such a possession.
Finally, prepare for the process and ensure you provide enough details to help you get an even higher rate than you seek.
