Tom's Antique Value Article

As Seen In Lincoln's 55+ Newspaper

Antique Values: Knowing the Basics
By Tom Bassett, Lincoln, Nebraska, Member New England Appraisers’ Association

Supply and Demand -
Thanks to public television’s “Antique Roadshow,” people have become aware of the potential that a vase, painting or chair can be worth big money.  I am sure it has sent millions of Americans into their basements and attics looking for that family treasure.  Many people are interested in understandig how the value is established for that favorite object from the past.

In my years of conducting personal property appraisals, I have heard the word “antique” used and abused many times. My dictionary says an antique is “…an object from an earlier period and according to various customs laws is at least 100 years old.”  I like that definition and that number.  It is a bit hard not to smile when someone says they have an antique TV set.  In the Midwest we have many more “collectibles” than we do antiques.
 
The important thing to remember is that the law of supply and demand dictates an item’s value.  It is not how old something is that makes it worth a bundle – it is how many people would like to own it.  Here is an example of supply and demand.  Let’s say 15 million people collect Lincoln cents. In 1914 the Philadelphia mint made 75 million cents, and the Denver mint made 1.2 million cents.  There is plenty of Philadelphia coins for everyone.  That’s why their value is less than $1.00.  Since the 1914-D is much rarer, its value can exceed $200.  There is simply not enough to fill everyone’s collection – small supply and big demand.
 
The same scenario holds true for most antique and collectible items.  You may have a beautiful vase that is 100 years old.  If 5,000 similar ones exist and 50,000 people collect them, you have something that is scarce and likely worth hundreds of dollars. However, if only 1,000 people collect them, there is plenty to go around and good luck getting $30 for it.
 
The Internet can be a good resource to let you know if your item is scarce.  Go to www.ebay.com and enter a three or four word description of your item to see if a similar piece is for sale.  Best of Luck!

Editor’s Note - Tom will have more collecting hints in each issue of the Lincoln 55+ Seniors Paper in 2009 and on his website www.ctomrun.com.