Millions of South Africans pin their hopes for a better life on a random sequence of numbers every week. The irony is many of us will stand in lengthy Lotto queues without taking the time to properly examine the potential treasure trove within our own homes.
While it’s unlikely your grandmother’s modest collection of Royal Doulton porcelain or Easterling silverware will be worth as much as six winning Lotto numbers, it’s probably worth more than four winning Lotto numbers.
“Probably” is a good word to use when it comes to determining the value of antiques because the answer will always be a range of value that experts think an item should sell for. “The exact value of an antique will only be known at the time of sale because it is worth exactly what someone is willing to pay for it,” said Arnold van der Linde, Chief Executive Officer (CEO) of the IntegriSure Group. Primarily serving people over 50, IntegriSure is often approached for insurance advice regarding family heirlooms and other antiques.
According to Van der Linde, “Insurance firms base their valuations on the reasonable replacement value which is the price you would pay if you had to replace your item with a comparable one.”
While it is always best to enlist the services of a professional appraiser in order to secure an independent, unbiased estimate of value, many South Africans might find it difficult to arrange safe transport to a reputable antique dealer.
It is therefore best to undertake a preliminary examination in the comfort of one’s own home before committing to the expense and effort involved in visiting antique shops and dealers. The first step, according to Van der Linde, is to make sure one is not dealing with a fake. Buyers and sellers alike need to be familiar with certain classic warning signs which include signs of modern workmanship, no written guarantee of authenticity, items which look too new or poor workmanship.
Van der Linde further lists four important variables which determine the value of an antique:
- The Manufacturer or Designer's Mark - These marks often add to the value of a piece by giving it authenticity.
- The Condition of the Item - Anything that prevents an item from being considered “like new” or “mint” will have an effect on value.
- The Rarity of the Item - Age does not always confer value while rarity does.
- The Current Market - How are comparable items selling at auction and what prices do they fetch?
Should you have access to the Internet at home, you could log on to the website of the South African Antique Dealers Association (SAADA) on
http://www.saada.co.za for information regarding upcoming antique fairs. Visiting fairs and auctions is possibly the most enjoyable and accurate way of gauging the potential value of antiques.
While the Internet boasts a great number of auction websites with antiques on offer such as
http://www.ebay.com, a more reliable estimate of value within South Africa can be determined by visiting local auction sites such as
http://www.bidorbuy.co.za or
http://www.Gumtreee.co.za. You would then be looking for "comparables," or what similar items have sold for previously.
Because many auction houses and antique dealers are willing to provide valuations after viewing photographs of items, you could even email them electronic images of your antiques. Be sure to include details such as measurements, signatures, identification marks and condition.
Once you have a reliable estimate of value and you’ve made the decision to sell your antique, the next step is to either market it on your own or sell it on auction or through a dealer. Auctions are better for collections, expensive pieces or for a potpourri of objects, such as those at an estate sale. For less-expensive or single items, go to a dealer. Ask a price based on your own appraisal and see if they are interested.
“People often believe the price they sell an object for is always too cheap. Your piece is usually more valuable to you than it is to a third party, particularly in the case of antiques holding special memories,” Van der Linde concludes.
For the location of your nearest South African Antique Dealers Association member or for advice regarding insurance cover for antiques and collectibles, please call IntegriSure on 0860 055 055, or visit their website
http://www.integrisure.co.za.