How Do I Know What Is Valuable?

One of the most difficult questions for a family preparing for an estate sale is also one of the simplest:

How do we know what is actually valuable?

In many homes, the most valuable objects are not necessarily the largest, oldest, or most impressive-looking items. A piece of furniture that has been carefully preserved for decades may have relatively modest resale value, while a small object sitting inside a drawer may deserve much closer attention.

This is one reason families should be cautious about throwing things away, donating large quantities, or separating items into “valuable” and “not valuable” piles too early.

The goal is not to assume everything is valuable. It is to make sure potentially important items receive appropriate attention before decisions are made.

Start With Identification, Not Price

A common mistake is trying to determine what something is worth before determining exactly what it is.

Identification comes first.

Before asking, “What is this worth?” it may be necessary to determine:

• Who made it?

• What material is it made from?

• How old is it?

• Is it original, a reproduction, or a later version?

• Does it have a model number, signature, hallmark, maker's mark, or serial number?

• Is anything about it unusual?

• Is there documentation or provenance associated with it?

Once an item is properly identified, meaningful market research becomes much easier.

Jewelry and Precious Metals

Jewelry deserves careful attention, even when it appears inexpensive or outdated.

Gold jewelry may be marked with numbers or stamps such as:

• 10K

• 14K

• 18K

• 417

• 585

• 750

Sterling silver is commonly marked Sterling or 925, although older and foreign pieces may use different markings.

But markings alone should not always be considered conclusive. Pieces can be unmarked, marks can be difficult to read, and some items may be gold-filled, gold-plated, silver-plated, or made from another material entirely.

Jewelry can also have value beyond its metal content. Designer, antique, signed, or unusual pieces may be worth considerably more than their scrap value.

When there is uncertainty, proper testing or professional evaluation may be appropriate.

Coins and Currency

Families frequently discover jars, boxes, envelopes, albums, or drawers containing old coins.

Avoid cleaning coins.

Cleaning can permanently damage the surface of a collectible coin and, in some cases, substantially reduce its value.

Coins should generally be identified before deciding that their value is simply the amount printed on them or the value of the metal they contain.

Factors that can matter include:

• Date

• Mint mark

• Condition

• Rarity

• Metal content

• Errors or varieties

• Collector demand

Paper currency can also deserve examination. Older notes, unusual denominations, certain serial numbers, obsolete currency, and other characteristics may affect collector interest.

A coin does not have to look spectacular to warrant research.

Sterling Silver and Silver-Plated Items

Families often assume that anything resembling silver is either extremely valuable or essentially worthless.

Neither assumption is reliable.

Sterling silver contains substantial precious-metal content and should be distinguished from silver plate.

Look carefully for words, numbers, symbols, and maker's marks. Common sterling indications can include Sterling, 925, or other recognized hallmarks.

Flatware is particularly important to examine. A complete sterling flatware service can represent significant value because of both its silver content and, in some cases, its maker, pattern, age, and desirability.

Silver-plated objects may also have decorative or collectible value, even though they do not contain the same amount of precious metal.

Artwork

A signature does not automatically make a painting valuable, and an unsigned work is not automatically worthless.

Artwork research may involve:

• Artist identification

• Signature comparison

• Labels on the back

• Gallery or exhibition information

• Medium

• Age

• Provenance

• Edition numbers

• Foundry marks on sculpture

• Previous auction records

Prints, lithographs, etchings, photographs, paintings, and reproductions can look surprisingly similar to someone who is unfamiliar with them.

Before discarding artwork because the artist is unknown, look carefully at the front, back, frame, labels, inscriptions, and paperwork that may accompany it.

Watches

Older watches are another category that should not automatically be placed with costume jewelry.

Manufacturer, model, movement, case material, condition, originality, and rarity can all matter.

Some valuable watches do not look particularly impressive after decades of wear.

Do not assume a watch is inexpensive simply because it is not running. Likewise, do not assume an old watch is valuable merely because of its age.

Identification is the first step.

Furniture

Age alone does not determine the value of furniture.

Furniture values can be influenced by:

• Maker

• Designer

• Construction

• Materials

• Style

• Age

• Condition

• Current decorating trends

• Regional demand

Some traditional antique furniture that was expensive decades ago may have limited demand today. At the same time, certain designer, studio, mid-century, or unusual pieces can attract significant interest.

Look underneath furniture, inside drawers, on the backs of cabinets, and beneath tables and chairs for labels, stamps, brands, signatures, or manufacturing information.

Books

Most books found in a home will have modest resale value, but books are another category where exceptions matter.

Potentially important characteristics can include:

• First editions

• Early printings

• Signed or inscribed copies

• Limited editions

• Fine bindings

• Rare subject matter

• Historical associations

• Complete sets

An old book is not automatically a rare book. But potentially significant books should be identified before large collections are discarded or donated.

Pottery, Porcelain, Glass, and Decorative Objects

Small decorative objects can be particularly difficult for families to identify.

Turn pieces over.

Look at the underside for:

• Maker's marks

• Country-of-origin marks

• Signatures

• Numbers

• Labels

• Factory marks

• Artist initials

Do not remove old labels or stickers simply because they appear unattractive. They may contain useful identification information.

Collectibles and Hobby Collections

Collections should usually be examined as collections before being broken apart.

Examples include:

• Stamps

• Sports memorabilia

• Trading cards

• Comics

• Records

• Toys

• Military memorabilia

• Advertising items

• Cameras

• Fishing equipment

• Musical instruments

• Model trains

• Pocket knives

• Tools

A family may have no interest in a collection that was important to the person who assembled it, but that does not mean the collection lacks a market.

Original boxes, receipts, certificates, manuals, and related documentation may also be important.

Do Not Overlook Closets, Drawers, Garages, and Desks

Valuable items are not always displayed.

Estate-sale professionals sometimes discover important objects in ordinary locations:

• Jewelry mixed with costume jewelry

• Coins inside desk drawers

• Sterling pieces stored with kitchen utensils

• Documents tucked inside books

• Watches in dresser drawers

• Collectibles packed in closets

• Older tools stored in garages

• Small artwork or photographs inside cabinets

This is why a careful review of the entire home can matter.

Be Careful With Online Image Searches

Image-recognition tools can be useful for identifying possibilities, but they should not be treated as definitive valuations.

Two objects can look nearly identical while having dramatically different values because one is an original and another is a reproduction, or because their materials, makers, age, or condition differ.

Likewise, finding an online listing asking $2,000 for a similar-looking object does not mean the item is worth $2,000.

An asking price is simply what a seller hopes to receive.

Whenever possible, research should consider actual market evidence, including comparable items that have sold.

Should Everything Be Professionally Appraised?

Usually not.

A typical household may contain hundreds or thousands of objects. Paying for a formal appraisal of every item would rarely make practical or financial sense.

The more useful approach is often triage:

Identify ordinary household merchandise efficiently while slowing down when something has characteristics suggesting that additional research may be worthwhile.

Certain items may eventually justify the opinion of a specialist, appraiser, auction house, jeweler, coin professional, or other qualified expert.

Some Items May Not Belong in an Estate Sale

An estate sale can be an excellent way to liquidate the contents of a home, but it is not necessarily the best marketplace for every object.

An unusually important piece of art, rare coin, exceptional piece of jewelry, significant historical object, high-value collectible, or other specialized property may benefit from exposure to a different market.

Depending on the item, that could include a specialized auction house, dealer, gallery, collector marketplace, or other appropriate venue.

A good estate-sale decision is not always:

“How do we sell this at the estate sale?”

Sometimes the better question is:

“Where is the appropriate market for this particular item?”

The Most Important Rule: Don't Rush

Families preparing to move, settle an estate, or empty a home are often under tremendous time pressure.

That is exactly when mistakes can happen.

Before throwing things away, donating large quantities, or deciding that something is worthless because nobody in the family recognizes it, take time to look.

You do not have to assume that every object is a treasure.

You simply want to give unusual or potentially significant items a reasonable opportunity to be identified.

A Useful Question to Ask

When looking around a home, instead of asking:

“Does this look valuable?”

try asking:

“Do we know what this is?”

If the answer is no, identification may be the appropriate next step.

That small change in thinking can prevent some very expensive mistakes.