Items can be hot with a high price tag. The value doesn’t necessarily have to correspond. Whenever you can jump on a “hot” trend -- do it! The ultimate profit comes when you catch a trend just as it is beginning.
How do you determine true value? There are countless books and magazines to use as resource material. There are also media programs, like the “Antique Road Show.” Online, there are several reference options. For example…
http://www.collectingchannel.com/Just be aware that these sources are only guides, not the final word. For your auction business, the only thing that matters is what your buyers will pay for your merchandise.
My experience has been that researching auction sites is the most productive use of your time. You can view current and past sales. Let’s use our Navy Seal tool to illustrate. Type those words into an auction search function and it will give you all kinds of information in a concise, compact form. Some of the auction sites feature resource information as well. It may or may not be helpful depending on what you wish to sell. Ask yourself these questions...
• Is there some big trend that I can capitalize on? For example, “USA Today” reported that when “Seinfeld” (a T.V. show) was nearing its end, everything related to the show sky-rocketed in value.
• What about timing? Should I sell this now, or wait and sell it later? This can be tricky. If it’s hot today, it may be even hotter in 20 years but do you want to wait that long?
• Is a company discontinuing an item that I might want to buy and stockpile? Perhaps there is a recall associated with this item.• Is there a growing interest in something that I might detect early in the game? Elvis memorabilia wasn’t all that valuable until he died. The King seems to be worth much more dead...
... than alive!Do your hard thinking before you commit to action!
