Where, O Where, Have All the Experts Gone?

September 4, 2014 | Julie Hall

Experts in antique books, stamps, silversmith, woven rugs, Persian rugs, clocks, estate jewelry, advertising, coins, etc. are getting harder to find for several reasons:

They have died.
They are up in years and no longer practice.
They have gone out of business due to lack of interest and sales.
The younger generations aren’t interested in learning the craft of their elders.

Now we are left with a shortage of rich-with-experience “old-timers” in these specialty areas.

How will we be able to identify historic items and other pieces of significance after they are gone?
How will we ever know the stories behind such items?
Without these elders and their expertise, what will we have to teach our children and grandchildren?

This wealth of information has fallen on the deaf ears of the younger generations; now they have no trade to fall back on in life. It’s really sad, but it’s their decision to make.

I was in Arizona a couple of years back and talked with some of the Native Americans. They instantly saw how I lit up holding their silver jewelry, wondering how they achieved a certain shape, scroll, or color. This conversation led to another, when I asked the elder silversmith if he had taught his son and grandson his wonderful skills.

“Neither wanted to learn,” he said. “Now they have their fancy phones and games, but they have no way to make a living. They don’t know much.”

Spotting a weaver, I went over and talked with her as well. You’d be amazed how well a huge smile opens doors. Hers was the same story. All of these middle-aged and older people learned their skills from their parents and grandparents, but very few of their children were interested.

As someone who loves the estate industry, you could say that I study the possessions of those already passed. I wonder how appraisers in the future will be able to do their job, as experts die off.

This Estate Lady is collecting unusual books about all of the topics I mentioned at the top. At the rate everything is being read online, the real books containing rare information will be considered trash one day. I can see some of these books being dumped.

I know what is inside those books is more valuable than the things I appraise. They contain knowledge, and you can’t put a price on that!

Julie Hall, The Estate Lady®, is the foremost national expert on personal property in estates, including liquidating, advising, and appraising. http://www.TheEstateLady.com She is also the Director of American Society of Estate Liquidators®, the national educational and resource organization for estate liquidation. http://www.aselonline.com.

No part of The Estate Lady® blogs, whole or partial, may be used without Julie Hall’s written consent. Email her at Julie@TheEstateLady.com.

Caveat Venditor

June 19, 2014 | Julie Hall

“Let the Seller Beware” When It Comes to Selling Gold

Pick an industry – any industry – and there will be good and bad people in it. The estate industry is no different. You find dedicated souls who are simply outstanding and go the distance to help their clients, and then you have those who are in it for a quick buck and could care less. You must heed my advice:

SELLER BEWARE!

Sadly, people do get ripped off every day, and more people get taken advantage of when selling gold jewelry than the sale of anything else.

Most people take their jewelry to jewelers, thinking this is the logical place to sell it. While that’s not a bad choice, there are other options. You owe it to yourself and the estate to shop around. Some go to coin shops, antique stores, or private collectors. Try locating places closest to the refinery; you are likely to make more money.

Here are some tips to help you get your fair share:

Have sterling and gold identified as genuine. Do not sell it at this time; just get help in identifying it. Do not sell it in a rush, unless you have to.
Find a local place that is close to a refinery, get a quote, then take it to jewelers. Do research online to see if you can find a local resource. Most jewelers sell to refiners, so you may want to go straight to the source. Have your facts together first. It is worth taking jewelry to multiple places to get the most $$ you can.
Pay attention to daily spot price of gold and silver, http://www.kitco.com. Prices fluctuate throughout the day every day. This site will give you a per ounce price. You need to understand that the per ounce they are referring to is pure bullion, pure gold, pure silver, NOT 14K, 10K, etc. These are not pure, so the spot price will not apply to a handful of 14K jewelry.
The troy ounce is used in the weighing and pricing of precious metals: gold, platinum, and silver. The troy ounce is different from an ounce you would weigh on your kitchen scale. If you get into weighing metals, you will need a jewelers scale that includes troy ounces or “ozt.” You can buy an inexpensive jeweler’s scale online.
Let’s say that gold is $1,300 per ounce. You will not get $1,300 per ounce for your 10K or 14K because it is not pure gold.
Divide today’s gold price from Kitco.com in dollars per ounce by 31.1 to get today’s gold price per gram. There are 31.1 grams in an ounce of gold or silver. If today’s price was $1,300 per ounce, then: 1300 divided by 31.1 = $41.80/gram. Then, multiply by the fineness of the gold:

10K = .4167
14K = .5833
18K = .7500
22K = .9167
24K = 100% gold

So if you have 10K and the price of gold is $1,300 per ounce or $41.80 per gram, then the price of your jewelry is $41.80 x .4167 = $17.41/gram. If you have 10 grams of 10K at $17.41/gram, your scrap gold is worth $174.10.

Remember, this is for illustrative purposes. The gold still has to be tested/assayed to determine the true percentage of gold.

TIPS:

Keep gold coins separated, because they have numismatic value, as well as metal value.
You can purchase your own gold testing kit, but it will be tested again when you go to sell it.
Weigh your items by grouping together (10K, 14K, etc.). Use a loupe to look inside the piece to find a mark. Not all pieces are marked; this is why they should be tested.
Scrap gold dealers in store fronts (“We Buy Gold”) will likely buy from you at 30-60% LESS than the gold’s worth. A jeweler will usually pay more than this.
Be aware that often gemstones set in jewelry are not included in the offer. Those seem to just go along with the gold, which doesn’t seem fair to me. IF it is a large stone, you may want to have it removed from the setting BEFORE you scrap the gold. Please have the stone identified!
Private collectors may offer a very fair price, if you can find them. Know the worth before you sell.
Gold refiners pay 90% and sometimes more, but they may have a minimum weight requirement.
Old dental gold is usually between 8K and 18K; it must be tested as well.

If you dislike math, this helpful website for gold scrap weight conversion and melt value calculator will do the figuring for you: http://www.silverrecyclers.com/calculators/gold_calculator.aspx.

For a list of reputable dealers in the U.S., see US Mint page on recommended coin and gold buyers: http://www.usmint.gov/mint_programs/american_eagles/index.cfm?action=lookup.

No part of The Estate Lady® blogs, whole or partial, may be used without Julie Hall’s written consent. Email her at Julie@TheEstateLady.com

The Downside of Online Auction Sites

June 12, 2014 | Julie Hall

Aside from the ever-increasing fees that have hurt the “little guy” trying to make a decent living or extra income, there is nothing wrong with online auction sites. In fact, they have opened our eyes to a whole new world we never knew existed just a few short years ago. We can easily shop globally from the confines of our desk to find comparable items, best prices, and unique finds. Our online reach can take us anywhere. That’s the good news.

Anyone can post anything online, often without knowing what the gismo is, what it’s called, with little accountability for errors or condition issues, and certainly without understanding the values. That’s the bad news.

From the perspective of an appraiser, online auctions bring income to millions who ordinarily would not have that income, but there are pros and cons to consider.

Back in the day before these sites, an item could legitimately be called “rare and unusual” and might sell for $1,000. Today when you search for the same item online, suddenly there are 2,193 of them across the world, ranging in price from $5.99 to $5,000.

You are witnessing the flooding of the market. In addition, prices that are either too low or too high are hurting the market.

Because we are all connected online now, there is very little rarity, not many surprise “finds,” and no uniformity, as prices are all over the board. It is up to the buyer to beware and purchase carefully.

With so many of the same or similar gismos being listed, we must:

Give thought to what that has done to values (and it isn’t good).
Recognize that as elderly collectors pass away and someone attempts to sell the entire collection online (or even at a local auction house), they will inadvertently be flooding the market. When selling a large collection, a handful of hard-to-find pieces will sell well, but the remainder will sell far lower than expected.

Too much of the same/similar items being dumped on the market and listed online (supply), and not enough people to buy them (demand), drives prices and values downward.

Are we shooting ourselves in the foot? Yes, but we’re in too deep to make any serious changes now. We’ve become accustomed to the lure of sales and discounts.

With online auction fees climbing, one has to ask if it is actually worth it, between the soft economy and the fees that eat your profit. Yet, to many people, it is a source of income they need, to make ends meet. A Catch-22 situation, indeed.

Other challenges with online auctions are:

It takes the fun out of being at a physical auction where buyers get caught up in bidding wars, and items may actually sell for more in person than an online auction.
Online auctions take the “social” out of attending local auctions. When you stop and think about it, online auctions are “anti-social.”
Tangible experience. With an online auction, you can’t personally examine the item(s) you would like to bid on. You just look at photos and bid accordingly. With a local auction, you can preview, handle, examine, test, etc. to be sure your bid is where it should be.

As a result, many items from online auctions end up being returned because:

The seller did not properly describe the item, or,
The pictures did not represent the item accurately, or,
The buyer is fickle.

Online auctions are neither positive or negative. They certainly do boost viewers and more people are shopping from their homes. But as an appraiser, I wanted to offer some unique thoughts into the world of online auctions.

No part of The Estate Lady® blogs, whole or partial, may be used without Julie Hall’s written consent. Email her at Julie@TheEstateLady.com

What is “Weighted” Silver?

May 23, 2014 | Julie Hall

For many years, I have been appraising and advising on all kinds of residential contents, but one item has always eluded my imagination. So, I thought I would share it with you in the form of a little “Show and Tell” now that I have a good example.

When people think of sterling silver, they think it has value. They would be correct, but in some cases, the value is not necessarily as great as one might think. Because the spot price of silver is currently down, many people are collecting scrap silver or scrapping family silver pieces for quick cash. This is done by weight only, so families may think that mom’s candlesticks are very heavy and therefore must be worth a fortune!

What most people don’t realize is that many pieces that mom or grandma have are “weighted” sterling. If you look at the base of the sterling candlesticks, footed bowls, or candelabra, you will see a base that is actually filled with cement, a composite of some sort. The sterling silver over that base is actually foil thin. If you turn over the piece, you will see it says “weighted silver.”

This piece was broken and found in the trash.

This is what the weight looks like with top layer of silver removed.

The bottom of the piece, which will often say "Weighted Silver" or in this case, "Reinforced with Cement" — The bottom of the piece, which will often say “Weighted Silver” or in this case, “Reinforced with Cement”

The end product ... Nothing but foil thin pieces of actual sterling silver — The end product … Nothing but foil thin pieces of actual sterling silver

I peeled the actual foil-thin silver off, so you could see the “weight” was not silver at all, but just a lump of resin/cement. By the time you peel off the good silver, it weighs about a third of an ounce (if that), or approximately $6.60 in scrap silver, because the weight was removed from this broken base. If the piece had the top portion, it would have been worth more. I wanted to demonstrate that scrap silver is not that easy to accumulate; you have to know what can be scrapped and what can’t.

I hope you enjoyed this. I never knew what the inside of one of these candlesticks actually looked like!

No part of The Estate Lady® blogs, whole or partial, may be used without Julie Hall’s written consent. Email her at Julie@TheEstateLady.com

Know When to Hold ’em BEFORE You’ve Sold ’em

April 18, 2014 | Julie Hall

It is not unusual to meet with families sorting through an estate on their own and making serious mistakes. Through no fault of their own, they are following their logic. Since they don’t have the benefit of knowing the correct process and sequence of things, knowing the industry, collectibles, antiques, and the overall market, they soon find themselves “guessing” and that is a very bad thing to do.

Families, executors, and attorneys hire estate professionals so we can guide the family in knowing what has value, what doesn’t, what is sellable, what is not, options for selling, resources for selling, what to throw away, and what to keep. This is what we Estate Consultants do to maximize proceeds and offer peace of mind to our clients, knowing they are making the right decisions.

Let me tell you a story about what just happened.

I love sterling silver rings. Besides wearing them, they are a good investment as a precious metal. I had been watching a large lot of rings on eBay and won it at a very fair price. When the rings arrived, I looked at them and found a huge surprise. One ring stood out; I knew instantly it was Imperial jade, and one of the largest pieces of Imperial jade I had ever seen. Even a small slab of this jade is very expensive and sought after. The setting was platinum and not sterling. It was, at the very least, a $1,500 ring thrown in with $5 sterling rings.

Someone did not do their homework or did not take the time to do enough homework.

I attempted to contact the seller on eBay, but they never replied.

Moral to the story:

Haste makes waste. It is worth hiring an expert to avoid hasty, and costly, mistakes. No one can possibly know everything. Bringing in professional help is an inexpensive insurance policy that you are making the right decisions for the distribution and dissolution of a loved one’s personal property.

No part of The Estate Lady® blogs, whole or partial, may be used without Julie Hall’s written consent. Email her at Julie@TheEstateLady.com

Mr. Lee and Mr. McGee

January 30, 2014 | Julie Hall

When I close my eyes and remember the times with Mr. Lee and Mr. McGee, it doesn’t seem so long ago. In reality, it was over half a lifetime ago when these two older gentlemen helped sculpt me into The Estate Lady® I would eventually become. Way back in my mid-20s, I discovered quite by accident that I had a knack for buying and selling antiques. While it was a risk at such a young age, newly out of college and on a strict budget, I decided to commit to renting a booth in an upscale antique mall for six months. It just so happened it was their upscale antique mall.

As each week passed, I noticed more and more of the items I was selling were gone from the glass case, so naturally I was thrilled they were selling. Little did I know that two of the owners of this vast and expensive mall were watching me. One day, as I finished putting more new items into my glass case, Mr. Lee and Mr. McGee approached me and asked if we could talk.

As an extrovert, I rarely meet a stranger, yet I was intimidated by these two who had accomplished so much in life. Both had been in the business over 40 years. Both were successful; both knew so much. Here I was, knowing very little, being steered by gut instinct only, and feeling like a little mouse wondering what they could possibly want from young, inexperienced me.

They took me to their finely furnished office, offered me a beverage, and watched me squirm in the big leather chair. You can imagine the thoughts racing through my head! Mr. Lee was a kind older man, born in Hong Kong, but raised here in the United States. Mr. McGee was an older southern gentleman. They began the conversation by complimenting me on my booth and wondering where I found my treasures. After a nice and comfortable time together, they sincerely took me under their wings and shared some invaluable insight I will never forget, that I would like to share with you.

Here’s what they said to me:

“Kid, you were born with the eye. Very few people are born with this gift. So when you go out into the world and use it, you need to use it well and earn it. Much will be asked of you through the years and you will be tested at every turn. But always remember to walk a straight line. If you can walk this straight line, people will talk about you. They will refer others to you. They will love you for what you can do for them, because they are completely overwhelmed. Remember this conversation because it will make your or break you.”

Now in my 50s, I think back to that time and realize that little meeting with them was a tremendous gift to me. A gift of guidance and affirmation. A gift of direction and how I can serve my clients. Hindsight is an incredible thing when all the pieces click together. They were right on all accounts. Much has been asked of me in the last 25 years, and I did my best to always deliver. Temptation is everywhere, but I steered far away from it. Honesty and ethics are always at the forefront. Because so few possess it, I stood out among them. Old fashioned and 19th century thinking? Perhaps, but it’s the secret to my success.

From that moment to this, I never forgot what they told me. Both of them are gone now, but they left an impressionable young lady with something she could never pay for, because it was priceless.

From the beginning of time, there has always been good and evil. In today’s society, we need to be extra careful of the professionals we select to help us, whether it’s handling an estate or remodeling a bathroom. Always look for someone who walks a straight line. Always listen for the good people say about them. Research these business owners who mean to serve you. Make sure they are credible, professional, and the cream of the crop.

Why would you settle for anything less?

No part of The Estate Lady® blogs, whole or partial, may be used without Julie Hall’s written consent. Email her at Julie@TheEstateLady.com

Show Me the Money

September 10, 2013 | Julie Hall

Yesterday I went to a local, but well-known, antique show held once a month. I was there at 9:00 am to get in the door early enough to try and seek out treasures, but the strange thing was that no one was waiting in line. At first, I thought maybe I had the date wrong. I could not figure out why the attendance was so low.

Granted, it was still early, and as the day went on, more people came but I didn’t see anyone buying much.

I was lucky enough to find a motivated, successful dealer. I use the word “successful” because he gets it … you must negotiate to sell items, unless you have very rare pieces that will command top dollar. That is much harder to find than people realize. I must have spent a couple of hours with this one dealer who let me “pick” through his tubs of scrap silver, jewelry, etc., and he gave me very fair prices, so I will be a repeat customer.

Picture this: Dealers who have been there year after year with the same items, refusing to come down in price, even though the heyday for these items has come and gone. The heyday may come back again one day, but not anytime soon. Sadly, these dealers are so set in their ways; they will probably perish before they come down in price. They have the mentality that they must double or triple (or more) their money and they won’t settle for anything less. They are the dealers sitting in their booths, reading a book or newspaper, and not engaging in any human contact. I almost took a photo of one dealer fast asleep!

When these dealers pass away, their kids will sell these items by sending them to an auction or through a liquidator. They are holding out for a certain amount or perceived value that will not come to fruition. Can you imagine traveling, packing, and unpacking these items for years and not selling all that much? To each his own, but that seems like a waste of time to me. I would be more motivated to move product.

Compare these dealers to the first dealer who cut me great deals and was willing to negotiate … Who do you think will find favor with more buyers? Who will get more business because they negotiate, and are pleasant and easy to work with?

Still, there are other dealers that are catching on and placing signs on their tables: “$1.00 Table,” “$5.00 Table,” “Nothing over $30.00 but ask for best price” tables, I even saw “FREE STUFF” boxes and they were still full! These dealers are beginning to see the light. It’s as if I wanted to jump on top of the table to shout, “ATTENTION EVERYONE! We are battling weary economic times! Come on now … this stuff is not going to bring in what it did in 2005!”

If you want buyers to show you the money, you have to meet them halfway. It has, without question, become a buyers market. For those with extra cash to spend, you can rack up some great deals, even investment quality pieces.

ESTATE LADY TIP: Silver and gold are beginning to inch up again. Buy what you can afford now. It could go up rapidly depending on current global situations.