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!

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

Franklin Got the Mint – Susie Got the Shaft

April 3, 2014 | Julie Hall

Meeting with a mid-age female client this week was an eye-opening experience. Her mother was still living and in a facility, and the daughter was in the midst of starting her life over again in her 50s. The daughter was struggling because her mother was financially strapped; the daughter now supports the mother and the heavy costs of her ongoing care. Facing unemployment herself, she is carrying a burden of monumental proportions.

I was called over to her home to see if there was anything of value that could be sold to keep up with the costs of mom’s care. The daughter’s home was filled with Franklin Mint, Bradford Exchange, Hummel collectibles, Lenox collectibles, Fenton, and any other collectible you can think of that today has very little value. Never mind, these plates cost $39.95 each or more, at the time mom bought them all for her daughter. On Ebay, they sell for $3.99 if they sell at all these days. All of the companies mass-produced these items and mom thought that her daughter could retire on them one day, because she was certain they would be extremely valuable.

Mom spent all of her money on these things that are not only undesirable on the market to most, but they have also cluttered up the daughter’s home. You could see the anger and sadness on her face that “mom bought all of this #*&@# and now she’s broke.”

“Do you have any idea how much money she would have today if she didn’t buy this stuff? Now I can barely make ends meet with her expenses and mine, and I am worried I will get laid off.”

I am not blaming the companies, but it’s worth saying that I see this frequently. They were incredibly smart with their marketing and everyone in mom’s generation felt these collectibles could only go UP in value. But let’s look at it from this perspective … If it’s such a great deal, why would they let tens of millions in on it?

Mom had the best of intentions but she just kept buying against her daughter’s will. The daughter asked her to stop and she didn’t. She bought all of it thinking her daughter could retire on these items one day. Instead, her daughter is working very hard to keep her mother’s care afloat, and having to make grueling decisions on putting mom in a place that offers less care, less amenities, less enjoyment, less everything. This too weighs heavily on the child. The best of intentions went sour in this case.

Moral to the story: If it sounds too good to be true, it probably is. Stick to what you know; stick to time-tested sources of wealth preservation, such as jewelry, gold, silver, etc. Always use your gut instinct and stay away from the TV shopping channels. If you want to leave a powerful legacy for your children, make a plan for your future and set an example for them to follow, when they get to that point in their lives. The best gift a parent can ever give a child is a well-thought out plan for the final chapter in their lives.

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

Concern and Worry can Wear on You

February 12, 2014 | Julie Hall

Many of my clients are concerned about the state of our economy. I am worried too, and I’m betting some of your wheels are turning constantly. In the midst of uncertainty, it is only natural to feel off-balance and a bit insecure. It’s hard to make solid decisions when so much is up in the air.

Clients need guidance determining what to keep, sell, or donate at a time when the secondary market is so poor. How do you go about getting top dollar for an heirloom in an economy like this? You don’t, unless you have something incredibly extraordinary and high-end that people are willing to dig deep into their pockets to obtain.

Some will decide to hold on to possessions, often going to the trouble and expense of storage; I don’t think that’s a viable option. They think the longer they hold onto it, the more valuable it will become. Most of the time, the answer to that is “not necessarily so.” Storage will eat up and surpass the worth of what you put in there. If you don’t move it into your home right away, I don’t recommend storage. That’s a sign you don’t need it.

Others want stuff gone immediately and sold, never to be dealt with again. They sense the economy will get worse and not improve. They feel it’s better to get what you can now, then nothing at all when things really get rough — if they get rough.

All of these different ideas, opinions, and theories everywhere you look, yet they all have one common denominator: concern and worry. It can really wear on you too, if you’re not careful.

Here is another excerpt I found from my late mother’s writings. It lead me to write this blog, because so many of us are in the same boat. My mother may have read it somewhere and liked it so much she copied it. I hope you find it as inspirational as I did. How did she know I needed to hear these words? Maybe you need them too.

“When you come to the edge of all the light you know, and are about to step off into the darkness of the unknown, faith is knowing one of two things will happen: There will either be something solid to stand on, or you will be taught how to fly.”

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

Surely, You Jest!

February 4, 2014 | Julie Hall

As you can imagine, I receive all kinds of emails searching for answers, needing guidance, and some which also center around “How much is my stuff worth?” But every once in a while, I get an email that just about knocks me off my chair. Here’s a sample:

“Everything I own is very expensive and worth a fortune. I know this because I pay a fortune for quality. I have unique and very expensive collections, including a large assortment of cut glass pieces. All of these currently sell on E-bay for high amounts and a lot of them could sell in the $1,000s. I also have a collection of collector plates that are worth several thousand dollars. I have a Hummel collection worth at least one thousand dollars. I have a shoe collection worth thousands of dollars. I have several other smaller collections that are worth thousands. Even my older furniture is worth thousands. Can you sell them for me?”

Surely, you jest! While I always do my best to assist and even educate my clients so they can empower themselves to make the right decisions, there are some people I just can’t help. They won’t or can’t accept the whole picture. This person is one of them.

Despite my best intentions, you just can’t squeeze blood from a turnip. The market will bear only what it will bear, and their cut glass or shoes or Hummels are really not that much different from the rest of ours. It is unfair to apply this kind of unreasonable thinking and pressure to a professional in the industry, who can only do their best in a very soft market. Often the blame and complaint lands on the estate professional, when in reality we have done our best, and our best just wasn’t good enough for the client. Some of this will fall back on how well we discussed “expectations” of what things will sell for.

Other reasons for the motivations behind selling are numerous. Perhaps this person needs immediate financial relief from the sale of those items. Perhaps the person is not well. Maybe they really do believe their things are worth a fortune because they paid so much for them. As you’ve heard me say before, what you paid for something means nothing now. If I invest several hundred dollars in designer shoes, in the end, they are USED SHOES, designer or not.

Perhaps she doesn’t want to see it, but I wouldn’t be The Estate Lady® if I didn’t reply with my usual flair. So, I gathered my senses, did some sales comparables online which I could share in the form of “SOLD” prices, in easy links they could click on. I wanted to show them ever so politely, that their things were not worth what they originally thought. They are not selling for thousands. They are selling for $25, maybe a little higher or lower. I get the feeling they didn’t like that.

It took me a lot of time to find and send that information to them; I never heard back from them. I guess they just weren’t ready to hear what I had to say. I silently lifted up a quick prayer that no matter what challenges they were experiencing, someone out there could be more help to them than myself.

Unfortunately, someone like that will never change their thinking no matter how much proof is offered. Many years and ample experience have taught me they would only be upset with me, even if I did my very best.

I wish them well.

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

Things That Have No Place Anymore

January 21, 2014 | Julie Hall

In every home, in every estate of a deceased loved one, there are items we have to deal with that don’t seem to have a place with us anymore. Perhaps they are no longer useful, or the sentiment has worn off. Maybe there are so many items, there’s no way you can take them all!

After the family comes in and takes what they want, and some of the items have been sold or given away, there are always leftovers that can’t find a home. Old photos and slides no one wants. Brittle college diplomas and certificates from the early twentieth century. Ancient textbooks on everything from WWI nursing to social etiquette to typewriter maintenance. Old tax returns that need to be shredded and magazines and catalogs that weigh a ton. Old TV parts, metal bits and pieces, broken appliances that are stuck up in the attic. Prescription meds, record albums, small appliances, old computer printers and fax machines.

Optimally, these items should have been dealt with a long time ago so it doesn’t put the family in a crisis mode when the time comes. Old appliances and computers can be recycled, as can the endless paper piles we find. Metal can be scrapped; $100 is better than hauling it to the trash, right? Prescription medications need to be dissolved in vinegar before flushed to neutralize the meds, or better yet, dissolve them and place them in a container with old coffee grounds or kitty litter.

These items should be disposed of properly, but it makes us feel guilty when we are throwing away things like old photos or slides. After all, who has time to go through 10,000 slides from the 1950’s?

Let me share a quick story. I used to be one who didn’t have time to go through all the family slides … until mom died. I brought the slides home and at night while watching TV, I used a little light-up viewer I bought on Ebay to see which ones we wanted to keep. I found a gold mine! Photos of dad on his ship in the Navy, mom and dad’s engagement in 1953, early baby photos of me and my brother never seen before, photos of all the kids and cousins from long ago. I had these selected slides made into prints and distributed them to family members. The thank you letters, emails, and phone calls came pouring in. It was like they each won a small lottery and were most appreciative to have these never-before-seen photos. In my case, it was worth the effort.

If family does not claim these items, or there is no family left, sadly, these items either need to be discarded, donated, shredded. And it’s okay to do that — you have permission to do that. If no one else wants them or needs them, let them go with respect.

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

Inspiration of the Week: Find a Way or Make a Way

December 2, 2013 | Julie Hall

He’s a Southern gentleman in his 70s and the father of a dear friend of mine. John has no idea that he serves as a great inspiration to many … that’s how genuine he is. To this humble, salt-of-the-earth man, he is just as happy to get up each day and fill it with as much as he can, until he does it all again tomorrow. He won’t sit still for very long because “there is always something that needs to be done, so I get up and do it.”

I should preface the story by saying that John has a heart condition, but he never lets anything even remotely slow him down. Having retired a year or so ago, he was determined to attain at least two personal goals:

To not end up with a debilitating illness that rendered him helpless, and
To find a way to make a little extra money to pay his bills, like so many other Americans in his shoes.

John has what I call moxie, or a determined spirit, and a common sense intellect that few possess today. He comes from the good old days, when hard work and thinking things through produced income. You would either find a way or make a way. In fact, he said to me, “Julie, money can be made in lots of ways. Even if I get paid $5 for something, that’s $5 I didn’t have before. But you have to be willing to work for it.”

How does John make extra money? John lives in a small town and listens to a local radio station that reads the classifieds over the airwaves. You can buy and sell on this radio station. So John started buying older appliances like refrigerators, freezers, and stoves. He brings them home, cleans them up, and resells them that week or the next. It’s the quickest turnaround I’ve ever seen for someone not in this industry!

John’s strategy is simple; he buys several appliances a week for $50 to $100 each. He resells them on the same radio show, with no advertising costs, and delivers them within a 30 mile radius. He doubles and sometimes triples his money within a few days, with no overhead. Now that’s smart!

He knows that not all people can afford, or want to afford, a $2,000 stainless steel refrigerator. “People have to watch their spending these days,” and he’s spot on.

For those wanting to make extra money, you may want to think along the same lines as my friend. Find a need that people have that has not yet been filled, and fill it. He delivers these appliances to some of his older clients who would have trouble getting them otherwise … smart guy with old-fashioned know-how! What John is doing is spreading by word of mouth in his community; he does not want to get too big because he is a one-man operation and likes it that way.

We all need to take a life lesson from him. He’s retired, has a heart condition, and nothing has stopped him. He’s put a good amount of money in his pocket using nothing but his brain and his brawn. God bless you, John. Keep it up because you are an inspiration to many!

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

“Limited Edition” Often Seems UN-limited

May 3, 2013 | Julie Hall

The world is full of numbered prints. People bought them at high prices a decade, or two or three, ago, because they were led to believe the prints would go up in value over time since they are “limited editions.” What happened, as you will soon see, is the artists or their marketing directors got greedy. In theory, it all sounds so great, so what happened? Read on …

If I had just $1 for every numbered print I have seen in my career, I could probably retire tomorrow. A well-known artist decides to mass produce their work and make more money by using prints (or strikes) of one original work. More money, less work. All they have to do is pencil sign and number each print. Typically, you see what looks like a fraction in pencil, for example 12/500, found in one of the bottom corners of the print. This means the print you have is the 12th strike out of an edition of 500. It is believed that the lower the number, the sharper the strike, so it is more desirable to collectors. If you had 452/500, it is thought that the strike is getting worn and the image will not be as good.

But there are only 500 of them. Aren’t they worth something? Of course. They are worth what someone is willing to give you for them. Print media has certainly experienced a serious downturn in value over the last several years. Artists shot themselves in the foot by producing too many of them. Let’s not forget that the same image also has matching non-numbered prints, stationery, place-mats, mouse pads, cocktail napkins, key chains, plaques, etc. You get the point … it always comes down to the law of supply and demand. They mass produce until they meet the demand. Then the demand bottoms out and the marketplace is still saturated with these items. Then the price heads south just like so many other collectibles: Beanie Babies, collector plates, Hummels, etc.

This is the trend we’ve been seeing for years and will probably continue to see. The economy, the older generation passing away, the younger kids not wanting them, collectors dying and their collections saturating the market further … all of this comes together and lowers values of these pieces. They just aren’t selling well on the secondary market.

There are several famous artists out there whose numbered prints once sold for tens of thousands of dollars. When we search for them on the internet, one can plainly see that some misinformed seller actually still thinks they can get $10K for it. I know the latest hammer price is $250, if that. Could a print still sell for a lot of money? Yes, if a collector is searching for that one piece; but that collector is savvy and knows what the current prices are and will not pay wildly for it, as they once did.

It’s no one’s fault. It made sense to invest in these things at the time and it sounded like a sure thing. But as with all things that sound too good to be true … it usually is.

The Estate Lady Tip of the Day: Always buy what you like and what brings you pleasure. You might be stuck with it for a while. Before I buy something, I ask myself if I’m absolutely crazy about the piece. If not, I walk away. My daughter won’t want it someday, because she doesn’t want it now, and most children do not change their minds with the passage of time.

The Antique Show

November 6, 2012 | Julie Hall

I am known to frequent antique and collectibles shows. Curiosity always gets the best of me and I just have to go and visit with dealers from different markets to get their take on how the market and economy are doing.

Yesterday, I went to a large show in my area. In 2010, it had shrunken with fewer big tents and dealers than usual, and 2011 was no different. This year, it appeared a bit larger, but what the producers of the show had done was allowed flea marketers in with items of lesser quality. So you had very high-end antiques mixed in with yard sale items. Some people enjoyed the varied selection, but most of the dealers did not.

There was a quiet murmur among the dealers of the show, and with my ability to bounce from dealer to dealer, I got to hear most of the “scoop” that was going around. They blamed the producer of the show who allowed the “cheap” goods in. Attendees were buying the cheap goods but not the high-end antiques. Some of the dealers who knew me shared that while they had sold some items. the public in general has become more difficult to deal with.

“They want to negotiate from the get-go, knowing the economic situation. They don’t care what something is worth. If we have $100 on something, they want it for less than half of that. They also behave as if we (dealers) are taking advantage of them, and we’re not … we’re all struggling.”

This was the basis of what I was seeing and hearing. Some dealers who refused to negotiate will be left with a truckload of stuff to bring back home and not much to show for it in their pockets. Others who are willing to negotiate will at least make something. Still there were others that shocked me a bit when I picked up one of their items; it was an immediate “I can do better on the price.” One lady pretty much dragged me into her booth and kept showing me things I had absolutely no interest in, and I thought that was pretty strange behavior … like she was desperate. No one likes to be pushed, but I remained polite and said, “No, thank you.”

As I soaked in the local color and all the buzz around me, a thought occurred to me that probably wouldn’t mean anything to anyone else. If all this stuff is left behind and the piles only get bigger with time, because they are not selling, what will become of all these items and who will purchase them as we continue to age and pass away?

If I were a dealer, I would think the art of negotiation and letting things go for a modest profit would be the key to being more successful in this challenging economy.

Selling Residential Contents to Help Pay for Your Parents’ Care, part 2

August 20, 2012 | Julie Hall

In the past, we’ve talked about supply and demand, how the younger generations don’t want grandma’s china, crystal, or antiques. The market is getting flooded and everyone is trying to sell, sell, sell. So the prices go down, down, down.

The bottom line is you need to have a professional come out and look at what you have, so they can advise you on the best way to proceed on the dissolution of the possessions. There are good ways and bad ways to go about this. Find a reputable personal property appraiser to do a walk-through consultation. This consultation should include offering opinions of value in your region and in this market, advice on which resource is the best for selling the items, and if possible, what’s worth selling, what should be donated, discarded, etc.

Then, think about these options:

Estate Liquidation — Hire a professional estate liquidator who has experience, an outstanding reputation in your community, excellent BBB rating in your state, and who has been recommended to you by others. They normally charge 30-40% commission and this may or may not include the clean out of the home. The liquidator sets the prices but will often negotiate. A plan must be in place to deal with the leftovers or remaining items that did not sell.

Ask the liquidator if they are members of any professional organizations, credentials, certifications, etc., and then check them. Make sure they have no unresolved complaints against them. Ask for professional references and check them. If you cannot find a liquidator, call an estate planning firm and ask them for a referral, or contact us at Service@ASELonline.com (The American Society of Estate Liquidators).

An estate sale is not a yard sale. The best estate sale is one that has primarily the entire household full of variety that will attract buyers, plenty of parking space on the road in the neighborhood and in a good area.

Auction Company — The same rules apply to an auction. Check them out thoroughly. The national average commission is 25%, but make sure you understand what that percentage includes. Ask about pick-up fees, advertising, how long before paid, etc. The public pretty much sets the prices based on what they are willing to pay for the piece, unless you request a reserve price on a particular piece, but this tends to scare off potential buyers. Auction is an excellent option for many household goods ranging from antiques to farm equipment, if it is not a full house, if it’s located in a gated community, apartment, narrow streets, etc.

Consignment Company — The average consignment commission is 40-50% and most items will need to be sold within 90-120 days or you may need to go pick them up, or the consignment company can donate them for you. They set the prices and generally go down in price as time passes. Often you will need to bring the items by the store or provide photographs, so they can approve or reject each item.

Do-It-Yourself Estate Sale or Yard Sale — It is do-able, but a ton of work for not a lot of money, plus dealing with the public is no easy task. The good in this is that you get to keep the proceeds without paying a commission, but you need to know the value on items before you begin the process. You wouldn’t want something worth $1,000 to be sold for $10. It happens frequently.

Ebay, Craigslist, other online sites — If you have the patience to deal with these painstaking options, go for it. While I agree they have their advantages, you will need to know the correct wording and descriptions to get started and maximize proceeds. The fees on Ebay are getting to the point where people can’t even make decent money, not to mention having to pack it up, send it across the country, and then find out that the buyer is going to make your life miserable, because she doesn’t like it and wants a refund. It takes time, diligence, and patience. You could always pay a student to do this for you, but they won’t have the knowledge to describe the item appropriately, and what could sell for hundreds might sell for $12.

Classified Ads — Well, it’s an option. Sometimes they work and sometimes they don’t. You have to be willing, like with Craigslist, to let strangers into your home, and many do not like that idea.

Create flyers and distribute on church/temple bulletin boards, friends, and neighbors. Make sure you know what you have before you begin to sell it.

To get maximum proceeds from the items in an estate or home, enlist the help of a professional so they can steer you in the right direction!

Selling Residential Contents to Pay for Your Parents’ Care

August 13, 2012 | Julie Hall

Part of my job is paying attention to trends and values in the personal property market. We are seeing changes, not only in the marketplace and in values, but also in how families are approaching the selling of items/heirlooms when mom or dad require long-term care. They are running out of money because the high cost of care, and living so long, has taken its toll.

I have had an unusual increase in calls this year from boomer children asking me to sell almost all of the possessions in mom’s home because “we need to keep mom’s care going and we have to sell everything and we need as much money as possible.” Mom might be in assisted living, nursing care, in-home care, etc. and the costs are so heavy; the children are now turning to the sale of personal property to cover the costs.

Let me be the first professional to be honest and as open as possible with you. Families think the sale of the home contents might glean them $50,000 and this is far from the truth in better than 90% of the estates I see. It might surprise you to know that unless you have something extremely rare and extraordinary that can be sold at an upper-tier auction house, chances are very good that you will be grossly disappointed in what the sale brings. The average is $10,000 or less, and we know this won’t cover mom’s care for very long. The biggest mistake I see is people selling sterling, gold, and jewelry for scrap. First, if you have the luxury of a little time, do your research and don’t sell to the first person you go to. Compare. Look for a company as close to the refinery as possible. Secondly, wait until these metals peak again before you sell (if you can).

The children pull out the heirlooms, or what they perceive as heirlooms because they are old pieces, only to be shocked that the Victorian oil painting is actually very common for that period, or have trouble believing the antique walnut table that’s 150 years old is only worth $300. Believe it. This is what we are seeing.

Each day, my phone rings with people asking me to come to the estate and separate the junk from the valuable “antiques.” Today, many antiques are not worth that much and this comes as a shock to the family, who’s thinking they had a way to keep mom comfortable for another 6 months or a year.

Sometimes we do find treasure in homes, like the time I found three $25,00 vases in a basement. The family was overjoyed at this find and it helped them tremendously, but this type of find is rare. Sadly, some of these cable shows give the public the wrong idea. They give the viewer the feeling that what they have is valuable, but we professionals in the field know differently. True, you never know what you have until a professional comes out to look, but the majority of the time, it doesn’t amount to as much as you think it will.

Next week, I’ll share some specific options for disposing of your parents’ possessions to pay for their care.