- They know the original retail value they paid for an item.
- They know the provenance of a piece.
- They have surface research from eBay or Craigslist for a similar item.
- They have emotional attachment towards a piece.
- Does the item fit with the local trends in resale?
- Is it a hard-to-find piece or commonplace?
- What are the storefront resale prices for similar items, and in turn, what are the store owners willing to pay for those pieces?
- What is the condition of the item?
- Is the resale market saturated for that particular genre or item?
For Paint & Patina clients, most household items are assigned a FMV.
FMV for estate sale pricing is guided by the local resale market. Not your best friend’s market the next state over or the eBay market, but what is trending here and now.
In our area, the resale market is saturated. Really saturated. There are tons of brick and mortar shops peddling resale and upcycled items. There are tightly knit online/social resale sites like the West County Mommy Swap or the Kirkwood/Webster Swap & Sell on Facebook. There are giant swap meet events around town. There’s craigslist. The list is endless!
We consider all of the aforementioned information (trends, condition, saturation, asking prices that are too high, and equally, asking prices that are too low, etc.) to determine FMV.
While determining FMV is not exactly a scientific process, there is a method to the madness. And it works! Our pricing experience has proven time and time again to get our client’s items sold for a fair price, and quickly.
So does FMV apply to collectibles, art, antiques, rarities or other specialty pieces? Many times, the answer is yes! That’s where an appraisal comes in to play.
We’ll discuss appraisals and their role in estate sales in an upcoming blog. Stay tuned!