What should I consider before buying certain collectible items?
If you are serious about collecting items, you must consider a few factors.
You do not want to start investing in your future without doing enough research, or else you will sit with items you do not enjoy looking at and there's always a chance that you might not make a profit out of it due to various reasons.
- Passion or career?
There are different types of collectors. Some people collect only specific items such as rocks and crystals, antique vehicles, ceramics, coins, and more – simply because they have a passion for it. Not so much for the reselling thereof.
If you fall under this category then you won’t see it as a job and thus you will be able to spend more time doing what you love, rather than just chasing the profit you might make in a couple of years, or when other collectors become aware or interested in the items in your collection.
Most passion-driven collectors keep these items in the family for years and years, until one family member decides to sell these precious items and they might have loads of money to show in return.
If you consider collecting items to start a possible career out of it, you might want to do even more research, especially about the specific collectible items history, the price changes over the years, and all other information required for you to resell these items.
Some items can cost you a whole bag of money, whereas other recently manufactured items can cost you the normal selling price.
Educate yourself and make sure that you feel confident in your collecting skills.
Examine the collectible
It is very important to examine any collectible item before you purchase it.
Some items might have cracks or other damages such as discoloration, chips, and missing pieces.
Make sure that you have inspected said items as closely and thoroughly as possible, you don't want to purchase a piece that you won't be able to resell unless you don't intend to sell the items at a later stage.
Make a list of preferred items as you would with a grocery list
When you have a collection going, but you still need other pieces to complete the set, it is a wise idea to make a list in advance.
You will be able to buy precise items first, before getting lost in a world of passion and dedication thus it will help you to focus on your budget and/or items you might not have in mind when you're busy shopping for collectibles.
Especially at collectible shows or events, you will see how quickly another person tends to jump in and buy the items you so desperately desire, and therefore having a list keeps your focus where you need it to be.
Where can I find rare collectible items?
The best places seem to be the most unheard of but there’s a valid reason for that.
You don’t want other collectors to take your spot and thus keeping trusted dealers or shopping spots to yourself is a great idea; some collectors have the same interests, which makes it a bit of a war zone when you have to physically attend collectors auctions and other events.
You can search for and browse through a local buy and sell groups, as well as attend market days near you.
Another great option is blind auctions; that’s if you are doing it solely for the money.
These auctions are a perfect option only because you might find the precise items that you’ve spend year after year searching for and if you don’t, you might be able to make loads of money by immediately reselling the unwanted items; some of the items you’ll find has been in storages for a very long time and thus the value might be sky-high already.
I had the chance and blew it
It’s always a pity when you have a chance to buy the exact item that you are looking for and somebody buys it before you could get your hands on it.
You might have spent a long time searching for the item and for various reasons you weren’t present and didn’t get the chance to buy it first.
Now you might feel very discouraged – that’s why it’s always a great idea to get to know people at these events.
Some of them might have the same interests as you and that might help you in finding the person that bought the items before you could.
You can contact said person and try to make an offer, if not – you can try again in a few years and they might be so generous as to resell the item to you, but expect a big mark-up added.
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