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What's it worth?

  • By Fred Durnbaugh
  • 11 Dec, 2017

What are items worth on the open market?

1970 boss 302 ford mustang
1970 Boss 302 Ford mustang, sold at auction $28,000
What are my items worth? We are asked that question daily in the auction business. What something is truly worth is what another person is willing to pay for it. Many people believe their items are worth a certain dollar amount because that is what they paid for it. Or they base their items value on what they paid originally then subtract a few dollars from that and believe they have a legitimate market value. Others tell us "I saw it selling on eBay for this much so I know it's worth at least that".
 Here's the bottom line of what anything is worth. An items value is based on what people on an open market are willing to pay. An auction is the perfect way to place a fair market value on an item. Because of the nature of an auction, buyers are not pressured to pay a retail price and place the dollar amount at what they will pay. Because their is competitive bidding this raises the dollar value based on the demand for the item. Items in great demand bring in high dollars. An auction shows whether or not an item is in great demand. Many sellers do not believe the outcome of their items at an auction because they either have too high or too low expectation of what their items are worth.
 A great example of this is the 1970 Ford boss 302 mustang pictured with this post. Our certified appraiser did a market study of this type of car sold at auction and based on it's condition advised the seller it "may" sell for approximately $15,000 based on the last several similar cars sold at auction. The seller was stunned when he saw the final bid and we were as well. This goes to show that the demand for this car was up and people were willing to pay for it.
 "I saw it selling on eBay so I know it's worth at least this....". eBay is a great place to buy and sell as well as get an estimate of what something is worth in the open auction market. The key is to click the box labeled "Sold" to get the real fair market value of an item on eBay. Many people look at what it is "selling" for not what it "sold" for, there is a Big difference!
 Make sure when placing a value on an item to check the sold box and search the market for several sales of similar items. Doing this will help to understand the true vale of an item.

By Fred Durnbaugh 06 Jan, 2018

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