Are you looking for a way to start making money from antiques & collectibles? While some people see the buying and selling of antiques as a hobby, others have turned it into a lucrative side-job or even their main career. There are a lot of different ways you can get into dealing in antiques, but if you really want to turn this into your main source of income, you’ve got to go about it the right way. By following these ten tips, you can get your new antique dealing job off to a great start.
1. Do Your Homework
Before you go out and purchase someone’s antique collection, you need to know what’s valuable and what’s not. You’ll find a lot of information in books on collectibles and online. Learn as much as you can about dealing in antiques and collectibles before you spend any money. That way, you’ll know what’s worth buying and what’s not.
2. Focus on One Area
The terms “antiques” and “collectibles” are very broad categories. It can be very difficult to learn everything there is about all the different types of antiques and collectibles out there. That’s why a lot of people focus on one area. For example, you could deal in antique furniture or Disney collectibles. By narrowing down your focus, you’ll be better able to know what’s valuable and be able to find specific buyers to sell your items to.
3. Only Buy from Dealers with a Good Reputation
This is especially true for those who are considering buying an antique collection online and can’t personally inspect the items. Always buy from someone with a good reputation to avoid getting ripped off.
4. Buy What You Like
5. Go for the Rare Items
Collectors want to own things that very few others will have, so always look for rare items. While you’ll probably have to spend more to buy these, you’ll be able to sell them for a lot more.
6. Watch for Fakes
You never know when someone is going to try to slip in a fake antique. There are a number of different ways these forgers can use to make items look older than they actually are. Learn about these techniques and how you can spot them. If you’re unsure of something’s authenticity, think twice before buying.
7. Understand the Restoration Process
You also need to know how the items are restored and what signs of restoration look like. Those who want to know how to make money from antiques might be surprised that people pass off restored pieces as originals, but they do.
8. Get Insurance
Be sure you insure your most valuable items or your collection as a whole. If you’re transporting these rare collectibles and they’re damaged, you’ll be glad you did.
9. Understand Auction Costs
If you’re buying items from an auction house, make sure you know what additional fees and costs are involved. Many auction houses charge a fee called a buyer’s premium in addition to the amount of your bid.
10. Look for Specialty Trade Shows