Comments on: The Completely Consumed Increment, or How I Learned to Stop Worrying and Love Used Stuff http://www.getrichslowly.org/blog/2007/05/13/why-antiques-cost-less-than-you-think/ personal finance that makes cents Sun, 22 Nov 2009 03:29:47 +0000 http://wordpress.org/?v=2.7.1 hourly 1 By: v.bungalow http://www.getrichslowly.org/blog/2007/05/13/why-antiques-cost-less-than-you-think/#comment-109926 v.bungalow Sat, 29 Dec 2007 02:01:58 +0000 http://www.getrichslowly.org/blog/2007/05/13/why-antiques-cost-less-than-you-think/#comment-109926 The trick is to buy the highest quality that you can afford... and quality has nothing to do with whether or not something is new. In general, new translates to worthless junk. The truth is, Handworn couldn't be more right. I could resell nearly every item in my home for more than I paid for it. Case in point... I bought a handcrafted 1850s solid Cherry chest of drawers from a dealer for hundreds less than a new one at Pottery Barn (made in Vietnam of screwed-and-glued particleboard) would have cost. I could easily flip it for more than I paid and in the interim I have a gorgeous, meaningful piece of furniture. The risk is, you must be knowledgeable about that which you collect or risk getting taken by the unknowing or unscrupulous dealer. Even better if you can buy at auction or at estate sales -- where the dealers shop -- as you will likely double your investment. As for that new Stickley bookcase... forget it. It's as expensive as buying an antique original and the quality is total crap. It will not hold its value. For the same money, you can own an original antique or commission a real Craftsman build a "new" one for you of a quality that would be worth every penny. The trick is to buy the highest quality that you can afford… and quality has nothing to do with whether or not something is new. In general, new translates to worthless junk. The truth is, Handworn couldn’t be more right. I could resell nearly every item in my home for more than I paid for it. Case in point… I bought a handcrafted 1850s solid Cherry chest of drawers from a dealer for hundreds less than a new one at Pottery Barn (made in Vietnam of screwed-and-glued particleboard) would have cost. I could easily flip it for more than I paid and in the interim I have a gorgeous, meaningful piece of furniture. The risk is, you must be knowledgeable about that which you collect or risk getting taken by the unknowing or unscrupulous dealer. Even better if you can buy at auction or at estate sales — where the dealers shop — as you will likely double your investment. As for that new Stickley bookcase… forget it. It’s as expensive as buying an antique original and the quality is total crap. It will not hold its value. For the same money, you can own an original antique or commission a real Craftsman build a “new” one for you of a quality that would be worth every penny.

]]> By: Gal Josefsberg http://www.getrichslowly.org/blog/2007/05/13/why-antiques-cost-less-than-you-think/#comment-86326 Gal Josefsberg Mon, 14 May 2007 16:45:28 +0000 http://www.getrichslowly.org/blog/2007/05/13/why-antiques-cost-less-than-you-think/#comment-86326 I always try to go used before I go new. It's cheaper and it's better for the environment since it reduces waste. I recently found an online group called Free Cycle. It's actually a collection of Yahoo groups all scattered throughout the country. The idea is simple. If you have something to get rid off you post it. Other people respond if they want it. I've gotten furniture, electronics, books and more from there, always free. Here's the website if anyone is interested: http://www.freecycle.org/ GJ http://www.60in3.com I always try to go used before I go new. It’s cheaper and it’s better for the environment since it reduces waste. I recently found an online group called Free Cycle. It’s actually a collection of Yahoo groups all scattered throughout the country. The idea is simple. If you have something to get rid off you post it. Other people respond if they want it. I’ve gotten furniture, electronics, books and more from there, always free.

Here’s the website if anyone is interested:
http://www.freecycle.org/

GJ
http://www.60in3.com

]]> By: The Simple Dollar » The Simple Dollar Morning Roundup: Pick-A-House Week Edition http://www.getrichslowly.org/blog/2007/05/13/why-antiques-cost-less-than-you-think/#comment-86306 The Simple Dollar » The Simple Dollar Morning Roundup: Pick-A-House Week Edition Mon, 14 May 2007 13:31:18 +0000 http://www.getrichslowly.org/blog/2007/05/13/why-antiques-cost-less-than-you-think/#comment-86306 [...] Why Antiques Cost Less Than You Think My grandma used to say that if you kept something for a while, it became cheap and shabby, but if you kept it for even longer, it became an antique and thus valuable. I loved her. (@ get rich slowly) [...] [...] Why Antiques Cost Less Than You Think My grandma used to say that if you kept something for a while, it became cheap and shabby, but if you kept it for even longer, it became an antique and thus valuable. I loved her. (@ get rich slowly) [...]

]]> By: handworn http://www.getrichslowly.org/blog/2007/05/13/why-antiques-cost-less-than-you-think/#comment-86301 handworn Mon, 14 May 2007 13:06:07 +0000 http://www.getrichslowly.org/blog/2007/05/13/why-antiques-cost-less-than-you-think/#comment-86301 Beanspants, It is never, ever, "way better *financially* to buy new things in a store," any more than it's better to buy a new car. The second you drive it off the lot, it drops in value 30%. Overpaying is precisely what I warn against. It can happen with antiques; it always happens with new stuff. Kristina, Furniture is always sold eventually. If it's not by the purchaser, then by the purchaser's heirs at some point. It is not a fantasy that you can sell antiques for what you paid or more...if you were careful about what you paid. I do it regularly. As the adage says, the business is in the buying. The point, in any case, is that all expenditures are investments, and that antiques are simply a different kind of "used" furniture. You know how to buy and sell furniture that's only "used," and don't lose money, so you actually agree with me in most respects. The idea is not that everyone should collect antiques, but that everyone should do as you do and buy in a genuine market transaction, in which supply and demand, not flashy advertising and the illusion of certainty, set the price. Beanspants,

It is never, ever, “way better *financially* to buy new things in a store,” any more than it’s better to buy a new car. The second you drive it off the lot, it drops in value 30%. Overpaying is precisely what I warn against. It can happen with antiques; it always happens with new stuff.

Kristina,

Furniture is always sold eventually. If it’s not by the purchaser, then by the purchaser’s heirs at some point.

It is not a fantasy that you can sell antiques for what you paid or more…if you were careful about what you paid. I do it regularly. As the adage says, the business is in the buying. The point, in any case, is that all expenditures are investments, and that antiques are simply a different kind of “used” furniture. You know how to buy and sell furniture that’s only “used,” and don’t lose money, so you actually agree with me in most respects.

The idea is not that everyone should collect antiques, but that everyone should do as you do and buy in a genuine market transaction, in which supply and demand, not flashy advertising and the illusion of certainty, set the price.

]]> By: Liz http://www.getrichslowly.org/blog/2007/05/13/why-antiques-cost-less-than-you-think/#comment-86269 Liz Mon, 14 May 2007 05:22:56 +0000 http://www.getrichslowly.org/blog/2007/05/13/why-antiques-cost-less-than-you-think/#comment-86269 Any furniture that I've purchased has been "slightly used" but I look at the craftmanship of the pieces and look at how well it will stand up - and style is always a factor too. I bought a set of one couch and one chair, an olive green channel back velour set from about 1954. It was in perfect condition. The set was gorgeous, and cost me $500. To buy a new couch was going to be around $800, and a matching chair was $600 at Ikea for what I wanted. This way I was able to get a really swanky couch, and actually save money. And then, at the end of my use of that couch, I sold it for the same amount. Same with this crazy red lamp I had - a 50's throwback as well. It was a red glass on the base, and the base would light up. Bought for $5, used for 10 years, added a new lampshade from another lamp, sold it for $75 when I didn't need it any more. I've done the same with chests of drawers, bedframes, etc. Anything that was real wood, and had a decent shape to it, I would pay a bit of cash for, fix it up, take care of it, then sell for the same price. It isn't really antique hunting, but I didn't have to absorb any of that depreciation, and my stuff all had its own style. Any furniture that I’ve purchased has been “slightly used” but I look at the craftmanship of the pieces and look at how well it will stand up - and style is always a factor too. I bought a set of one couch and one chair, an olive green channel back velour set from about 1954. It was in perfect condition. The set was gorgeous, and cost me $500. To buy a new couch was going to be around $800, and a matching chair was $600 at Ikea for what I wanted. This way I was able to get a really swanky couch, and actually save money. And then, at the end of my use of that couch, I sold it for the same amount.

Same with this crazy red lamp I had - a 50’s throwback as well. It was a red glass on the base, and the base would light up. Bought for $5, used for 10 years, added a new lampshade from another lamp, sold it for $75 when I didn’t need it any more.

I’ve done the same with chests of drawers, bedframes, etc. Anything that was real wood, and had a decent shape to it, I would pay a bit of cash for, fix it up, take care of it, then sell for the same price. It isn’t really antique hunting, but I didn’t have to absorb any of that depreciation, and my stuff all had its own style.

]]> By: zen http://www.getrichslowly.org/blog/2007/05/13/why-antiques-cost-less-than-you-think/#comment-86262 zen Mon, 14 May 2007 03:13:18 +0000 http://www.getrichslowly.org/blog/2007/05/13/why-antiques-cost-less-than-you-think/#comment-86262 I've never lost money on furniture, or most other items - often I've been gifted furniture by ex-roommates and relatives, and when time comes to move I sell them (often to neighbors) for a profit. Also - antiques - that's such a hazy area. It's like refusing to sell your car for $4k because you put in $4k worth of work for a car you paid $10k for ten years ago - it's a haggle, it's opinionated, and find a group of antique dealers who agree on the price - then find a collector willing to *PAY* that price. You're better off going to a thrift store, polishing an item up and telling everybody it's an antique. I’ve never lost money on furniture, or most other items - often I’ve been gifted furniture by ex-roommates and relatives, and when time comes to move I sell them (often to neighbors) for a profit.

Also - antiques - that’s such a hazy area. It’s like refusing to sell your car for $4k because you put in $4k worth of work for a car you paid $10k for ten years ago - it’s a haggle, it’s opinionated, and find a group of antique dealers who agree on the price - then find a collector willing to *PAY* that price.

You’re better off going to a thrift store, polishing an item up and telling everybody it’s an antique.

]]> By: Lacey http://www.getrichslowly.org/blog/2007/05/13/why-antiques-cost-less-than-you-think/#comment-86251 Lacey Mon, 14 May 2007 01:38:11 +0000 http://www.getrichslowly.org/blog/2007/05/13/why-antiques-cost-less-than-you-think/#comment-86251 I've always had a huge interest in antique wedding rings. They are beautiful. Antiques are the best collectible! Very valuable too! I’ve always had a huge interest in antique wedding rings. They are beautiful. Antiques are the best collectible! Very valuable too!

]]> By: Kristina http://www.getrichslowly.org/blog/2007/05/13/why-antiques-cost-less-than-you-think/#comment-86248 Kristina Mon, 14 May 2007 01:27:07 +0000 http://www.getrichslowly.org/blog/2007/05/13/why-antiques-cost-less-than-you-think/#comment-86248 I disagree. Instead, I suggest people buy used from craigslist, freecycle, garage sales, etc. First, in reality most people don't sell their furniture, so they are just losing the higher amount of money they sunk into expensive antiques. Second, I own some antiques, and it's fantasy that you can easily sell them for what you paid (unless you are a dealer yourself). As you pointed out in your example, the same antique can go for $150 at an auction one day and $600 the next day. I've seen this happen myself hundreds of times. Plus, the prices of antiques sold in stores is totally relative based on where the store is, whether anyone wants to buy the piece, etc. And, unless one is an expert, there is a huge chance you will overpay for antiques. So, it's a fantasy that you can justify spending more on antiques because you have no guarantee of recouping the money when you sell. On the other hand, I have moved cross-country and sold most of my furniture about 3 times, and I have MADE money each time. I find extremely good bargains on really nice furniture and electronics on craigslist, garage sales, and for free on freecyle. When I move, I've been able to easily sell everything for what I paid or for more than what I paid. I disagree. Instead, I suggest people buy used from craigslist, freecycle, garage sales, etc. First, in reality most people don’t sell their furniture, so they are just losing the higher amount of money they sunk into expensive antiques. Second, I own some antiques, and it’s fantasy that you can easily sell them for what you paid (unless you are a dealer yourself). As you pointed out in your example, the same antique can go for $150 at an auction one day and $600 the next day. I’ve seen this happen myself hundreds of times. Plus, the prices of antiques sold in stores is totally relative based on where the store is, whether anyone wants to buy the piece, etc. And, unless one is an expert, there is a huge chance you will overpay for antiques.

So, it’s a fantasy that you can justify spending more on antiques because you have no guarantee of recouping the money when you sell.

On the other hand, I have moved cross-country and sold most of my furniture about 3 times, and I have MADE money each time. I find extremely good bargains on really nice furniture and electronics on craigslist, garage sales, and for free on freecyle. When I move, I’ve been able to easily sell everything for what I paid or for more than what I paid.

]]> By: Rob http://www.getrichslowly.org/blog/2007/05/13/why-antiques-cost-less-than-you-think/#comment-86246 Rob Mon, 14 May 2007 01:08:19 +0000 http://www.getrichslowly.org/blog/2007/05/13/why-antiques-cost-less-than-you-think/#comment-86246 So what beanpants1 is saying is - it's better to buy Used at a garage sale than at an antique dealers. :D So what beanpants1 is saying is - it’s better to buy Used at a garage sale than at an antique dealers.

:D

]]> By: Alan Bluehole http://www.getrichslowly.org/blog/2007/05/13/why-antiques-cost-less-than-you-think/#comment-86240 Alan Bluehole Mon, 14 May 2007 00:10:45 +0000 http://www.getrichslowly.org/blog/2007/05/13/why-antiques-cost-less-than-you-think/#comment-86240 The photo from the ARS made me laugh because I met a women who works for Sotheby's and she told me there's a drinking game for the show. Whenever those one of the twins touches the other, everyone takes a drink. The photo from the ARS made me laugh because I met a women who works for Sotheby’s and she told me there’s a drinking game for the show. Whenever those one of the twins touches the other, everyone takes a drink.

]]> By: beanspants1 http://www.getrichslowly.org/blog/2007/05/13/why-antiques-cost-less-than-you-think/#comment-86238 beanspants1 Mon, 14 May 2007 00:01:22 +0000 http://www.getrichslowly.org/blog/2007/05/13/why-antiques-cost-less-than-you-think/#comment-86238 i have a college friend who's mom is an antique dealer - not Sotheby's auction quality things, but regular antiques. it's a real sucker's game. She takes that same piece of discarded furniture that you bought 5 years ago for $600, then sold in a garage sale for $25, and resells it to idiots for $500 again. Idiots who think that just because they bought it in an antique store, that its been around and has a "story", and is better than something new. She doesn't have to lie about the items' pedigree, because antique buyers buy from "feel", not truth. it's cool though -- she took her earnings from the antique store and bought a 50,000 acre ranch in new mexico that's fun for me to visit, so thanks antique buyers! Anyways, financially, unless you have aged relatives who have *actual* antiques that have been gifted to you, it's way better *financially* to buy new things in a store than overpay for things upfront and hope you make it back up on the end. i have a college friend who’s mom is an antique dealer - not Sotheby’s auction quality things, but regular antiques. it’s a real sucker’s game. She takes that same piece of discarded furniture that you bought 5 years ago for $600, then sold in a garage sale for $25, and resells it to idiots for $500 again. Idiots who think that just because they bought it in an antique store, that its been around and has a “story”, and is better than something new. She doesn’t have to lie about the items’ pedigree, because antique buyers buy from “feel”, not truth.

it’s cool though — she took her earnings from the antique store and bought a 50,000 acre ranch in new mexico that’s fun for me to visit, so thanks antique buyers!

Anyways, financially, unless you have aged relatives who have *actual* antiques that have been gifted to you, it’s way better *financially* to buy new things in a store than overpay for things upfront and hope you make it back up on the end.

]]> By: Allie http://www.getrichslowly.org/blog/2007/05/13/why-antiques-cost-less-than-you-think/#comment-86228 Allie Sun, 13 May 2007 22:36:56 +0000 http://www.getrichslowly.org/blog/2007/05/13/why-antiques-cost-less-than-you-think/#comment-86228 With two cats and two dogs, valuable furniture is not welcome in my home! With two cats and two dogs, valuable furniture is not welcome in my home!

]]> By: Filip http://www.getrichslowly.org/blog/2007/05/13/why-antiques-cost-less-than-you-think/#comment-86226 Filip Sun, 13 May 2007 22:17:26 +0000 http://www.getrichslowly.org/blog/2007/05/13/why-antiques-cost-less-than-you-think/#comment-86226 You know i never thought about it that way. Thanks for giving me new perspective. You know i never thought about it that way. Thanks for giving me new perspective.

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