It may not be worth what you think

Value is a hard word to define, simply because there are many kinds of value.

There’s intrinsic value. There’s what insurance companies call replacement value. There’s fair market value. And there are the two most tricky kinds of value: perceived value and sentimental value.

As a person who has spent countless hours combing through other people’s things, trying to set realistic expectations on how much their prized possessions may garner at auction, I see that perceived value and fair market value usually come to blows. And I am often the bearer of bad news.

On the upside,  people are pleased to know that sterling silver and gold, along with many gemstones, have intrinsic value, and they will see dividends from selling flatware, coins and jewelry. (I should note that silver-plated items are not in this category.) Some art and some rare antiques, depending on provenance and age, can have intrinsic value. But that’s about it. After this, the market takes over.

The market sadly doesn’t care what the item originally cost or how long it’s been in a family. It doesn’t necessarily care in what country the item was made or that you bought it on your trip to Thailand. And it doesn’t care how old it is ... most of the time. There are always exceptions to these general observations, but the exceptions are rare.

So, if you are contemplating a downsizing exercise to move – or just to declutter – with plans of selling some items, be prepared to reset your expectations about what some things that you value very much are really worth on the market.

For example, your beautiful solid oak or maple dining room set isn’t worth what you paid for it 20 or 30 years ago. In fact, on the open market, it’s worth very little. I wrote about my own experience in a previous column of parting with my parent’s dining room table, which was solid walnut, and held enormous sentimental value for me. I don’t know how much it eventually sold for at auction ... because I knew that whatever the price, it would not come close to matching its worth to me.

In fact, most big, dark, heavy furniture does not reap many rewards, nor does upholstered furniture.  An outlier is mid-century modern furniture – now in its retro stage – which can generate interest.

Those prized Hummel figurines that your parents and grandparents collected – and paid good money for – are now worth about $5 apiece, unless they are one of the very few rare collectibles.

This is also true of most once-coveted porcelain dishware like Spode, and glassware like Waterford, that cost a bundle when purchased decades ago. Now, no one wants such fancy stuff that’s only pulled out on special occasions. I’m sorry, but it’s true.

To lighten the mood, let me end with a sampling of things that may very well be in your home and are still worth money today: outdoor furniture, farm and lawn equipment, costume jewelry, rare coins, tools, pristine LPs and vintage toys (think Lionel trains or Matchbox cars).

Downsizing – and even decluttering – can be an emotional exercise, because it’s really a parade of your life’s experiences, treasured gifts, family and friends.  And, they are rich in perceived value, and certainly sentimental value. Take a picture of the things that evoke memories, take a deep breath, and grit your teeth as prospective buyers tell you their market value.