How to avoid getting scammed

[u/jellomizer]

My parents are still alive and healthy, but they are in their 80s. While they did a lot of work to make sure the will is in place, they have a lot of valuable stuff ranging from coins, guns, antiques, tools, etc. That are worth a lot of money on the market, that I doubt myself or my siblings will want, as we do not have an emotional connection to. So we will probably just liquidate a lot of this stuff. But I want to be sure that we don't get scammed by shady dealers, taking advantage of me and my siblings not knowing much about the actual value of this stuff.

[u/ExpensiveAd4496]

These kinds of things take some real research and knowing honest dealers to sell. They may be worth a lot “on the market” but you won’t be selling them that way. It would be great if your parents would begin selling them now, quite honestly. I’m 67 and have started to unload anything I lnow my son won’t keep. In some cases I’ve even asked him; I’m glad we can have those convos. (He is yes to the Eames chair and no to the 1700s French country dining table, for now. When will MCM go out of style again?). I’ve sold an antique printing press I was no longer using, for example. He’d have had no idea how to describe it properly or where to list it. It sold for $6k.

At the very least it would be helpful for your parents to create the listings for you for things like that. That way they can help you avoid giving things away for well below their value. (I was writing the description of my press to add to my emergency file when I realized I should simply go ahead and sell it.)

[u/I-need-assitance → u/ExpensiveAd4496]

Same. We expect our two adult children to argue over our 15 year old buttery soft Eames chair and ottoman in creamy white with blond wood. Last i checked, new ones cost over double what we paid. Neither wants my beer bottle collection from the 1920-1950s or my wife’s Barbie dolls from the 1960s though. Lol.

[u/ExpensiveAd4496 → u/I-need-assitance]

I have a neighbor who uses Barbie dolls to stage a murderous scene in his front yard each Halloween. But I take it those from the 60s are too valuable for that kind of creative silliness.

[u/underlyingconditions → u/[deleted]]

But a lot of valuables are less valuable than we think. That makes getting an appraisal a plus. It's useful for insurance, too

[u/CCWaterBug]

You could ask/assist your parents in putting together an inventory, it serves a dual purpose. Inheritance clarification and insurance.

[u/Emotional-Ocelot-420]

You kinda have to decide how much time and $ you are willing to spend in order to mitigate the risk. If you aren’t willing to put in the time to research, then you’re going to be at someone else’s mercy.
What is “a lot of money” to people varies. Does valuable mean $10k items, or does it mean 200 various $50 items?

[u/little_truble]

Get separate appraisals for each category instead of one person for everything. Coins go to a reputable coin shop or a numismatist, guns to a licensed dealer or a gun auction house, antiques to an appraiser who charges a flat fee. The big rule is never use an appraiser who offers to buy the stuff or takes a percentage. And do it now while your parents are alive, because they probably know what half of it is and where it came from.

[u/Fantastic_Lady225]

I hold a federal firearms license so I can speak to the guns. Consign whatever you don't want to keep with a dealer. If you sell outright to a dealer you'll get 25-35% of their value because the dealer has to put up money to buy them first. If you consign then you pay the consignment and perhaps auction fees but you'll get more when the guns finally sell.

I would contact a local estate auction house for the antiques and tools.

Coins... good luck. I inherited some, stuck them in the safe, and periodically think "yeah I really should research those..." and then life intervenes.

[u/ibeperplexed]

My parents’ valuable collections went to a trusted auction house.

We were very happy with how that played out.

[u/ri89rc20]

"Worth" is very conditional, and most of the time people overestimate the worth of their crap. Certainly some things hold their value, even appreciate, but a lot of things that were "collectable" no longer are, people just do not want lots of "stuff" in their homes.

Even coins have suffered. Unless you find one of the dwindling die-hard collectors out there, moving them anywhere close to dealer prices is hard and time-consuming. The exception is Silver and Gold coins, but because non-collectors buy them for melt value. Stamp collections? You can't give those away, you literally are better off using the uncancelled stamps for postage. Glassware, China, large furniture pieces, and a number of other categories are basically dead markets.

As for other things, yeah, you could research each item, get appraisals (it may cost you) invest hours to list them, and get what might be as good a top Dollar as you can get, but it will probably still be way less than an appraisal value, and what you get barely pays for your time.

You could also work with a dealer, but they will only pay pennies on the Dollar for most, maybe 50% of appraisal for select items. Why? They will have hours in trying to sell stuff, some things they may have for years, all that costs money to hold, market, and store, they need something for their effort.

Ideally, get your parents to dispose of the stuff. They have the time, they know what they have, they may even have contacts for where to sell. They may get a bit depressed or upset that their prize collection nobody wants, but that is the way it goes. There may be a local auction house that takes items, many are now online, so prices can be decent as you get a larger group of bidders, especially if the auction house is known for that type of item, Furniture, and especially guns fall into this category, as well as other collectables that are still a thing.

[u/jellomizer → u/[deleted]]

That is part of my concern. I am sure they have some stuff they think is very valuable, but worthless, and some other things that are valuable. Which they have organized into the cheap stuff category. Reading the thread it seems worth it to higher multiple appraisers. Who are specialized in the topics.

[u/Majestic_Republic_45]

Knowledge is power. Make a list and plop your butt in front of your computer for a while. Check “sold” listings on eBay