Buying and selling antiques is an unconventional and lucrative way of making money. Some take it as a hobby, while others see this as a side-job. It’s a risky source of income as dealing with antiques can either make you a millionaire or bring you down to the bottom line. Many people turn it into their profession. But, it takes years of experience and skills to master the art of making money from vintage items. It needs to be done the right way or else you’ll be in trouble.
If you’re interested in buying and selling antiques, then here are 6 secrets to making money from your hobby.
1) Do Your Research
Don’t turn your antiques’ business into a gamble by buying items without doing your homework. Collect information about the item from books and online resources. Consult other collectors and crosscheck the authenticity before making an investment. This will help you in making most of your money by investing in only those items that are worth buying.
2) Look for Rare Items
The rarity of an item automatically increases its value. Therefore, look for items that are rare and have historical significance.
3) Invest in What You Like
The value of antique items increases with time. Invest in antiques that you like and want to store in your home for years to come. Items that interest you are easier to store irrespective of their financial value. Therefore, you can easily store it and sell it after a few years at an increased rate.
4) Trust Authorised Dealers
There are a number of fake vintage items in the market. Many dealers sell counterfeits in place of real antiques. To avoid losing your money, buy antiques only from authorised dealers. Take special care when buying antiques online as there are several con websites that sell fake antiques.
5) Avoid Buying Restored Items
Restoring and refinishing antiques such as furniture can diminish its value. Many dealers sell repaired antique items as originals and make good money out of it. However, you should closely look for signs of restoration to avoid buying refinished items.
6) Create a Backup Plan for Unsold Items
It’s not always necessary to sell all items from your collection. There will be some antiques with issues such as stains or damage that remained unnoticed. As a result, you can’t put up those items for sale because it can affect your reputation in the market. Create a backup plan for handling those unsold items. You can repair some items and sell it at lower rates to get some return on your investment.
If you’re a newbie to the world of antiques, then we hope these tips helped! Experience is the best teacher but follow a strategy to sustain yourself in this risky business. Research well before buying an item!