Make Money With Collectibles

Old coins, stamps, comic books, bottle caps, autographs of famous persons or Hollywood stars, hard-to-find vinyl records or CDs.  Just about anything and everything that’s worth collecting by someone else can earn you extra income.

The keys are knowing which collectibles are worth collecting; focusing on a particular type which interests you; sourcing those items; and knowing how to attract your customers.

Getting Started…

1. First and foremost, know why the items that interest you are collectibles.  Understand why people want them and if these items will always be worth other people’s investment.  Keep in mind that items that are worth your time and investment are those that are rare. 
2. Based on your budget, buy the more desirable collectible items that are of limited supply (like rare gold coins for example), and at the best condition possible.  You don’t need a cupboard full of these items.  Remember the law of “Supply and Demand”.  The more of your collectible items are available, the lesser their value.
3. If you’re new in the collectibles business, buy your first items from the most reputable and best dealer possible.  EBay or other forms of auctions are not advisable in the beginning unless you already have the confidence and ability to spot authentic and really good deals.  Dealers with a reputation to protect will even tell you what collectibles would be worth your investment, and what to look out for when hunting for an item.
4. As an alternative, you could always rummage through the items in your own home, or other people’s garage or yard sales, the Salvation Army, flea markets/swap meets, local or household auctions.

Two simple considerations should help you decide on the items you choose for your sellable collectibles:

1. If the item is at least 10 to 20 years old and in good shape, buy it.  Store it until the right time to unload knocks on your door.
2. Buy something of value to you when nobody wants them.  Sell it when someone is willing to pay a price for it. 

Let Others Know…

Once you’ve gotten hold of the collectible items you’d like to make a profit from, the next step is letting potential buyers know you have something they want.  Here are some ways to catch their attention:

1. Exhibit your collection either through the web, your Facebook/e-bay account, or by hooking up with people who share interests in your collection.  Some of the suggested sites are: Collect.com, eBid.com, Etsy.com (which specializes in handmade items and vintage clothes), and iOffer.com.
2. As you gain the experience and knowledge about the items in your collection, you also will gain a level of confidence, expertise and “authority” to talk about your collectibles before people who may be willing to pay a small fee for you to speak about your items.
3. You can photograph and write articles about your collection for a particular publication.  Who knows, you may be making money not only with your collectibles; you could also get paid for your piece.
4. Further on, you can turn this “hobby” into a “Buy and Sell” business; graduating to become an authority on an array of collectible items.

Collectibles Worth Watching Out For…

1. Glasses from the 80’s with characters like E.T., Garfield, Smurfs, Star Wars, Star Trek.  Just make sure the paint is in good condition and the glass has no chips or cracks.
2. Toys from the early to mid 80’s especially action figures like G.I. Joes, robots, super heroes.
3. Hats and other accessories from the 70’s to the 80’s so long as they are in good condition.
4. Costume jewelry from the decades of the 60’to early 80’s.
5. Folk art or original art pieces from any era are always on top of the list.

Beware of Fakes and Imitations

If there are tons of opportunities for you to make money with collectibles, there are just as many reasons for you to keep a sharp eye out for fakes and imitations.  Should you find yourself dealing with a seller requesting privacy for your transaction, request some form of document or proof that you can use for another party to verify the authenticity of the item.  Signature bags and jewelry sold over eBay are the usual “breeding ground” of fakes.

As in any purchase, sellers with authentic items should be willing to give you a guarantee for the item.  If you’re not satisfied with the purchase, they should be willing to take it back and return your money.  Likewise, if an item looks and sells at a price that’s too good to be true, then it probably is.  If someone sells you something of real value, you can be sure it’s never going to be undervalued unless the seller isn’t aware of its true worth.

Finally, and once again, learn about the item.  Experience owning the “real thing” prior to selling it for profit.  Build your collectibles for the sheer pleasure of it.  Remember, if an item means something to you, chances are it’s also worth something to others.  If they want it bad enough, they will pay you top dollar for it, and that’s how you make good money with your collectibles.

Are you making money with collectibles or thinking about doing so? Be sure to share your comments, thoughts, ideas below…