Some people buy collectibles because they enjoy it. Other buy collectibles with the hopes of selling them in the future for a profit.
Making money buying and selling collectibles isn’t easy. There’s a lot of competition, there’s a lot of bad deals, and there’s a lot of misinformation. But if you can navigate through all of that, as well as keep a clear goal and steady vision in mind, there’s certainly money to be made.
Here are our tips to help you can profit from buying and selling collectibles:
Know What To Buy And Where To Find It
To start your journey, you need to have an idea of what you’re looking for and where you’ll have the best chance to find it. Are you looking for rare collectibles only? Or maybe vintage collectibles? Or maybe specific music, movie or sport collectibles? Once you decide what you want to buy, you need to figure out where to buy it.
Know What Price To Buy At
Once you know what you’re trying to buy and where you think you can find something like it, you’ll need to know what a good price would be. Buy low, sell high, that’s the name of the game. If you don’t buy low — or at least at a reasonable price — then it will make the rest of your endeavors very difficult.
Retain Value Of Your Purchases
Nothing would be more of a shame than to identify a great collectible to purchase, negotiate a great price for it, only to have it destroyed while in your possession. Buying and selling collectibles may be a waiting game, as you need to wait for your investment to mature before selling it. A lot of things can go wrong during that waiting period. Make sure nothing goes wrong to ruin your investment by making sure to store your collectible properly.
Have A Plan To Sell
Buying and selling collectibles is much different than buying and selling other things. There can be an emotional attachment to the items. There can be unexpected opportunities. There can be challenges. The best way to deal with this all is to have a plan to sell.
If you’re not looking to buy and hold but would rather flip things, then you need to make sure you negotiate a great buying price and then make sure you know how you can sell them fast.
If you’re looking to get the best price possible, then maybe you want to sell the item on consignment to a broker.
If you have all of your capital tied up in collectibles and something better comes along, you’re going to need to have a plan to sell your collectible for cash so you can turn around and buy your next item.
By planning ahead of time, you’ll be prepared and will have a better chance of profiting.
Know what you want to buy, know where to buy it, buy it at a great price, store it properly and then sell strategically. That’s the recipe for success.
Of course when you’re ready to sell, regardless of if you were an investor or a collector, we’d love to take a look at what you’re selling and possibly make an all-cash offer! If you are selling your collectibles, please fill out our seller inquiry form or call us at 800-326-7064.