GEMINLOGICAL
Selling a collection
There are many reasons why you may be considering selling a mineral collection. This may include a need to free up space, to raise funds or because you are no longer interested in collecting.
In this section I set out some of the options open to you for finding new homes for your collection. I’ll cover the advantages and disadvantages of each option so that you can make an informed choice about what is right for you. I will also talk about the value of minerals and explain the difference between values for insurance and values on the secondary market. I will also explain the factors that influence the value of minerals. Finally I will set out what to expect if you decide to speak to us about buying your mineral collection from you.
Selling the collection to a mineral dealer like Geminlogical
The advantages are that the process can be completed quickly, the minerals can be collected from you and the funds paid promptly. There is one agreed fee with no hidden extras. I will try to offer you a higher price than you are likely to realise at auction. We are experienced in handling minerals and will take time and care to ensure that they are packed and moved carefully so as to avoid damage which can reduce value. On the whole most minerals are safe to handle but some are poisonous, some can be unstable and some can be radioactive. We have the knowledge to identify and deal with these types of minerals and ensure that the right precautions are taken.
Selling the collection online yourself
This could be a good option for you if you have the time and knowledge needed to photograph, list and manage online sales on a sales platform like Ebay or Etsy. Selling directly to customers may mean that you can realise a higher price for the individual pieces. The disadvantages are that you will need to have the knowledge to accurately describe the minerals to prospective buyers and you will need to ensure that you can identify any poisonous, unstable or radioactive materials. Postage costs for minerals can put buyers off and packing and sending fragile materials requires some knowledge. Ebay selling fees can be up to 25%, although they do offer discounts sometimes. Selling a collection in this way may take a long time.
Selling through an auction house or house clearance
This option is relatively quick, the auction house will collect the minerals from you and payment is usually made soon after the auction takes place. The disadvantages are that many auction houses do not have the time or knowledge to transport minerals carefully, they may be damaged in transit and then buyers may be less willing to bid on them. I have seen many collections put together into boxes on top of each other in a jumble, the damage is irreversible. Auction houses don’t have time to spend producing good photographs or creating detailed listings. They may put the pieces into “job lots” which can make it difficult for bidders to see what is in the lot, also potentially limiting bids. They may not have the knowledge to identify or deal with poisonous or radioactive materials, meaning they could inadvertently be passed on without proper precautions. The auction house will usually charge you a sellers fee, typically between 10-20% of the sale price achieved. Its always best to agree a reserve price with the auction house before the sale so that your minerals are not sold for a price less than the agreed minimum.
Selling to a mineral club or museum
Clubs and museums might like to buy your collection so this is worth considering. They will often have really good knowledge of how to transport and rehome mineral specimens, they are also likely to know how to handle poisonous or radioactive materials. However typically clubs and museums don’t have big budgets for buying collections and they often rely on donations.
Understanding value
People often ask what a specimen or collection is worth. The answer to this depends on a few different factors. Firstly lets look at the two main types of value. An insurance value is the value of the item if it had to be replaced, often referred to as new for old. This is really just the price you would have to pay for the same or similar item from a retail outlet at todays prices. You can get an idea from looking online or in the shops. The value of minerals when they are sold through an auction house is a secondhand value. This is the value likely to be achieved if the item was sold through auction at the current time. This is usually a lot less than the insurance value.
Factors affecting mineral values
There are a number of other factors that can affect the value of a mineral collection.
Condition – most collectors want to buy minerals that are clean and undamaged, even small amounts of damage can reduce the value of a specimen by up to 90%. The condition of the specimens in your collection is the single biggest factor in realising the most value, so careful packing and transportation is really important.
Labelling – many collectors will not buy minerals without labels that show the identity of the mineral and the location it came from (country and area). Higher prices are paid for collections which have accurate labels that are with the correct specimens. Dealers will buy collections without labels or where the labels have become muddled up but they will have to spend considerable time and effort in researching and relabelling, this is likely to reduce the price offered to you. If you have the labels make sure to keep them with the specimens.
Rarity – collections that contain rare and or desirable minerals will attract a higher price than those that contain more common specimens.
Size – large specimens may be hard to store and many people don’t have space for them in their houses so they are also hard to sell, typically smaller specimens will be more desirable.
I hope that this information has helped you to understand the main options for selling your collection and to understand a bit more about the factors that influence value. If you need further advice we are happy to help you.
If you decide to sell your mineral collection to Geminlogical
Geminlogical would really like the opportunity to buy your mineral collection. The first step is likely to be a telephone discussion and then for you to send some pictures of your collection. If we are interested in buying we will come and visit you to assess the collection. If the collection is right for us we will make you an offer there and then, if the offer is accepted we will pack and remove the collection the same day. If the collection isn’t right for us we will tell you why and suggest some other options for you. Contact us today through the "contact" tab at the top of the page.