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.
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. 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.
Other selling options
You could try approaching local mineral and crystal shops to see if they will buy your collection, perhaps even the shops where you bought the pieces in the first place. Expect to be offered between a third and a quarter of what you paid for them because this is typically the price that shops buy in new stock for. You could also try getting a table at a local mineral and crystal show or exhibition. You would be able to charge close to retail prices but it takes a lot of effort and you will need to factor in things like table hire, packaging, payment devices and transportation.
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.