local traders say the traveling shows are risky and not likely to yield the best prices.Roger Brown, co-owner of R&T Antiques in Queensbury, said customers do better when they visit bricks-and-mortar stores run by people with a stake in the community.
He said the out-of-state event has presented misleading advertisements to the public and is undervaluing items.Asked about the negative characterizations of his company, Overholser said, “The perception is that we are a fly-by-night company in town doing this, and a lot of the local businesses are upset. Nobody is obligated to sell something. The evaluation is absolutely free.”He said customers are welcome to get second opinions, and he invited local dealers to come in and check out the operation of Gibson J160e John Lennon .On Wednesday morning, customers trickled into the hotel with coins, jewelry and collectibles.
Bob Marcotte, of Corinth, brought in a Gibson John Lennon J160E from 1969 in its original case. A longtime guitar collector and trader, he said he has encountered scam artists before and always researches the value of the item before selling. Marcotte was hoping to get about $3,000 for his guitar.He was still waiting on a price when his wife, Ruby, was quoted about $400 for a pile of silver and gold jewelry.”Because I haven’t done this before, I’ll get a second estimate,” she said.Later on Wednesday, Marcotte told The Post-Star he turned down Ohio Valley’s $1,500 offer on the guitar and a $250 offer on a vintage banjo he valued at upward of $2,000.”I’ve been doing this for 20 years,” he said. “Obviously these people are not even close.”As for his wife’s jewelry, the couple received a similar quote from a local store and were paid in cash; Ohio Valley had offered to write them a check.
Local gold traders say the best way to ensure an accurate price for valuables is to get multiple opinions. Sellers are also encouraged to have an idea of what their item is worth before they get an estimate.Putting a price on antiques can involve research onlineusing sites like eBay. With precious metals, the market price is listed daily on sites like kitco.com.Dealers say pure gold nets the consumer up to 95 percent of the value, whereas mixed jewelry realizes less money because refining expenses have to be factored in. The value of antiques can vary, according to Brown, because buyers might not be immediately available, while gold can always be sold.Brown said customers should be cautious when all their jewelry is thrown on the scale together without accounting for different carats.Dyer recommended customers deal with a bonded company and also endorsed local buyers over out-of-state businesses because dealing locally makes it easier to follow up on concerns.He noted that Warren County has reporting requirements for the sale of coins and jewelry that local stores must follow.