Yahoo Finance Items Bought Secondhand That Later Sold for Millions — What to Look For
It sounds like a dream: That one day, your weird obsession with old-school antiques, estate sales and consignment shops leads to a million-dollar payday.
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Yet dreams can come true, and there are documented cases of people finding second-hand items worth thousands of dollars. Here are some noteworthy stories to inspire your inner treasure hunter.
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1. A Copy of the Declaration of Independence
According to the Baltimore Sun, in 1989 a Philadelphia man purchased an old painting for $4 at a thrift store because he was interested in the frame. Once he removed the canvas, he discovered it was hiding a copy of the Declaration of Independence, which was eventually sold at an auction for $2.42 million.
2. A Lost Ansel Adams Collection
Rick Norsigian, a commercial painter in California, purchased a box of photographic plates at a garage sale for $45 in 2000. He eventually became curious about the box’s contents and discovered that these were the long-lost images of famous American landscape photographer Ansel Adams.
Per ArtNet, initial estimates put the collection’s value at about $200 million. However, it’s rumored that several print sales from the collection have garnered a minimum of $1.8 million in revenue so far.
3. A Rare Chinese Bowl
According to Cecilia Leung of Sotheby’s, a bowl “was bought for a few dollars from a tag sale near the consignor’s home in the summer of 2007.” That owner had possession of the bowl for many years before they became curious about its origin and value.
As CNN reported, the bowl was discovered to be “an example of Northern Song Dynasty pottery,” and it was sold in 2013 for $2,225,000 by London dealer Giuseppe Eskenazi.
4. A Rare Photo of Billy the Kid
Randy Guijarro purchased a photo at a second-hand shop in Fresno County, California. Eventually, he and his wife believed it was a rare photo of legendary Wild West outlaw Billy the Kid and his posse, whose real name is Henry McCarty.
As The Sun reported, it took some time to authenticate the image and get it insured as a high-value collector’s item, but it was worth it. William Koch bought the photograph for $2.3 million at an auction in 2011.
5. A $20 Million Faberge Egg
A scrap metal dealer from the U.S snagged an egg-shaped golden ornament at a junk market for $14,00, hoping to offload it for the value of the metal. Upon further research, he found that the ornate piece may have been the egg Russian Tsar Alexander III had given to his wife, Maria Feodorovna, for Easter in 1887.
Eventually, an antique dealer verified the find as genuine, valuing it at $20 million. According to a report published by Reuters London, the item was allegedly sold for an undisclosed amount to a private collector.
How to Find Treasures at Second-Hand Marketplaces
Though it’s not likely that you’ll strike gold with most of your treasure hunting at estate sales and similar marketplaces, there’s still a possibility to find something of value. As the old adage goes, beauty is in the eye of the beholder, so the key is finding items others are also looking for and willing to purchase at a premium.
If you think you’ve got a good eye for high-value collector’s items, here are some tips that can help you refine those skills:
Become an Expert in One Area
Although pursuing every opportunity to authenticate a high-value item that crosses your path is tempting, the best strategy is to become proficient in one area. For instance, you may consider focusing on things like baseball cards, comic books, musical instruments, jewelry, etc.
The time and other resources you’ll have to dedicate to researching and verifying the value of an item can add up quickly, so it’s better to hone your skills for a particular type of collectible so you can make quick, accurate decisions.
Look Beyond the Surface
Some items may not appear special or valuable at first glance. Take some time to do a thorough inspection, looking for distinctive markings or signatures.
Be prepared to do some cursory research, in the moment, to validate the object’s value. Become familiar with online pricing guides, auction records and collector’s books to help you quickly determine the item’s value.
You should also know how to spot fakes or knock-offs to avoid spending money on worthless items.
The Early Bird Gets the Worm
As mentioned, the key to great finds is making quick decisions, but if you’re too late to the party, then nothing else matters! Getting to places where collectibles are sold earlier than everyone else can increase your chances of finding what you’re looking for before someone else nabs it.
Build Relationships
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Developing relationships with store owners, sellers and other collectors can lead to tips about upcoming sales or valuable items not yet available to the public. Also, building relationships with experts in your area of expertise can help you when you need to authenticate any items in question. In some cases, you may need a team of investigators to corroborate your claims about an item to sell it at top dollar.
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