A Guide to Selling Antiques Online
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The COVID-19 pandemic proved to be quite the catalyst for the online art and antiques market worldwide, according to Statista, with total sales in 2020 roughly doubling those of the previous year. Specifically, as auction houses and dealers sought alternatives to in-person events, the online industry reached a value of $12.4 billion in 2020, having accounted for just $6 billion in 2019. It was a stark example of the fact that listing valuable items on sites like eBay or Amazon will still attract a frenzy of buying activity from all over the world.
Understandably, this has led some to consider selling antiques online when they may not have thought about doing so before. So in this piece, we want to provide a few tips for selling your pieces online.
Source and evaluate your antiques
One-of-a-kind items, clothing, jewelry, electronics, furnishings, and other collectibles are the most popular antiques to sell. Amongst these, however, it helps to find a specific niche to build expertise in. You might narrow down "jewelry" to antique pendant necklaces, for instance, and find that they're interesting to you and highly desirable to others. Then all that's left is to source them — perhaps starting at thrift stores, yard sales, and thrift shops (not to mention looking at the online selling platforms yourself).
You also need to do research on how to ensure the antiques you’re selling (or planning to resell) are authentic. Some antiques – like glassware, ceramics, and metalwork– come with marks identifying when or where they were made. Others, however, can be trickier to assess. If you’re not sure about the value of items in your own inventory, you can talk to a qualified appraiser who can help you to work out the details. Consider for example historical documents These types of antiques are evaluated on when and how they were created, whether they were gifted or inherited, and so on — information that isn't always available (or at least confirmed) without an appraisal.
Set up shop on the right platform
As we've alluded to, there are many platforms for selling antiques online. Even so, you'll want to find one that best suits your particular needs. Some sites — usually established marketplaces like eBay, Etsy, and Craigslist — charge transaction fees and shipping charges because they already have a lot of willing buyers. For some, these fees are worthwhile in return for the convenience these sites offer. If you're looking to become a serious, regular dealer, however, you may also want to consider a customized online store built via a platform like Shopify, Squarespace, or Wix. Similarly, you can also leverage social media platforms like Facebook and Instagram to sell directly — especially if you already have a large following or the means to gain one.
Once you choose a primary platform, you can begin to create listings based on product details such as age, condition, history, dimension, and functionality. Showcase the items properly by taking good photos (from multiple angles!) Potential buyers should be able to see any intricate details and interesting features clearly, and should ultimately be able to gain the best possible impressions of your objects by browsing online. Finally, you'll also need to price the items based on their age and condition. You can refer to how similar items are priced, then adjust as needed.
Understand how online sales taxes work
Taxes for online sales have actually been something of a hot topic of late. Barrons has observed skyrocketing for things like trading cards and action figures of late, prompting many to dig through the tax implications of online sales for the first time. And in some instances — particularly for those who are unprepared — those implications can be worrisome! For instance, collectibles can be taxed as alternative investments based on how much they've appreciated in value. If in fact, you’re selling them at a gain, they may be subject to a long-term capital gains tax rate of 28% (if disposed of after more than one year of ownership).
A recent post on the time value of money by AskMoney outlined how money has a definitive time value. You stand to make more money the sooner you invest it because inflation and opportunity costs have yet to increase, earning you more. Antiques work on a similar principle; you would likewise allow the value to increase over time before selling. However, this also means that if you sell something for more than it was worth when you originally bought it, the IRS will treat these items as investments. It’s important to document the value of the item when it first comes into your possession, otherwise, you’ll need to pay capital gains taxes on the entire amount of the sale — rather than the net profit. Aside from reading up on taxes, it’s also advisable to speak to someone knowledgeable in the field. Talking to an accountant can help clarify a lot of things, and you'll be better able to avoid unforeseen or problematic tax issues when you begin to make sales.
Ship out your sales
When you do start to sell your antiques, remember to pack the fragile and valuable pieces with extreme care. When possible, try to do so using eco-friendly material as well — because consumers' preference for sustainable shipping is only becoming more apparent, according to logistics data platform Sifted. And finally, if you're able to, add a personal touch! Consumers look at antiques as special purchases, and a handwritten note telling them to enjoy their new items can enhance that sense (sometimes leading to favorable reviews or repeat business).
Keep all of these tips and steps in mind and you'll be well on your way to establishing your own antiques business online.
About the Author:
Rebecca Windrow is an amateur artist who loves sketching in the park, painting her kids, and visiting all sorts of museums. She became interested in antiques very recently, enthralled by their fragile and ornate nature. She's been sketching them ever since, and writing about them too!
© Rebecca Windrow 2021