Whether it's a diamond ring, a classic timepiece, or some other luxury valuable, it's surprising how often people don't know the true value of what they own.
This can be an even more acute problem if it has been passed down through the family. That ring, necklace or timepiece just becomes something that sits in a drawer, sometimes without anyone knowing where it came from in the first place.
Which is fine. Unless you need the money.
Is There Sentimental Value Or Not?
Often people cling onto items from the past without those items having any real sentimental value. They sit gathering dust, with the only reason for keeping them being that you always have.
Which isn't a problem, unless it happens to be a diamond ring which could be worth tens of thousands.
Obviously if it's a diamond ring that your grandmother passed your mother, who passed it on to you, then there is history and potentially strong sentiment there. But often that's not the case.
Justin Navin is the founder of one of the largest online luxury item buying companies, Luxury Buyers. His concern is that people hold onto things even when there is no real sentimental value, losing then the chance of easing so many financial problems:
“The problem is that people don't challenge their own sentiment. Too often there is no sentiment in an item, but people still keep hold of it because they always have. Although this isn't a problem if you are wealthy, most of us could do with the money instead.”
The Worthless Can Sometimes Be Life Changing
As well as misplaced sentiment, sometimes people just don't have a clue as to what an item is actually worth.
Luxury Buyers Justin Navin gives a recent example of how true this can be, “Take the recent 'Tenner ring' sale. That's a classic example of how often people don't realize the value of luxury items in their possession.”
The Tenner ring was bought at a local sale in the UK for just £10. It recently sold at the world-famous Sotheby's auction house for £656,750 (around $850,000).
Navin warns: “It's a classic example of why you should get a luxury item valued. If there is no sentimental attachment and you are sitting on items you have no clue about the value of, then it's a no-brainer to get a specialist valuation.”
If There Is No Risk, Then A Valuation Makes Sense
Whatever the reason for it being your possession, you should not take a risk with any luxury item you have tucked away.
There's no point in taking it to a local pawnbroker, where the lack of expertise you may both have could lead to an unfair price being agreed. On top of that you run the risk of being ripped-off by an unscrupulous buyer.
And just putting a luxury item up for sale on an auction site could be a route to disaster. You can guarantee that the people looking to buy will have more expertise than you, which could mean that only one of you gets a great deal.
The sensible option is to get your luxury item inspected by an expert. There are plenty of dedicated online luxury item buying companies out there. They employ teams of specialists who have decades of experience in accurately valuing any type of luxury item.
And it's not just about the actual valuation in some cases either, it's about understanding the desirability of an item, which means understanding the latest trends.
So if you have an item tucked away which doesn't have the sentimental value you perhaps thought it did, then there really is no risk in sending it away to a specialist buyer to see what price you can get. It could be worth a lot more than you think.