How much is this worth?
This is a question often asked and answered. Antique values and vintage values vary greatly. Items don't have set prices. Meaning, you can't order them from a catalog where you can choose a different size or color. You can't purchase them in quantities at a set wholesale price from a distributor.
It's much more complicated than that.
Let's start with the definition of Fair Market Value or FMV (thanks to the AAA)
- FMV is usually for IRS purposes and is defined by IRS Section 1.170 and 20.2031 (b) as “the price at which the property would change hands between a willing buyer and a willing seller, neither being under any compulsion to buy or to sell and both having reasonable knowledge of relevant facts.”
What does this mean in terms of values? Let me give you a few examples.
# 1- Store. If a customer comes in and finds a piece of sterling silver that is priced on the counter. She really likes it and thinks it's a good fit for her decor or collection but wants to think about it. The store owner likes the piece and is confident feels based on her customer base she will have no trouble selling this at the price she's put on it. So she says no problem and doesn't offer a discount in an effort to facilitate a sale. Both parties part ways. The store owner continues her business , the potential customer goes home to think. A few days later she comes back and purchases the piece. So this situation fits the FMV definition. She was a willing buyer, had , and the owner was a willing seller. Neither were being forced to sell or buy at that moment. This is basically the highest price you are ever going to get for something.
Here are a few more examples of situations where values change. Whether it's value is needed for insurance purposes, value to sell it at your garage sale, value to buy it, value at auction, these values fluctuate and for so many different reasons.
# 2- Estate sale. You have a set amount of time where the contents of a house need to be emptied out, they are under a time crunch so the "neither being under any compulsion to buy or to sell" Doesn't apply here. The seller definitely is under the compulsion to sell whatever is in the home in a set amount of time. So in this case, the contents will not sell for FMV. This is called a "liquidation value". which is defined by the American Appraisal Association as-
- LIQUIDATION VALUE: This value is based on the price realized in a sale situation under moderately forced or limiting conditions and under time constraints. This action may be initiated by the owner or a crediting institution. It is implicit in this definition that Liquidation Value will generally be lower than other types of valuation.
- FORCED LIQUIDATION VALUE (FLV): This is the lowest range “NET” value, usually for a quick and forced sale purpose. It is defined as “the most probable price in terms of cash, or other precisely revealed terms, for which the property would change hands if sold immediately, without regard to the relevant market place.
The 2016 Vintage Garage Chicago Flea Market schedule dates are April 17, May 15, June 19, July 17, August 21, September 18, and October 16. There will be 100 vendors offering cool vintage and antique pieces every 3rd Sunday, April to October. Vintage Garage is located at 5051 N. Broadway, Chicago, IL 60640. Hours are 10:00 am to 5:00 pm with a $5 admission. Official website is www.vintagegaragechicago.com