Recessions are never fun. But as an investor with a long-term time horizon, buying assets such as rare collectibles during a recession can be a smart financial decision if you have the means and the extra capital to put to work.
You should obviously speak to a financial advisor prior to making a large investment decision. This is not financial advice. But if after speaking to your financial advisor so you understand all the risks, here are some things to keep in mind on how to buy rare collectibles during a recession.
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First, Know Where To Look
You can certainly look in the normal places- eBay listings, your local collectible store and so on. But during recessions, people also sell things at pawn shops and auction houses, so those places are worth looking as well. Additionally, banks foreclose on properties and subsequently auction items off that way. All these places are worth looking for hidden gems.
Second, Be Compassionate Of The Circumstances
It’s extremely important to understand that people unfortunately sometimes sell their collectibles during a recession out of desperation. Be a good person and be compassionate of their circumstances. Of course you want a good deal, but don’t take advantage of their situation and don’t be disrespectful with your offers and counter-offers. You’re already going to be getting a good deal, no need to press too hard. In the end, kindness may actually get you further during negotiations than playing hard ball.
Third, Determine What A Fair Value Is For The Collectible
Once you identify a collectible you want to purchase, try to calculate what you believe fair market value is. Determining the value of any collectible is much more art than it is science, but going through the process to get to a somewhat accurate number will help both you and the seller come to a reasonable agreement on price.
Fourth, Make A Fair Offer And Be Willing To Negotiate
Even if you are dealing with a distressed seller during a recession, you must be willing to negotiate. The biggest reason you want to be open to negotiations is because you simply don’t know how many other buyers you’re competing against, and at the end of the day people prefer to work with agreeable people who are easy to get along with. In the end, being willing to negotiate may be the best business strategy to get you the items you want at the best possible price. Plus it’s the right thing to do.
Finally, Be Aware Of Scams
If something seems too good to be true, it probably is. You should always be weary of deals, but unfortunately the number of active scams goes up dramatically during recessions, so you need to be even more aware of what’s going on. You can certainly take measures to protect yourself by dealing with reliable sellers, meeting in public places, never meeting strangers alone, and getting second opinions on valuable items prior to finalizing a deal.
Or, Consider Buying From Us Directly At Neatstuff Collectibles
Even during a recession, dealing with a reliable seller cannot be understated. Trust a leader in the collectibles industry and consider buying your collectibles from Neatstuff Collectibles! We are trusted eBay Partners, so you can see much of what we have to offer here.
Looking for something specific and can’t find it? Give us a call at 800-326-7064 to see if we have anything unlisted, and follow us on Facebook to stay up to date!