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Traders Loan & Jewelry

Becoming a Successful Collector

October 1, 2016 by Traders Loan and Jewelry

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Have you started casually collecting something, but are ready to take your collection to the next level?

Quality collections of any kind require interest, attention, research, and a sharp eye, among other attributes. If this sounds appealing, and you want to get started as a collector, be prepared to spend time honing your skills.

Here are 6 tips to get you on the road to being a successful collector.

  1. Study Your Subject
    If you aren’t well-educated about what you’re collecting, it could cost you. Not only could you grossly overpay for items, but you also may rob yourself of profit if you decide to sell them. There are countless books and web sites out there about nearly every type of collectible, whether it is artwork, sports cards, stamps, coins, or anything else that may catch your eye. For example, condition is often immensely important. Doing the research will give you a good idea of what condition is normal or acceptable, which in turn will help you accurately assess the value of items and get a leg up on other collectors.
  2. Get to Know Dealers and Insiders
    The best way into the world of collectors is to get close to the sources. Talk to store owners to find out where they get their pieces. If your collection consists of sports or game cards, find a store or dealer with a very large and diverse inventory and contact the owner or manager. Collectors of like items tend to know one another, so the more people you know on the “inside,” the more opportunities you will have to obtain sought-after pieces. You will also be more likely to negotiate a better deal if you have a relationship with vendors.
  3. Be Patient
    Too many collectors “fall in love” with an item and decide they just have to have it. When this occurs, collectors tend to overpay. Bidding wars erupt at auctions which cause emotion to override common sense, and “winning” collectors are left with a purchase that will likely end up reselling at a loss (if it comes to that). Even if you think that what you are after is the most rare, one of a kind piece you will ever see, exercise restraint. Not unlike many consumers, collectors and dealers can go too far and end up shorting themselves for that “must-have” piece. Be sure to set a budget for hobby expenses.
  4. Be Objective
    Many collectibles including art, coins, stamps, books, and cards, are graded for quality by certified professionals. Knowing how items are graded is an important aspect of collecting that many people overlook. Expert collectors know this, and search for highly graded pieces. It is essential to think like these collectors when seeking additions to your collection. If you have trouble being objective when looking for new treasures, take someone with you who can be the voice of reason. Anyone can make foolish snap judgments. Do not be that person.
  5. Go for Quality, Not Quantity
    One big mistake that many aspiring collectors make is purchasing a bunch of mediocre pieces to increase their collection, instead of a few “perfect” specimens. Smaller, quality collections will increase in value at a higher rate than larger ones with lower-grade items. In addition, the more rare a piece in your collection is, the more it will be coveted and revered by other collectors and admirers. Quality always trumps quantity. It’s usually worth it to pay more for quality.
  6. Take Care of Your Collectibles
    If you want to maintain the integrity of your collection, you’ll have to take good care of it. Use proper cases, shields, covers, and other protective equipment to protect your investment. The more valuable the collection, the more precautions you will need to take to protect it. These are important precautions to consider when looking to store your prized possessions.

 

Final Word

There are plenty of nuances you will pick up along the way as you learn about and grow into your collecting hobby. You will never know everything there is to know about your subject matter; learning and growing with your collection is part of the fun. These tips are merely a start as you work to become a successful collector. Follow them though, and you will have a great yardstick to measure your collecting prowess against similar collectors and collections.

A great place to start building your collection is Traders Loan & Jewelry. Being one of the oldest and best pawnshops in the San Fernando Valley, they have a great relationship with people looking to buy, sell, or loan collectibles, and you can easily find something you will want to add to your collection. Head into Traders Loan & Jewelry to grow your collection today.

 

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Traders Loan & Jewelry

Traders Loan & Jewelry is the oldest pawn shop in the San Fernando Valley, serving clients for over 65 years with honesty, professionalism, and a friendly attitude. Traders Loan & Jewelry grants loans against collateral, offers onsite appraisals, sells new and pre-owned merchandise, designs and creates custom jewelry, and repairs watches and jewelry. We are a non-recourse lender, and do not report to credit bureaus due to loan defaults. We're known as the peoples bank because loans are based on the item and not the person. Unlike secondhand dealers, Traders Loan & Jewelry allows customers to borrow money against the value of an item, and at Traders Loan & Jewelry, 95% of customers redeem their items.
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Traders Loan & JewelryThursday, December 31st, 2020 at 8:23pm
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Wishing you a wonderful 2021 from us to you!
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Traders Loan & JewelryWednesday, December 30th, 2020 at 6:23pm
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Cartier Pasha 18K Yellow Gold Chronograph 38mm Watch 0960-1 | eBay
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Traders Loan and Jewelry makes loans on your items at an introductory rate of 2% for the first month on selected items.  You have up to 4 months to pay back the loan, and are then welcome to come in and renew your loan for another 4 months.  A typical loan of $300 for your item would incur a 33.31% APR for a total of $333.13 due at the end of the 4th month to reclaim your item.  Loan renewals after that 4 month period would incur similar costs.
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