The market doesn't care what you paid.
The Market Doesn't Care What You Paid
There is a rather brutal truth in antiques: the market doesn't care what you paid for something.
You might have paid £100 for it ten years ago, £1,000 last year, or — occasionally — rather more than you would care to admit!
What matters today is what somebody is prepared to pay for it now.
That isn't necessarily bad news. In fact, it's one of the things that makes the antiques trade so interesting.
Markets move. Tastes change, fashions come and go, and suddenly something that was yesterday's slow mover can become tomorrow's sought-after piece. We've all seen antiques increase dramatically in value over just a few years — and sometimes over a few months.
Of course, it works the other way too. Not everything goes up, and sometimes the current market price is lower than what you originally paid. That's simply part of trading.
The important thing is not to become emotionally attached to the price on the old invoice. The invoice tells you what it cost. The market tells you what it's worth today.
And despite the occasional bumps along the way, good antiques have a wonderful habit of making money over time. The trick is knowing what to buy, understanding the market, and being prepared to let the market — rather than your original purchase price — make the decision.
At Top Banana, we would always rather price something sensibly today and sell it than have it sitting around for years simply because we once paid more for it.
After all, you can't take yesterday's price to the bank. But you can take today's profit.
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