What is the real value of mid-century furniture?

In recent years, mid-century furniture such as G Plan, Ercol, McIntosh and Jentique, have massively risen in popularity. There are hundreds of sellers out there trying to move on these 1960s pieces.

As a vintage furniture dealer, I have lost count of the number of times a potential client has turned down my offer for their item, only to come back a few weeks later having changed their mind. They look online, hoping to achieve the high prices of large established dealers. When they try and have no success, they often come back to my original price.

So why is mid-century furniture priced so high online? And why do prices vary so much across sites?

The main reason these pieces hold their value is the quality craftsmanship and materials. They were made to last, designed by specialist designers and produced in high end factories. In the 1960s, people worked hard and saved hard in order to purchase the best they could afford. A piece of furniture was normally purchased at marriage and was for life. So different from today’s throw away culture, with mass produced flat pack items that fall apart after a few years. Adding to the popularity of mid-century furniture, is its aesthetic appeal, with sleek designs and clean lines, which fit perfectly with today’s contemporary minimalist trends. As the demand for these pieces rise, so does the price. They become more limited in quantity making original pieces more desirable.

Buyers of mid-century furniture are a discerning bunch. They want the quality and originality, but they also want it in perfect condition with as little effort as possible. This demographic are willing to pay a higher price to get a better product from a reputable dealer. They don’t want to be purchasing from second hand market places, such as eBay and Facebook, to then have to get it totally restored.

In my business, I have to take my overheads into consideration when buying stock. I have to factor in the cost of transportation, storage, advertising, sales and courier costs, as well as restoration time and cost of materials. I have my own website and online shop to fund and maintain, premises and insurance to pay for. However, as a small business, my costs are considerably lower than market leading dealers who have huge overheads and ship abroad, hence the big variation in dealer prices and those massive price tags we sometimes see.

Most dealers purchase their items from auction, knowing that it will need refurbishing before it can be retailed. Our access to the market, by being established in the field, and access to vintage selling sites that are not open to private sellers, gives us an advantage. We purchase at wholesale and sell at retail value. Unfortunately, private sellers are not in this position, so selling options are limited to the likes of eBay, Facebook and Gum Tree, where buyers are just looking for a bargain and are often unreliable, driving down the sale price.

When looking to sell to a dealer instead, the private seller will find that they are usually offered a price equivalent to the auction guide prices rather than the high prices they see online. As dealers we know we can purchase such items at auction, so there will be no value in offering a higher amount to a private seller. So, whilst there is value in private sellers researching online, they need to be realistic in the amount they ask for.

As I am small and independent, I sit somewhere in the middle. I need to approach it from a business perspective but, at the same time, I like my clients to be happy, and offer them a reasonable price. I usually go by the average sale price of similar items at auction. As a lot of my work involves house clearances and probate sales, I like to be empathetic to my clients and considerate of their situation, allowing my business to offer a more personal touch. Where the pieces end up is of importance to me and my clients. Their item holds memories and they like to know that it’s going to a good home to be loved for many more years. I share any feedback I receive and my buyers are delighted to find such a special piece.

Alternatively, if a client isn’t happy to accept my price, I can offer to sell on their behalf on a commission basis. However, this is always a bit of a gamble and while there is always the potential to achieve a higher selling price more often than not, after fees, they end up with a lower amount then originally offered.

Are you looking to sell a mid-century piece? Do you need help with a house clearance? Please do get in touch to see what I can do.