Nearly every day I get emails from people wanting to know what their Teddy Bears are worth, wanting to know what to sell them for, or where to sell them, or how to sell them. I volunteer on another informational teddy bear board where the question often comes up about values. What’s it worth? Everyone wants to know the bottom line.
I hate these questions because they are subjective based on inadequate information. Appraising a bear with pictures or only a written description is an educated guess. More importantly, there are a range of values that can be assigned to an item. Do you want to know a “book value” for insurance reasons? This is typically the high range value for an item, and it would be given assuming you have lost an item in a fire for example, and want to replace the item. The condition, age, and scarcity of the item would factor into the “book” value. Book value does not have even a passing relationship with fair market value. Fair market values depend a great deal on the venue of sale and also vary a great deal. Selling an item in an online auction is rarely going to get you the best possible price for your item unless you have an item with international appeal and one that is easily photographed and displayed. Antique and vintage Teddy Bears are not the best thing to purchase online unless the seller is one known to you and trusted, or with an all encompassing return policy. Because you cannot see, smell, touch, and thoroughly examine the item, bidders tend to be cautious in bidding online. Prices set by antique stores, retailers and auction houses reflect the fact that you can pick up the item, turn it over and upside down, smell and squish the bear, examine the eyes and seams and joints, and generally evaluate the item for authenticity and condition.
So the same bear, sold on eBay, might fetch a completely different price at a store or auction in person. Sometimes that price will be more, sometimes less. Fixed prices are set by the retailer – an auction might start at an acceptable level and can go for minimum bids, or go over the moon. All it takes is two bidders, determined to purchase the same item. Again, this can happen on line or in person. So the very same bear, exact same maker, age, condition, color, etc may sell for 100.00 on eBay, 150.00 at a store, 400.00 at an auction – or it might sell for 400.00 on eBay, and 100 dollars at a local auction house. It is nearly impossible to come up with a reliable value because the truth is that an item is worth what someone is willing to pay for it at a particular place and time. That can vary according to the time of day, month of the year, day of the week or even the weather.
Let’s say you take your old bear to the Antiques Road Show, where you hope it will be recognized and selected for presentation. You have a value in mind because you saw a bear “just like yours” on another show and it was given a very high value. Your bear you may think is just like the bear you saw, but in reality may have condition issues you are not aware of, or there may be subtle differences that affect value, or known issues like lack of documentation, dirt, dry rot, insect damage, loss of mohair, poorly done repairs, and so on. Values on the Antiques Road Show are not exactly accurate, and reflect the highest possible price an item might sell for at a highly publicized auction specializing in similar items. In reality, the item might sell for much less, or even more. Intrinsic values are educated assumptions based on past behavior. In today’s market, values are plummeting because of the economy. When times are tough, people are less willing and able to spend money on non necessary things, and are less likely to purchase a very expensive decorative collectible item. However, in another 5 to 8 years, the pendulum may swing the other way and values may go back up and even higher.
If you are trying to sell a bear collection today to raise money, lower your expectations. The market is glutted with sellers hoping to make a few dollars, and competition to sell drives prices down. Many bears are entering the secondary market through estates, with new owners who are not emotionally attached to the bears and just want to “get rid of them”. If you are a collector, frankly this is a great time to buy; as it is with the stock market, there are some good bargains out there. If you are selling, you might be better off donating them to a great charitable organization, children’s hospital, nursing home, or shelter, and taking the tax donation.
When you are trying to determine fair market value, you can check completed auctions on eBay to see what items are selling for like yours. You can google the items to see other for sale listings. You can pick a number and try to sell for that amount, and just like with houses, if it doesn’t sell, lower the price until it does. If you sell a bear you paid 45.00 for at a 10.00 price, does that mean the bear is only worth 10.00? Absolutely not. That price may reflect the current fair market value, but not the “book” value for that item. Fair market values fluctuate quite often when the supply of an item is abundant. Demand and supply directly impact your selling prices. If there is low supply but no demand, prices will stay low. If there is abundant supply, even with some demand, prices will stay low. It’s only when demand exceeds the supply that prices can – not will, but can – be driven up by determined buyers competeing for the same item. Selling Christmas bears in the summer may get you less money selling bunnies in the spring. Find your target market and sell according to wants.
When you inquire about value, let the appraiser know why you want the information – are you insuring the bear, or planning to sell? If you are planning to sell, how will you sell? What is the size, age, condition of the bear? What documentation do you have of any original purchase price? All of these factors determine value for that situation. Values have dropped across the board for most items. While disappointing, it is unfair to shoot the messenger who is trying to be honest with you. Be clear about your need for the information and be truthful about the condition and you will get an honest evaluation.
It’s really very difficult to assign a dollar value to collected bears. A bear given to you by a sweetheart may be worth much more in sentimental value than in dollars and cents. A gift from your dearest friend means more than the purchase price. A bear picked up at a thrift store may be a treasure to you, trash to someone else. Don’t saddle yourself with the perceived worth of your bears, now or in the future, or you will surely be disappointed. Value them by the joy they bring, the smiles they elicit, and the friendships they honor.