I bought ‘glass diamond’ ring at car boot sale for £10 – turns out it’s worth £470,000 thanks to very special stone

If you are considering an item through an auction house it may be worth weighing up the pros and cons, as revealed by WeBuyVintage.

You may want to confirm that the item you have actually is worth some serious money and not just to be flogged off at a car boot sale.

This is where a reputable auctioneer may come in handy and will likely offer a free valuation.

A professional appraisal will make sure of an accurate price when it is put up for sale, attracting potential buyers.

By using an auctioneer, they can provide the right platform to attract potential collectors or enthusiasts, while an online ad may simply get lost in the deluge.

An auction creates the environment of competitive bidding, where rival bidders try to out do each other, which can push the sale way over the estimated valuation.

Putting items up for auction can insurance a speedy sale as there is a fixed date of possible sale, whereas it could take ages for an ad to attract a buyer.

The reputation of an auction house may be important as this will proceed them and establish credibility which will attract serious buyers who will respect the opinion of an auction house.

It’s not all plain sailing though and there are some potential drawbacks.

There are fees and commissions involved. While with selling privately, the owner gets to keep every penny but an auction house will charge fees and commissions for their efforts.

The outcome of an auction isn’t certain and the seller doesn’t have control over the final price, which could be less than was expected.

Details of auction items and how much they sold for are often publicly available which may not suit someone who wants to maintain their privacy and discretion.

The item maybe undervalued by an auction house if they lack the expertise in how to market a particular item and don’t have the specialist knowledge.

Sellers should also be aware that there is very likely going to be a deferred payment once their item has been sold. This is often down to a settlement period in place and admin issues.