The current market for selling common household goods and furniture has become increasingly challenging for sellers, as evidenced by recent auction results. While high-end, rare pieces continue to fetch impressive prices, the broader market has seen a decline in demand and sale prices for more common items. The knee-jerk reaction is for the seller to blame the auctioneer for poor performance, but the buyers are setting the market prices. As auctioneers are typically paid from a percentage of sales, they are commonly marketing and trying to increase buyer interest, and increasing bids as a result. As Richard Tuck said after his 1966 California State Senate run failed, “The people have spoken, the bastards”. Surely some sellers can sympathize with this sentiment after an auction fails to bring the bids they had hoped to see.
Exceptional pieces of unique, designer household goods and furniture still command significant attention and high bids at auctions. For instance, during a recent auction in New York, a rare set of mid-century modern furniture pieces fetched a total of $1.2 million, and a collection of limited edition designer home decor items sold for $850,000. Similarly, limited edition pieces from renowned designers and rare, antique collections continue to achieve record prices.
Despite these high-profile successes, the mid-range and more common household goods and furniture market has softened. In contrast to the robust sales of unique items, auctions featuring standard furniture sets and everyday household goods have not achieved comparable results. For example, a set of typical 20th-century dining room furniture that would have sold for several thousand dollars a decade ago might now only fetch less than a hundred dollars at auction. Similarly, silver-plated serving ware, Waterford crystal, or fine china sets, once a staple in many homes, now struggle to attract buyers or achieve significant bids.
In the past, particularly around the early to mid 2010’s, the market for household goods and furniture was more robust across all categories. Auctions regularly saw strong performances not only for rare items but also for more commonly available pieces. For instance, in 2015, a set of mid-century modern dining chairs and table might have sold for $1,000-$2,000, and a collection of household goods could easily fetch several hundred dollars. These estimates reflect a time when there was a broader base of buyers and stronger demand across various tiers of the market. This was also the period where shows like American Pickers and Storage Wars were giving viewers an unrealistic view of the resale market, so many people flocked to auctions in hopes of scoring big and reselling at a huge profit. More bidders meant more bids and higher prices.
Several factors have contributed to the current challenges faced by sellers in the common household goods and furniture resale market:
Market Saturation: Over the years, a significant amount of household goods and furniture has entered the market, leading to saturation and decreased demand for non-exceptional items.
Shifting Tastes: Collectors’ and buyers’ preferences have evolved, with a growing focus on contemporary furniture and home decor, reducing interest in traditional styles and patterns.
Economic Factors: Global economic uncertainties have made buyers more selective, and they are willing to invest only in items of exceptional rarity or brand reputation.
While the top tier of the household goods and furniture market remains strong, sellers of more common pieces are facing a challenging environment. The decline in demand and prices compared to the mid-2010s highlights the importance of sellers managing expectations and staying informed about current market trends. Engaging with reputable auction houses and seeking expert appraisals can provide valuable insights into the potential value and demand for specific items in today’s market.