#Jordan #Arnold #Antiques #Arts #Weekly
Jordan Arnold works with AuctionNinja, a leading marketplace destination for online estate sales and auctions. Recently, she reached out to Antiques and The Arts Weekly to announce the results from the firm’s end of year 2023 Estate Sale Shopper Benchmark Report and offer an interview. Intrigued to find out who is driving a bump in estate sale shopping and discover what shoppers want most at estate sales, AuctionNinja commissioned an independent research firm to determine these motivators and reasons. The findings were illuminating.
How many shoppers did you survey and what were the selection criteria?
We surveyed 1,008 estate sale shoppers.
What were the demographics of those surveyed?
The respondents were people who attended an online or offline (in-person) estate sale in the past 12 months.
What factors are behind the estate sale boom?
Several key factors contribute to a booming trend towards estate sale shopping. First, the current economic climate plays a significant role as many individuals feel a level of financial strain. They seek high-quality items at affordable prices and often prefer quality secondhand items over newer items found in big-box stores. Additionally, the rise of “thrift-tok” and similar social media trends helped to propel secondhand shopping into the mainstream, making it a part of popular culture like never before. Furthermore, younger demographics show an increased interest in estate sales, making an online platform tailored to their preferences highly appealing to them.
What distinguishes the mall maven from the online estate sale enthusiast?
The estate sale enthusiast prefers the unique and often vintage items available at estate sales. They are drawn to the thrill of discovering hidden treasures, often enjoying the hunt for rare or one-of-a-kind pieces. Unlike the mall maven, estate enthusiasts value the experience of attending estate sales, interacting with sellers and exploring the items firsthand.
What were some of the motivations you found that drive the secondhand shopper?
One significant factor is the desire for high-quality items. Many secondhand shoppers appreciate the craftsmanship and durability of certain brands or products, often finding that pre-owned items offer better quality than their newer counterparts.
Another key motivation is budget consciousness. Secondhand shopping allows individuals to save money on purchases by buying gently used or discounted items, appealing to those looking to stretch their budgets further or prioritize frugality.
Additionally, a desire to own vintage items is a common motivation among secondhand shoppers. Vintage clothing, accessories, furniture and other items hold nostalgic appeal for many, offering a unique aesthetic and sense of history.
A Chanel Mademoiselle beige leather quilted flap bag recently sold for $5,100 on AuctionNinja.
There’s a kind of voyeurism inherent in shopping estate sales, isn’t there?
Yes! In fact, our survey found that 27 percent of estate sale shoppers are motivated by the desire to glimpse into the lives of others when shopping at estate sales.
How savvy is the average homeowner in valuing the items on offer?
In general, homeowners who actively engage in buying, selling or collecting items are likely to be more savvy in valuing items offered in estate sale auctions. They have a better understanding of market trends, pricing dynamics and the factors that influence an item’s market value. Conversely, homeowners who have less experience or interest in such activities may rely more on external guidance or simply accept the asking price without much scrutiny. Additionally, we found that 42 percent of estate sale shoppers buy items with the intention of reselling them, indicating a significant portion of people actively seek estate sales for resale opportunities.
Did you find out what were the top searches, i.e., the most sought-after items?
The items most in demand are sofas, dressers, desks, rugs and tables. This seems logical considering that these items typically carry a high price tag when purchased new at retail. Additionally, vintage items are often constructed with superior quality, durability and materials compared to modern alternatives.
What were the top luxury brands on folks’ shopping list?
When it comes to luxury goods, Chanel, Gucci, Tiffany, Hermes and Rolex topped the list.
In your survey, what were some of the heavy hitters pricewise?
Fine art and estate jewelry are known for garnering considerable attention and commanding higher price points due to their desirability and rarity. It’s a tough economy now by many accounts.
How much did this factor in the popularity of estate sale shopping versus buying retail?
In this economic climate, 41 percent of estate shoppers say their interest in buying secondhand at online estate sales has increased, while 58 percent would opt into refinishing secondhand items versus buying new. It just makes sense.
—W.A. Demers
Editor’s Note: Learn more about what was in AuctionNinja’s report at www.auctionninja.com/blog/2023-estate-sale-report
