How to Determine the Value of Items and More!

Audemars Piguet Royal Oak Offshore

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Welcome back ladies and gentleman to another episode of #AskBRP.  This is episode 24.  Today I am going to answer three questions I hear a lot.  These are questions I hear from people all the time.  First, they always want to know how I know something is not stolen when I buy it?  Second, how do I know what I’m buying is genuine and not fake?  Like a watch or a handbag?  And finally, how do I know how much to give someone for their item once I determine it is not stolen or fake?  These are all great questions that don’t have easy answers, but I will do my best to answer them next.

Diamond Engagement Ring

First, how do I know something is not stolen?  Well the short answer is I don’t know.  I don’t know if the Rolex you brought is yours or was stolen from someone’s house.  However, I can use clues to help me determine whether I think it is stolen or not.  For example, a tell tale sign to tell if the items someone is bringing in are not theirs is when they tell you they are their grandma’s jewelry and she recently passed away.  For some reason these people must all Google how to get away with selling stolen merchandise and the first answer must be tell them your grandmother passed away.  It’s so ridiculous.  Of course it is possible that one out of a hundred people, their grandmother did pass away and leave them some jewelry, but it is very rare.  Also, a lot of times people are very anxious to get rid of something when it’s stolen, and get very upset when you pass on their items.  This is because they are desperate to get rid of whatever it is.  So, in the end I use my gut and best judgement.  There is no database to run serial numbers to see if something is stolen.  A lot of people think there is but there isn’t.  I have to rely on my intuition.  

Audemars Piguet Royal Oak Offshore

Second, how do I know if something I’m buying is not fake.  The answer to this question is similar to the previous question, except with this you have to be right.  You can buy something stolen accidentally and be OK, but you cannot buy something fake.  You automatically lose money.  The first thing I rely on is my intuition.  If something does not feel right or look right, chances are it isn’t.  I’ve seen so many watches, handbags, diamonds that if my gut is telling me it’s not right, it isn’t.  Second, I have the internet at my disposal.  At this point in my career I can usually tell right away if something is fake, but if it’s a new bag that just came out, or a watch I haven’t seen before I Google it.  The thing with fake items is that the real ones, especially luxury goods, are so high quality that every one is the same.  If you compare the one you’re looking at to one online, and the stitching is the wrong color blue, you have a fake bag.  Google is my number one ally.  And finally, I buy the seller.  If you paid $15,000 for your Rolex and can’t answer me when I ask where you bought it, which store, when, etc, then chances are you didn’t buy it.  Something is sketchy and it’s either fake or not yours.  I can tell you exactly when, where, and how I made some of my biggest purchases in life and so can you.  

Hermes Handbag

Finally, how do I know how much to give someone?  Well, if it’s a loan it’s easy.  Most people who come to a pawn shop for a loan have a bill to pay or some sort of need for the money.  As long as the item they bring in is worth more than what they want, I can usually do the deal.  Selling is a bit more complicated but I always try to find out how much they are expecting before making an offer.  Sometimes I ask because I know they want way too much and there’s no sense in negotiation if they are delusional, but I also ask to get a point of reference to start negotiating.  Again, experience has shown me how much certain items are worth, but if I am not sure I Google it.  Chances are someone else in the world is selling the same or a similar item that I can compare it to.

That’s it guys for this episode, hopefully you learned a little bit more about what happens at a pawn shop.  Remember to follow us on Instagram: bocaratonpawn, Snapchat: brpluxury and  Thanks everyone and see you next time.