When evaluating a collection or pricing for resale, using books can be
both informative an misleading. Clearly, some of the value guides are
more realistic than others. We must remember that these are only guides
and not meant to set the market value.
Rarely do I see collectibles of any nature going for "book" value. Some
collectible books are much lower than current market value of the items
contained therein and others are much higher. In fact, I've heard some
people accuse a certain glassware author/dealer of pricing things in his
books very low, so he can buy at those prices and then go to shows and
sell much higher. The same thing could happen in our world, if jewelry
guides were pricing on the low end instead of wildly overstated.
So how do we determine fair values? Can we base the prices we see on
the net and apply them to items we sell in malls or at shows and vice
versa? It's really not that simple. After all, some show and shop
prices are inflated to give the dealer room to discount deeply for their
customers. It's part of the psychological bargaining game that goes on
in dealing face-to-face with customers that is absent most of the time
on web sites and eBay. Not that I like it, WYSIWYG pricing works better
for me, but I'd rather bargain a little than miss out on something I
really want!
I think we should remember that jewelry values are ultimately determined
by the individual consumer. In that light, it doesn't seem realistic to
expect an author to write a value guide that applies to all
transactions. Whether buying for a collection or for resale, the
customer generally has an idea of what they feel is fair for any given
piece -- this isn't based on something written in a book. Sometimes it
is a gut feeling, sometimes it's based on a past transaction (or lack
thereof in the case of dealers who have been sitting on merchandise for
a while). In other words, we are all forced to come up with our own
guidelines for purchasing.
My advice is to use the books to determine what is rare and what is
common and then come up with your own buying/selling strategies.