The Theory of Good, Better, Best and Your Estate Sale

A successful estate sale depends on categorizing your items into 3 buckets, Good, Better and Best. Now I can't take credit for this theory, it was conceived by Albert Sacks in his book, Fine Points of Furniture: Early American - Good, Better, Best all the way back in 1950. Seventy years on, this concept still holds true today.

Every estate holds a vast amount of treasures waiting to be discovered, but not all items are created equal. The concept of Good, Better, and Best provides a framework for evaluating the value of items within an estate in order to price the items to sell.

Good: The Foundation of Every Sale

Good items make up the bulk of a typical estate sale inventory, usually ranging from 50% to 60% of the total. These are everyday household items – regular furniture, kitchenware, linens, and décor pieces that served their purpose faithfully but may lack uniqueness or rarity. While these items may not fetch top dollar, they play a crucial role in attracting buyers and setting the stage for the more exceptional finds, when they are priced to sell.

Just because these are third tier items doesn't mean they aren't attractive or even special. Going back to Economics 101, these are often items in plentiful supply but with a limited demand. For example, a vintage tea towel that is charming, yet offered at nearly every estate sale. We would place this item in the Good category and price it moderately.

The problem that I've seen with many estate sale companies is that they price these everyday Good items far too high. On the last day of the sale the home is still brimming with items. This mistake costs the family two-fold: the overpriced items remain unsold so there's no monies acquired, and they are left to dispose of these leftover items at the end of the sale.

For estate sale organizers, it's important to price Good items to move. Fair pricing ensures these items find new homes while generating revenue for the Estate.

Better: Uniqueness and Quality Shine

Better items constitute the next tier in the hierarchy of estate sale treasures, comprising approximately 25%-30% of the average estate inventory. Unlike their Good counterparts, Better items possess distinctiveness, exceptional craftsmanship, or historical significance that elevate their value. These are the pieces that catch your eye, sparking admiration with their aesthetic appeal or rare attributes. They may also be trending items in the marketplace, gracing the covers of interiors magazine or Instagram stories.

Examples of Better items might include vintage or antique furniture, collectibles, signed costume jewelry or fine jewelry, fine china or pottery, or artwork by notable artists. While they may command higher prices than Good items, their uniqueness and quality justify the higher investment for discerning buyers seeking standout pieces for their stores, collections or homes.

Best: The Rare Gems

At the pinnacle of the estate sale pyramid lie the Best items, those that go beyond Better with their craftsmanship, visual appeal, history or provenance, the designer/artist behind the item, or their current status in the marketplace. Though they represent only a small fraction, approximately 10%-15%, of the estate inventory, their rarity and exceptional quality make them coveted treasures for serious collectors and connoisseurs, and we price these items accordingly.

Best items encompass a diverse range of artifacts, from museum-quality antiques to one-of-a-kind heirlooms with storied pasts. Whether it's a rare coin, a signed first edition book, or a piece of fine jewelry with provenance, Best items are the ultimate prizes sought after by collectors, dealers and investors alike.

Here's an Example of GBB in Action:

Estate Sale Company A prices a Good side table at $150, which is high considering the age, wear and construction of the table. The table doesn't sell on the first day, or for a reduced price on the second day. It finally sells on the last day for 50% off, grossing the estate $75.

Estate Sale Company B prices the same Good table at $95, which is a fair price considering all factors. The table sells on the first day, bringing $95 to the estate proceeds.

Navigating Estate Sale Pricing with Insight and Expertise

Armed with the knowledge of Good, Better, and Best, we approach each sale with these 3 buckets in mind. Our goal is to liquidate your entire estate, and not leave you with a majority of your items leftover.

That's why we price Good items conservatively and fairly, Better items command a higher price, and the Best items are heavily research and offered to market at the top price the market will bear. Which is one more reason we love online sales, this platform opens your Better and Best items to a worldwide marketplace! You don't need to worry if you received top dollar for your item. A two-week, heavily marketed and publisized auction will allow the market will speak for iteself.

The percentage estimates given are what we see on average. There are estates where 80% of the items are Best, and those with 100% Good items only.

Keep in mind that with every estate there is some disappointment regarding price. Some items will sell for less than you think they should sell for, while others will go for a much higher price than expected. This is common. Even beautiful items that may be well made are just not in favor in the marketplace at the time, and that will be reflected in their price.

We realize that some of these items are sentimental and so it's natural for the family to expect a higher price. We will always be honest with you about what we believe prices will bring on the open market, so that you can retain any items where the sentimental value is higher than the price tag.

For estate sale organizers, understanding the theory of Good, Better, and Best is essential for effectively managing inventory, pricing items to sell, and maximizing the sale's success. By strategically showcasing standout pieces, highlighting their unique qualities, and leveraging marketing efforts to attract discerning buyers, organizers can ensure that every estate sale is a rewarding experience for buyers and a successful outcome for the Estate.