Beware of Memorabilia Scams
It's tempting to buy memorabilia of famous political, movie, and music personalities when they pass away. After all, logic tells you that because the person was famous, surely their "stuff" will be worth something one day. Buying it now would be a good investment in the future... right?
Learn the difference between valuable investments or worthless items. Heed these warnings and use these tips to avoid making costly mistakes.
Memorabilia - treasure or trash
When the death of a famous person in our society occurs, there is always a certain amount of mercenary activity or "ambulance chasers" trying to cash in on the unfortunate death of these celebrities. Be on the lookout for these people.
It can be a good investment to have memorabilia of a prominent political figure or Hollywood star. These people had many dedicated fans and followers who would love to have a personal possession and are willing to pay good money for it. Looking at buying memorabilia from this perspective means making a good investment - similar to choosing stock that will increase in value. If this is how you choose to make investments, there is certainly nothing wrong with it and there are many honest people doing just that to make honest money.
But watch out for is the dishonest people trying to make a quick buck. These people are selling items that aren't going to increase in value. They're counting on you to not know the difference.
If you would like to make investments by buying celebrity memorabilia, historical memorabilia, and signed memorabilia, here's what you need to look for to avoid scams.
Beware of special editions --
These are "manufactured" memorabilia that commemorate the death of a famous person. Produced in mass quantities, these products are very rarely ever worth more than you pay for them.
Beware of fakes --
Yes, those dishonest folks are going to produce a lot of "fakes" on popular auction sites. Unfortunately, checking authenticity is difficult. If you are interested in buying autographed memorabilia, have the item checked out by a reputable third party who specializes in this.
Otherwise, feel free to ask the seller questions about how they came to possess such a "rare" item, when they became the owner, etc. If the item is authentic, they should have no problem answering any questions you have.
Beware of false advertising claims --
Just because a seller claims their items are limited editions doesn't mean that claim is true. If you see items heavily advertised on TV and in newspapers, odds are the item won't be rare or have value in the future.
Keep in mind that memorabilia rarely increases in value overnight--
It's possible to make money with memorabilia of famous people or autographed memorabilia, but consider it a long-term investment.
Make purchases with a credit card--
By doing this, you can dispute the charge later if you find the item is a fake.
Buy only from reputable dealers--
Check the dealer's record with the BBB before making any purchases. If you are considering a purchase on auction sites, check the seller's record before buying.
Fans dearly love many Hollywood stars, musicians, and political figures and they would like items to remember them. Buying these items and selling them later is a solid investment if you buy quality items. In order to be sure you are buying valuable treasure rather than trash, heed these warnings and tips when buying memorabilia.