“You just have to know which ones to buy”
That’s what’s so fascinating to me.
You have to be knowledgeable and have an eye for what is valuable.
A lot of stuff the layperson would think is junk is actually valuable....that and having a buyer already lined up helps.
The value of an item is what someone will pay for it.
Until that it has no value.
“A lot of stuff the layperson would think is junk is actually valuable....”
Have you seen the price of a microwave plate replacement?
“A lot of stuff the layperson would think is junk is actually valuable.”
I think it’s more often the other way around though - people usually think old stuff is automatically really valuable, simply because it’s old. Or “Rare” makes something valuable.
Trends change, too. Right now, for example, Coleman Lanterns took off pretty high. They all look (pretty much) the same to me, and have for about 100 years. They probably go for $10 or $20 tops in a yard sale. Or ... they did.
Apparently they are recently popular to collect in Japan, and Asia in general. So clean unfired 1950s lanterns say, in the box and with the papers and all the gee gaws might reach $2000 in bidding on that auction site.
It does take a sharp eye and a good knowledge base to separate the wheat from the chaff on that stuff. It’s a lot of work.
For a while I got into buying / selling guitars. Got very good at knowing which one of certain specific models were valuable or would be based on trends. I didn't try to know everthing about everything, I focused particularly on Gibson SGs and then a couple of others very niche models like early '80s stratocasters. Knew them like theback of my hand and could find ones that were underpriced and then clean them up, repair as needed, and flip for maybe $200 profit. Not trying to get rich here. Made some good beer money for a side gig and got to play some cool old guitars I'd otherwise never have owned. The key is knowing which ones still have original parts and are desirable to regular guys (not collectors). I taught myself to do that. Otherwise you'll go broke.
But the market is insane now. It's in a bubble. I think it's due to aging baby boomers and GenX guys who can afford to have their dream guitars and will pay up. I got out, the prices are just too much for me to pick the ones out that still have some room.