You inherited the family silver — now what to do with it?
Oh, the family silver — it's the stuff of legends, lore, lust and lawsuits. At least it used to be. Once a requisite on every bride's registry, sterling flatware is a luxury few can afford today and many don't even want. “People are not going out and buying sterling flatware when they get married like they used to,” said Martin Biro, coowner of San Franciscobased Biro Silver.
What they are doing is inheriting it. That's where silver restoration companies like Biro Silver come in. “Our customer is often the mother or grandmother of the bride,” said Biro. “They bring in the generational silver and want to restore it so they can hand it down as a wedding gift.”
Those not fortunate enough to have been handed the family silver can buy a 65-piece set (five-piece place settings for 12 plus standard serving pieces) of used silver today for between $1,200 and $3,000, depending on the pattern, Biro said.
That price is a steal compared with buying it new. A new, 65-piece set costs between $8,000 and $20,000, said Sandy Bourbonnais, who owns Seattle-based Silver Superstore.
I need to mute my phone to gasp. When I recover, I ask: And who's buying it?
“Often it's someone older who has come into some money and who's always wanted a set, or it's a grandmother buying a set for her granddaughter as a wedding gift,” she said. “Recently a man in his early 40s came in and wanted a plain set.
Younger customers all want very plain patterns. Ornate patterns are not as popular.”
Although fine sterling may not be as sought after as it once was, if a box of it has landed in your lap, don't just shove it under the bed. Count your blessings, then consider your options:
KEEP IT » Given the cost to buy sterling new or used, be grateful you have this family treasure. “It represents a family legacy,” Biro said. “When you put it on the table maybe you remember Aunt Mary. To us, that's important.”
SELL IT » That said, if you have a set of silver you're never going to use, that no one in your family wants and that has no sentimental value, consider selling it. The value will depend on the pattern, its condition and whether the set is complete. Get an idea of market value by checking prices on what similar items sold for on eBay. Bourbonnais suggests also checking with companies such as Replacements Limited in North Carolina, Michele's Estate Jewelry and Silver in Texas and Colorado, Antique Cupboard in Wisconsin and The Silver Queen in Florida. Expect to get 15%-20% of the resale price. If you're not in a hurry, she suggests getting offers from a couple of buyers, then listing the set on eBay for a bit more.
AUCTION IT » If you have heirloom silver that is truly valuable — say, it's from Tiffany's, Reed & Barton or Wallace and was made in the 1940s or before — consider offering it for auction. Be prepared for the auction house to take 30%-40% of the sale price.
REPLACE WHAT’S MISSING
» If you love your family silver but you're missing three forks, consider filling in the gaps. The resellers mentioned above can sell you what's missing. Biro's company can also use its connections to track down missing pieces. “Based on the scarcity or popularity of the pattern, a missing piece could cost $30 to $100,” he said. “But if that makes your set complete, the whole set becomes more valuable.”
RESTORE IT » If your old silver is tarnished beyond your salvage efforts, a good silversmith can fix that. Biro charges $6 per piece to professionally clean and machine polish sterling flatware. For a deeper reconditioning and refinishing that will return sterling to showroom condition, the cost is $10$12 per piece. “Spending $500 or $600 to return a set of silver to showroom condition might be worth it, especially if you're trying to sell it at auction,” he said.