Article in the Washington Post

Written by Editor

Wednesday, 15 October 2008 08:28

The Washington Post
Published: October 12, 2008

WASHINGTON - Patricia Ohlemiller packed up her Edmund Scientific Astroscan telescope recently and headed to the Gaithersburg, Md., iSold It eBay drop-off center. She hoped to recoup $150, minus commission, of its original $350 value.
Planning to retire next year and worried about putting her house on the market, Ohlemiller said, "I'd rather sell stuff I don't need and get the cash."

Colleen Magro dragged a heavy box to the Bethesda, Md., offices of Sloans & Kenyon Auctioneers and Appraisers a couple of weeks ago for appraisal day. Inside were carefully wrapped Chinese ceramics and Brazilian sculptures set with semi-precious stones that she hoped to consign.

"I was laid off in December," Magro said. "I need money. I thought I'd have a job by now."
It's too late to dump Fannie Mae stock, but you can still dump that Marie Osmond doll, David Yurman bracelet or Krups espresso machine in its original box. With financial markets in perpetual meltdown, a growing number of people anxious about jobs, savings and retirement are looking over their living room shelves, storage units, attics and safety deposit boxes for items they no longer use or like. They're contacting online sellers, consignment shops and auctioneers about unloading the unwanted possessions.

"People are selling coins their grandfather gave them for gas money," says Nicholas Pyle, an eBay trading assistant based in Washington, D.C., who has been getting panicked calls. Listings on eBay have increased 19 percent in the past year, and overall revenue has grown 13 percent, spokeswoman Jenny Baragary said.

Classified ads for furniture and household items on Craigslist are up nearly 100 percent from last year, spokeswoman Susan MacTavish Best said in an e-mail.

Will the economic crisis force Americans to examine overstuffed closets and rethink the longtime mantra to "collect 'em all"?

Daniel Nissanoff is the author of "FutureShop: How to Trade Up to a Luxury Lifestyle Today," about how online shopping affects consumer culture. He says buying and selling branded goods secondhand has become socially acceptable.

"The Internet did not exist in prior down cycles," he said. "Now you can truly liquidate your material possessions and create money."

September was the biggest month for sales this year at the Gaithersburg iSold It eBay store. Open seven days a week, the store hosts a parade of suburbanites clutching Hummel figurines, Thomas Kinkade paintings, Redskins tickets and Coach handbags.

Owner Mike Hadad said: "A year ago, someone might have been selling something to upgrade to the latest model. Now it's because they can use the money for bills."

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