Fellows are advising families to have their precious family silver valued for auction before being melted down for scrap value.
UK silver prices currently stand at around £17.00 per ounce. Given the current economic climate it’s unsurprising that people are considering scrapping their silver items as a means of extra income. However, unknown to many, these pieces may in fact be worth substantially more than their scrap value at auction.
Fellows’ latest sale of Silver & Plated Ware held in March this year was a prime example of how smaller silver items can fetch staggering prices. A George IV Newcastle silver pap boat weighing 2.1 ozt was sold for £280 under the hammer - today’s scrap value would be less than £40.
An Edwardian novelty silver vesta case depicting a figurative scene of a golfer in mid swing was also a success at auction. Weighing just 31 grams it sold for an impressive £320 – more than triple its highest estimate. The scrap price of this piece today wouldn’t even meet £20.
Managing Director, Stephen Whittaker said: “The level of craftsmanship and hours of labour that goes into making intricate silverware is incredible. Not only that, these pieces are often passed down from generations thus have great sentimental worth to families. Knowing these items are being melted down for their scrap value is truly saddening.”
Fellows’ next auction of Silver & Plated Ware will take place on Monday 18th June, which coincides with the Jewellery Quarter’s commemorations of British Silver Week 2012.