PRICE vs. VALUE
In the mineral world as elsewhere, the price of something and its value are not necessarily the same. When buying a mineral specimen, no one wants to pay a higher price than the true value. The price is usually just a matter of looking at the price tag, then if circumstances warrant, trying to negotiate a better deal. In auctions, it is the price the highest bidder was willing to pay. But what about value? How do figure out the true value of a mineral specimen? Just like when you were in school, you'll just have to do your homework.

SUPPLY & DEMAND
Really fine mineral specimens are exceptionally rare. One reason for this is that collectible mineral crystals only form under certain geologic conditions, and these conditions are highly unusual. Another reason is that mining, which involves drilling, blasting and hauling, destroys or damages almost all crystal pockets encountered during ore-mining. So, while the entire earth is made up of rocks in various forms, the ones that are collectible are extraordinarily scarce.

Overlaid on this foundation of scarcity are the basic principles of supply and demand. A small supply tends to drive prices up; a large supply drives prices down. Low demand drives prices down; high demand drives prices up. Here's how this works in practical terms in the mineral world:

• Emeralds are rare (small supply), and demand for them is high (for example, for the Shopping Network). So, the price for emeralds is quite high.
• Quartz is available in such large quantities in Brazil, Arkansas, Madagascar, etc., that even though demand is high, prices remain relatively low.
• Top quality gem citrine quartz crystals are hard to find in Brazil or elsewhere, and they sell quickly, so the price is high.
• When the Illinois fluorite mines closed in the mid 1990's there was such a vast quantity of material still in the supply pipeline that prices stayed at about the same level for over 10 years. Since 2009, the prices have been going up rapidly. Now, top quality specimens that once sold for a few hundred dollars are now priced at $500-1,000. As good specimens become harder and harder to find, prices will continue to go up (but are limitedd by the availability of similar fluorite specimens from other parts of the the world, especially China).

WHAT DRIVES DEMAND?
The characteristics which make a specimen most desirable to collectors are the same ones which make for a fine mineral specimen:

1. Beauty
The dictionary defines beauty as: “The quality that gives pleasure to the mind or senses and is associated with such properties as harmony of form or color, excellence of artistry, truthfulness, and originality.” We all know that beauty is in the eye of the beholder, so what is perceived as beautiful will vary from person to person. Nevertheless, when looking at a mineral specimen, there are some elements of beauty that are pretty universal. For example, how are the crystals placed on the specimen? Are they grouped nicely? Are they presented in a balanced fashion? Or, are they crowded together, all on one side, or too near the top or bottom? Are they of varying sizes, proportional to one another, or all one size? Is the color bright and appealing, as appropriate for the species? Are individual crystals sharp and well-defined? Do the crystals and matrix relate well to each other in size, ratio and form? Does it have an attractive composition, with a pleasing sculptural or architectural feel to it, with appealing three-dimensional viewing angles? Do the crystals interact with space in a pleasing way?

Just like viewing a work of art, these highly subjective factors contribute to the perceived beauty of a fine mineral specimen. This perception results from a pleasing aesthetic arrangement that appeals to your eye, and plays a major role in the pleasure you get from looking at a specimen.

2. Color & Contrast
It’s simple: Vivid colors catch the eye and make a high-impact visual impression. So, minerals with bright, highly saturated, intense colors are naturally more desirable than white, black, or gray minerals.

Keep in mind that lighting makes a huge difference in how the eye perceives color. Specimens viewed in sunlight almost always look significantly different (better) than when viewed in fluorescent, incandescent or halogen light. A customer once wrote, concerned about the lack of yellow color in a citrine crystal she purchased from us. I suggested she take it out in the sun to see its true color. She wrote back that the color was great, but that she was still disappointed that it didn’t look that color in her display cabinet! Confusion over this issue prompted us to include a link in all our listings to an article detailing what we do to ensure accurate color representation in our photos (click here to read the article). To sum it up, we recognize sunlight as the universal standard that everyone, anywhere in the world, can use to judge color in a mineral specimen. That’s why we use TruColor lighting that is as close as possible to 5000º Kelvin, which is the color temperature of sunlight. You might consider using similar lighting in your display cabinet to show off your minerals at their best.

Another physiological factor is that the eye sees colors differently depending on what color they are seen with. You may recall the arrangement of color opposites on the color wheel from your school days: green is opposite red, orange vs. blue, yellow vs. purple. When viewed side-by-side, color opposites both appear to be more vibrant, intense and saturated than either color alone. This is the principle behind color contrast. Similarly, light colors set on dark colors appear brighter and more vivid, and also clearly define crystal edges and enhance three-dimensionality, thus making the specimen more appealing to the eye.

Another form of contrast is that between the crystals on a specimen and a duller matrix. Neophytes sometimes ask how to get the crystal out of the rock, but the fact is that a specimen on or in matrix is far more interesting and appealing (and has more scientific value) than a loose crystal.

The late Marvin Rausch built a world-class collection by specializing in high-contrast mineral specimens, such as red rhodochrosite on blue fluorite from the Sweet Home mine, green prehnite on near-black epidote from Massachusetts, and more. Though he had only 600 specimens in his collection, about 50 of them had graced the covers of a major mineral magazine, and the rest were selected for their intense colors. You could do worse than following his lead!

3. Luster & Transparency
Luster is a description of the way in which light interacts with the surface of a crystal. Here are 13 commonly used terms to describe luster (or lustre):

• Adamantine – the brilliant look of very gemmy crystals(diamond)
• Dull - a non-reflective surface of any kind (feldspar)
• Earthy - the look of dirt or dried mud (psilomelane)
• Fibrous - the look of fibers (asbestos)
• Greasy - the look of grease (opal)
• Gumdrop - the look a sucked on hard candy (stream-worn gemstones)
• Metallic – the look of opaque and highly reflective crystals (pyrite)
• Pearly – the look of the inside of a mollusk shell or a shirt button (talc)
• Resinous – the look of crystals with a golden, soft sheen (amber)
• Silky - the look of silk, similar to fibrous but more compact (fibrous malachite)
• Submetallic – the look of a poor metallic luster, opaque but reflecting little light (sphalerite)
• Vitreous - the look of glass - the most common luster (quartz)
• Waxy – a fairly dull look, as if coated with wax (jade)

Because reflected light is highly appealing to the eye, specimens which have the glint of light from a cut diamond or the gleam of gold are perceived to be more attractive than those with dull surfaces.

Transparency, which is closely related to luster, is highly desirable in the crystals on a specimen. “Gemmy” or “gem” crystals are so called because they have a cut gemstone-like appearance. Since the earliest times, people have been fascinated by the unique properties of a solid object that is transparent. At least part of this attraction is that light shining through a crystal creates a luminescent glow which the eye finds mesmerizing.

4. Damage
You can’t get around this fact: damage is damage is damage (and more often than not, even the appearance of damage is damage). Damage can range from infinitesimal, barely visible wounds (called “Wilburs” after world-class collector Dave Wilbur), to dings, bruises, nicks, breaks, internal fractures, cleaves (breakage along natural cleavage planes), contacts (where a crystal grew against another crystal), and broken off, missing crystals. I have yet to see a mineral specimen that is truly perfect, though there are a select few that are nearly so. Realistically, some degree of compromise is required – especially for those without the financial resources to spend hundreds of thousands of dollars for a world-class specimen. My main rule is that if damage is really noticeable and interrupts my enjoyment of the specimen, then I don’t want it. That being said, I consider where the damage is (e.g., off to the side is better than smack dab in the middle). I also consider the rarity of the mineral: damage on amethyst is unacceptable because there’s so much of it available, while I might be willing to live with it on a kammererite specimen because this mineral is so rare.

What about saw marks on the bottom or back of a specimen? Purists avoid these, preferring a “natural” specimen. But who’s fooling whom? A well-placed saw cut can turn an average specimen into an excellent one, whether by cutting off damaged areas, by achieving a better balance between crystals and matrix, or by giving a specimen an enhanced orientation that displays the crystals just so. And, using today’s equipment and techniques, saw cuts can be disguised so well that they look just like natural breaks and become “invisible”.

Finally, there’s the question of repairs and reconstruction/restoration. Due in part to the outstanding restoration work performed on Sweet Home rhodochrosite by Bryan Lee’s crew, most collectors no longer consider a repair an automatic deal-breaker. The sky high prices of the Sweet Home material, and their escalating values since the mine was closed, have proven that invisible or near-invisible repairs do not automatically negate the investment value of a specimen. And sometimes repair is the only way to preserve a really significant specimen of great value or rarity.

5. Crystal Size, Quality, Form and Definition
Large, perfect crystals are rare, and are thus more desirable to a mineral collector than smaller, imperfect crystals of the same species. It’s only human: almost everyone wants to own the biggest, the brightest, or the best “shiny objects”. Mineral collectors are no different. On the other hand, keep in mind that while a 6” tourmaline crystal is rare and thus more valuable than a 3” one, a near-perfect, transparent 3” one is more appealing than a larger one that is flawed.

In addition to size, other factors to consider are a crystal’s sharpness, definition, form, and the quality of the termination. Cleanly defined edges, without rounding or irregularity are highly prized. Picture-book, classic terminations that are symmetrical, attractively shaped, and in proportion are more desirable than ones that are irregular or overly complex, because they add to one’s enjoyment of a specimen, rather than distracting from it.

6. Were you struck by lightning?
Always buy specimens that are a joy for you to behold. Almost ten years ago, when we were set up to sell Wise Mine fluorite at the Inn Suites in Tucson, a customer came in to look around. I asked him what kind of minerals he collected, and he said, “I’m a lightning-bolt collector.” Seeing my perplexed face (I was thinking fulgurite), he said, “Yes, I buy specimens that strike me like a bolt of lightning.” He had it exactly right. He would only buy specimens that have what Stuart Wilensky calls the “Wow Factor”. Wilensky says this is the most important criteria, and the least scientific. It’s a double whammy: a powerful gut feeling combined with a mighty wallop to the naked eye. Bryan Lees of Collector’s Edge Minerals uses a dramatic, theatrical approach when showing a fine mineral specimen to a discerning collector. He leads the buyer into a darkened the room, uncovers the specimen, then turns on specially arranged brilliant lighting set up in advance to create a powerful visceral and visual impact. To test for this phenomenon yourself, just note your own reaction when you first see a specimen in person. If you exclaim, “WOW!,” then all the other criteria are probably just icing on the cake.

PRACTICAL CONSIDERATIONS
In the end, because I have a business to run, I have to base my prices on practical considerations. In other words, when setting a price I have to have enough of a mark up on each specimen so that the business will make a profit on the investment. In general, this reflects a multiple of the price I paid for the specimen, to cover buying costs, shipping costs, labor costs, internet fees, commissions, shipping costs (we don’’t charge for shipping in the U.S.), overhead, etc., etc. – plus a modest profit to pay for my time and a profit (which to this point has been devoted solely to purchasing bigger, better, shinier specimens ;<). Other factors include the time cost of the money being tied up for a period of time, the danger of not being able to sell it at the marked up price, and the risk of having the money tied up for a long time so I can’t invest in other specimens which we might turn over more quickly.

SIMILARITIES TO GRADING GEMSTONES
When grading gemstones, the "4C's" determine the value: clarity, color, carat, and cut. The same 3 of the 4 C's also apply to evaluating crystals: clarity, color, and carat. "Cut" is not applicable here, but "condition" (including flaws or breakage) works as a substitute.

• Clarity: How transparent is the crystal to light? If milky from tip to base, then the value is less than if the tip or termination is transparent. If the entire crystal is clear from tip to base, then it has more value than if partly milky.
• Color: As outlined above, vivid colors catch the eye and make a high-impact visual impression. So, minerals with bright, highly saturated, intense colors are naturally more desirable than white, black, or gray minerals.
• Carat (Size): As in other areas, size does matter. Bigger is more expensive. You will pay more for a 3 foot citrine crystal than for one you can hold in your hand! Note that this rule doesn't apply to rare minerals that are only found as microscopic crystals, where crystal size is less important than crystal perfection.
• Condition: Crystals which are fractured or flawed (cracks), are not as valuable those that are internally flawless. Likewise, external breakage due to either natural causes or sloppy handling greatly reduces value. Very small chips or "dings" can be tolerated if the specimen is otherwise aesthetically interesting.

COLLECTOR'S VALUE
Most rockhounds find that a specimen they collected themselves has more intrinsic personal value than one they purchased or traded for, or that someone gave them. Why? Because after investing your own time and making the effort necessary to find, clean, and trim a specimen, you develop an emotional attachment to it. That's also why it's so hard to admit you should not have bothered to collect it in the first place, and should have left it behind. As you become more experienced, you'll find that it can be very difficult to personally collect a really good quality specimen. That's where mineral dealers come in: they can provide you with specimens which you could never collect yourself. Of course there is still a place for self-collected mineral collections, because the strong emotional appeal can easily outweigh the collection's intrinsic value.

THE BOTTOM LINE
In the end, the right price for a specimen is the price you're willing to pay and the dealer's willing to accept. Sometimes you find a bargain, and sometimes a dealer sells a specimen for more than you'd expect. If you learn more about what determines the price of various minerals, shop carefully, and compare prices for similar specimens, then you'll develop the knowledge and skills necessary to make you a good shopper for fine mineral specimens.