OT (maybe not!) Real & Perceived Values of First Editions, eBay, booksellers

OK, I hope someone here (especially a book seller) can indulge me a
bit and answer (or at least speculate on) the following questions.

1.) why is there such a HUGE range in dealer prices for identically
graded books? (just check any fairly common first, say Postmortem
$500- $1500 + for F/F) I guess common sense would dictate that the
value of this book is $500?

2.) why was I only offered $147 for my F/F first of Postmortem on
eBay?

3.) are dealers SELLING 1st ed, later printings at huge prices eg.
"A is For Alibi" 11th (yes ELEVENTH!) printing for over $400?!?!?

I'm trying to understand these market dynamics and would appreciate
any insight! Thank you!



--
Posted via a free Usenet account from http://www.teranews.com

"Booked" wrote in message
...

1.) why is there such a HUGE range in dealer prices for identically
graded books? (just check any fairly common first, say Postmortem
$500- $1500 + for F/F) I guess common sense would dictate that the
value of this book is $500?

2.) why was I only offered $147 for my F/F first of Postmortem on
eBay? . . .
I'm trying to understand these market dynamics . . .

"Market dynamics" is an economic abstraction
invented by economists in their ivory tower.
It is a phrase that conveniently describes the
behaviour of many varying individual personalities,
none of which has perfect (ivory tower) knowledge
of their whole field of competition.

"Market dynamics" is a term in equilibrium economics,
which always assumes freely competitive markets tend
(in time) to reduce prices to the minimum vendors and
purchasers will both accept. This tendency (over time)
is real in that it usually happens (but not always . . . )
This is observed behavior. But "common sense" is
not a behavior anyone can observe, common sense
is not assumed by equlilibrium economics -- and
anyone who assumes he is going to encounter
common sense all the time is thinking wishfully . . .

(Similarly, economics deals with prices because
they can be observed. It does not deal with "real"
or "perceived values" not represented by prices because
such values cannot be observed.)

--
Don Phillipson
Carlsbad Springs
(Ottawa, Canada)

Booked wrote:

OK, I hope someone here (especially a book seller) can indulge me a
bit and answer (or at least speculate on) the following questions.

1.) why is there such a HUGE range in dealer prices for identically
graded books? (just check any fairly common first, say Postmortem
$500- $1500 + for F/F) I guess common sense would dictate that the
value of this book is $500?

2.) why was I only offered $147 for my F/F first of Postmortem on
eBay?

3.) are dealers SELLING 1st ed, later printings at huge prices eg.
"A is For Alibi" 11th (yes ELEVENTH!) printing for over $400?!?!?

I'm trying to understand these market dynamics and would appreciate
any insight! Thank you!




First (not in order of your questions), what you are seeing on the internet -
unless you are checking eBay "sold" prices, are simply asking prices, not
transaction prices.

Second, some prices are, I think, greatly inflated in order to enable the seller
to list books through certain online listing entities (which have, at least in
the past, required minimum inventories of, e.g., $30,000). Then there are some
completely outlandish listings by a very few dealers, showing BCEs in fair
condition for 10x more than a fine first may be had from another dealer. I
hesitate to speculate on their motives.

Third, there are reputable dealers with established good reputations and there
are reputable dealers who have not yet established long good term reputations.
The former can get more for a book than the latter, because of the trust
element. A knowledgeable buyer buying a fine first from Bauman's Rare Books
knows that the book really is in fine condition and if not, (s)he is dealing
with a business that will honor any complaint.

Fourth, even the reputable dealer with the established reputation probably does
not get his asking price most of the time. A few highly prized books in his
inventory may sell at or (if there is competition on the buying side) above the
asking price. But haggling is a much respected art in a business where no
discernible market price exists.


Francis A. Miniter

Some of my comments may echo others who respond:

"Booked" wrote in message
...
OK, I hope someone here (especially a book seller) can indulge me a
bit and answer (or at least speculate on) the following questions.

1.) why is there such a HUGE range in dealer prices for identically
graded books? (just check any fairly common first, say Postmortem
$500- $1500 + for F/F) I guess common sense would dictate that the
value of this book is $500?

First, grading isn't an exact science. Just because two sellers, especially
on eBay, both call a book F/F doesn't mean their books are necessarily close
in condition. I just bought a set of books described as "excellent" that
were heavily tanned, gilt faded, covers worn and spotted, and there was a
mouse-chewed corner on one cover. Fortunately the seller provided pictures
and I was expecting most of it, so didn't regret my purchase, but it shows
how "off" an inexperienced dealer can be when trying to grade their books.

Second, it depends on how badly a dealer wants to move a book. When there
are a range of prices, some dealers will set their book below what others
are asking for the same title just to move the book. At the opposite end,
some dealers will list books they don't even own and set their prices
substantially higher than the majority of books available in F/F condition.
Then, when someone buys the overpriced book, perhaps assuming that "you get
what you pay for", the dealer goes and buys it at the lower price from some
legitimate dealer. That happened to me (the dealer with the reasonably
priced book!) once that I know of.


2.) why was I only offered $147 for my F/F first of Postmortem on
eBay?


In my experience, fairly common collectible books listed on eBay go for
about 1/3 of what they might bring if listed on a dedicated dealer site. I
know for sure that many are bought by dealers for resale. That's where I get
a lot of my stock, and after a while, you recognize the names of people in
your specialty that you know they are dealers.

3.) are dealers SELLING 1st ed, later printings at huge prices eg.
"A is For Alibi" 11th (yes ELEVENTH!) printing for over $400?!?!?


Are they really selling them, or just offering them? As Francis mentioned,
you are seeing asking prices. One would think that someone astute enough to
list an 11th printing would be charging more modest prices, but some things
make no sense.


I'm trying to understand these market dynamics and would appreciate
any insight! Thank you!


Books are worth what someone will pay for them. It sounds trite, but it's
really the truth. Why should one book be worth hundreds or even thousands
while another title may go for a dollar or two on Amazon.com? The difference
is the number of books available in the condition desired by purchasers. Why
the same title would be priced substantially differently by different
sellers may have more to do with the seller's hopes and dreams than with the
buyer's willingness to purchase, but when you get into more pricy books, a
dealer's reputation is going to be a major factor. I will spend $20 on
something I want from an unknown dealer, but if the price is $200, I'll make
sure I can get satisfaction if I find it's been misgraded or misdescribed.

Alice
not really any good answers for this conundrum