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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 |
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OT (maybe not!) Real & Perceived Values of First Editions, eBay, booksellers
"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) |
#3
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OT (maybe not!) Real & Perceived Values of First Editions, eBay,booksellers
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 |
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OT (maybe not!) Real & Perceived Values of First Editions, eBay, booksellers
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 |
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