@1madman said: What do you think the final price would be if it was relisted on ebay and started at a cent, no reserve?
the fact that the coin is being listed on eBay with a BIN instead of being an actual auction would tend to support your line of thinking from the previous page. It seems clear that right now the value of the coin is somewhere under $1,100 on eBay.
@Maywood said: @1madman said: What do you think the final price would be if it was relisted on ebay and started at a cent, no reserve?
the fact that the coin is being listed on eBay with a BIN instead of being an actual auction would tend to support your line of thinking from the previous page. It seems clear that right now the value of the coin is somewhere under $1,100 on eBay.
Auctions are not the best way of maximizing the value or even determining the current value of something that does not have multiple comparisons in a fairly short timeframe. One person not paying attention can skew the result greatly. That won’t happen with a silver eagle or a generic Morgan but it will with most other items. It also isn’t the best idea for someone that doesn’t have the reach of the bigger sellers-they can post the same item at auction and do better.
Also, how do you explain items that sell at auction on eBay and then the buyer resells for more as a buy it now within a few weeks? What is the current value of such an item?
When you've listed at a price, and someone responds asking for your "best price," he's asking you to bid against yourself. In such circumstances, I always respond that I've given a price, and if he wants to make an offer, I'll listen.
@124Spider said:
When you've listed at a price, and someone responds asking for your "best price," he's asking you to bid against yourself. In such circumstances, I always respond that I've given a price, and if he wants to make an offer, I'll listen.
I think I should stick to that too.
I’ve been trying to engage these people but it seems to be the wrong way since it never really works. If they are serious enough, they will reply with an offer to a message like you proposed.
Also, how do you explain items that sell at auction on eBay and then the buyer resells for more as a buy it now within a few weeks? What is the current value of such an item?
@daltex said:
I guess I just don't understand why you wouldn't enable "best offer" if you're willing to knock anything off for someone who asks what your best price is.
I initially didn’t want to knock anything off the price. If someone asks or makes an offer by message, I entertain it when there is room and if the person does not set off any red flags. I also think that allowing offers suggests to people that the price is too high (even if it isn’t) and that might prevent a sale at the desired price. Those who are interested at a reasonable amount will often message on their own and those who would often lowball will skip the listing.
Also eBay has a feature that allows a seller to send offers to all the people watching an item, so I utilize that.
I completely understand that. I don't disagree with your goal. But I just think that telling someone a best (or pseudo best) price not even in response to a committed offer doesn't maximize profit or even sales opportunity.
I mean you're obviously willing to negotiate, but you do yourself no favors negotiating against yourself.
Also, how do you explain items that sell at auction on eBay and then the buyer resells for more as a buy it now within a few weeks? What is the current value of such an item?
eBay is not ((always) an efficient market.
I agree and that’s why it’s silly to say (as a few have) that putting up the item as a no reserve auction and watching it sell for less is proof that it’s priced too high.
@daltex said:
I guess I just don't understand why you wouldn't enable "best offer" if you're willing to knock anything off for someone who asks what your best price is.
I initially didn’t want to knock anything off the price. If someone asks or makes an offer by message, I entertain it when there is room and if the person does not set off any red flags. I also think that allowing offers suggests to people that the price is too high (even if it isn’t) and that might prevent a sale at the desired price. Those who are interested at a reasonable amount will often message on their own and those who would often lowball will skip the listing.
Also eBay has a feature that allows a seller to send offers to all the people watching an item, so I utilize that.
I completely understand that. I don't disagree with your goal. But I just think that telling someone a best (or pseudo best) price not even in response to a committed offer doesn't maximize profit or even sales opportunity.
I mean you're obviously willing to negotiate, but you do yourself no favors negotiating against yourself.
I understand that even more now and am going to avoid doing the same in the future. I’ll try the “please make an offer” line. If that doesn’t elicit a reply, it’s likely safe to assume the person isn’t serious.
@1madman said:
If you know the market so well, why didn’t you easily sell the coin at a $300 profit? Why didn’t the coin sell at $1100 and breakeven? Why are you in line to take a loss now?
Think about what you’re overwhelmingly seeing at the shows: foreign and toners. This is stuff that has the potential for big margins if you can find the right buyer. Dealers can buy it cheap and shoot for the moon. Some error coins also come to mind. Doesn’t mean there will continue to have buyers in these areas, and hopefully people who bought right can cut loose and move on to the next market fad.
Didn’t Simpson dump stupid money into the toner market and completely skew values, and at least some of his coins have sold at major losses? I don’t follow his transactions very close, but he gave legs to a thin market that got overblown.
You seem to think you know a lot about this coin without even knowing what the coin is.
Just because a coin doesn't sell instantly doesn't mean the price is wrong, unless it is a widget. Rare coins or coins in more thinly traded niches need the right buyer. If it takes a couple months to find the right buyer, it may be worth the wait for the $300 difference.
Also, how do you explain items that sell at auction on eBay and then the buyer resells for more as a buy it now within a few weeks? What is the current value of such an item?
eBay is not ((always) an efficient market.
I agree and that’s why it’s silly to say (as a few have) that putting up the item as a no reserve auction and watching it sell for less is proof that it’s priced too high.
Most thinly traded markets aren't very efficient as there are not enough buyers or sellers for the statistics to work themselves out.
Our friend with the "list it at 1 cent and see what happens" is less astute than he thinks. That strategy only works with certain widgets where the number of buyers and sellers are balanced. A coin with limited buyers will not work in that environment nor will a coin with too many sellers. 90+% of exonumia, for example, would sell at huge discounts employing that strategy.
The thought behind the list at a cent auction idea is to try and get a feel for what the open market thinks the coin is worth. If there is 1 guy in the whole world who will eventually pay $1400 for this coin, I guess the argument can be made that’s the value. If on open bid the coin sells for $700, I would lean towards that being closer to the current true value, but that’s me. I’m no genius and am trying to learn from this discussion.
This apparently extremely thin, small market for this $1400 coin would scare me because what if the few buyers that exist stop buying? Seems like it’s back to basically being a $75 price guide value coin again. If the number of buyers on this coin is so low, and 1 stops buying, the entire market could drop 50% over night.
There are (or at least used to be) a couple ebay sellers who sold wildly toned coins on open bid weekly auctions and the prices were strong. They took stuff on consignment too. Did they leave money on the table with each sale? (I’m not referring to the guy that stole money and went to jail, there were other legit sellers).
Comments
Raise the price back up to $1200,,,,,,,,,,,,,,,,,
I actually put the price back even higher than that but lower than the initial 1,400. And I added a best offer option.
Raise the price to $1540.
Accept offers of $1400.
What do you think the final price would be if it was relisted on ebay and started at a cent, no reserve?
@1madman said: What do you think the final price would be if it was relisted on ebay and started at a cent, no reserve?
the fact that the coin is being listed on eBay with a BIN instead of being an actual auction would tend to support your line of thinking from the previous page. It seems clear that right now the value of the coin is somewhere under $1,100 on eBay.
Auctions are not the best way of maximizing the value or even determining the current value of something that does not have multiple comparisons in a fairly short timeframe. One person not paying attention can skew the result greatly. That won’t happen with a silver eagle or a generic Morgan but it will with most other items. It also isn’t the best idea for someone that doesn’t have the reach of the bigger sellers-they can post the same item at auction and do better.
Also, how do you explain items that sell at auction on eBay and then the buyer resells for more as a buy it now within a few weeks? What is the current value of such an item?
When you've listed at a price, and someone responds asking for your "best price," he's asking you to bid against yourself. In such circumstances, I always respond that I've given a price, and if he wants to make an offer, I'll listen.
I think I should stick to that too.
I’ve been trying to engage these people but it seems to be the wrong way since it never really works. If they are serious enough, they will reply with an offer to a message like you proposed.
Some coin collectors have to get a discount.
Some coin collectors have to have the item and try to buy it before anyone else sees it.
Price the coin to satisfy the first type of client needs and the second type of client is just gravy on top.
Note: The second type client always gets the coin
I personally would not even respond to the 2nd offer. He isn't replying, so why should you?
As others have said, time is money.
Dave
eBay is not ((always) an efficient market.
I completely understand that. I don't disagree with your goal. But I just think that telling someone a best (or pseudo best) price not even in response to a committed offer doesn't maximize profit or even sales opportunity.
I mean you're obviously willing to negotiate, but you do yourself no favors negotiating against yourself.
I agree and that’s why it’s silly to say (as a few have) that putting up the item as a no reserve auction and watching it sell for less is proof that it’s priced too high.
I understand that even more now and am going to avoid doing the same in the future. I’ll try the “please make an offer” line. If that doesn’t elicit a reply, it’s likely safe to assume the person isn’t serious.
You seem to think you know a lot about this coin without even knowing what the coin is.
Just because a coin doesn't sell instantly doesn't mean the price is wrong, unless it is a widget. Rare coins or coins in more thinly traded niches need the right buyer. If it takes a couple months to find the right buyer, it may be worth the wait for the $300 difference.
Most thinly traded markets aren't very efficient as there are not enough buyers or sellers for the statistics to work themselves out.
Our friend with the "list it at 1 cent and see what happens" is less astute than he thinks. That strategy only works with certain widgets where the number of buyers and sellers are balanced. A coin with limited buyers will not work in that environment nor will a coin with too many sellers. 90+% of exonumia, for example, would sell at huge discounts employing that strategy.
The thought behind the list at a cent auction idea is to try and get a feel for what the open market thinks the coin is worth. If there is 1 guy in the whole world who will eventually pay $1400 for this coin, I guess the argument can be made that’s the value. If on open bid the coin sells for $700, I would lean towards that being closer to the current true value, but that’s me. I’m no genius and am trying to learn from this discussion.
This apparently extremely thin, small market for this $1400 coin would scare me because what if the few buyers that exist stop buying? Seems like it’s back to basically being a $75 price guide value coin again. If the number of buyers on this coin is so low, and 1 stops buying, the entire market could drop 50% over night.
There are (or at least used to be) a couple ebay sellers who sold wildly toned coins on open bid weekly auctions and the prices were strong. They took stuff on consignment too. Did they leave money on the table with each sale? (I’m not referring to the guy that stole money and went to jail, there were other legit sellers).