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How Do I Know How Much My Collectible is Worth?
By Wheeler | April 19, 2008
Determining how much your collectible is worth is half the battle in the collecting/selling collectibles game. There are a number of ways to determine what the fair market value of your particular collectible is. Intelligent research is key to pricing your collectible item at a price that is both fair to the market and also fair to you, the seller.
So, how do you figure out how much your collectible widget is worth? Here are a few of the steps that I go through to figure out what price my random collections of random collectibles will both sell best at and give me the return that I desire.
- First, I simply search on Google for the exact item that I am trying to price. This is one of the best ways to gain competitive intelligence over your competition. Not only to you want to know how much to price your collectible widget, but it is great to know how much others are asking for theirs. For instance, in searching for a price for Moe’s Cafe, a part of the Coca-Cola Town Square Collection, I simply type in Moe’s Cafe Coca-Cola Town Square Collection. You’ll see here that there are a number of results and also varying pricing strategies. Now, because I have already done this search, I know that the first listing is the one that seems the most ’sane’ in pricing. Some people price their widgets way too low, some way too high. You and I both want to price our widgets at just the right price.
- Second, I turn to the world’s online marketplace. That is right, your friend and mine, eBay. On eBay, I usually repeat the search, maybe using some broader terms so that I get more results. Since items on eBay are listed by a variety of folks, the keywords that they choose are also varied, so it may take some creativity in searching for your widget. By signing in, you can also search for completed listings. This is especially helpful in setting reserves if that is part of your strategy. Remember, you need to be signed in to search for completed listings. It is also a great way to get an idea of what your collectible widget may fetch as far as pricing.
- Third, not all competitive intelligence is electronic. There are a variety of ways to find out pricing in the ‘real world’ as well. Check our antique malls or flea markets in your area as they may have some of the same widgets that you are trying to price/sell. Also, your local library may have several volumes of collectible price guides in the same genre. You can also check out Amazon.com
to find books that are specific to your item(s).
This isn’t an exhaustive list, but hopefully it gives you a place to start. Especially in today’s economy and collectible market, being competitive with your pricing
Topics: Collectible Pricing, Collecting, collectibles, eCommerce, vintage stuff |