WHAT IS CHEAP ?

 

Over the last few months I have had to re-evaluate my buying programs. The reason for the change in my thinking is that retail prices no longer exist and therefore the 25% rule no longer works. You may ask what was the 25% rule if you haven't read my book “ 31 Steps to Your Millions “ and the answer is we always wanted to make our purchases at 25% or less of the retail price.

 So what do we do now? First let me give you examples of today's markets. I listed a painting by Jean-Peirre Dubord that should have had a retail price of $5000 on eBay with a starting price of $1250 and didn't receive one bid. Next I listed several pieces of good Nippon with values from $250-$500 and they brought less than $100 each. Even at the better auctions prices can't be predicted. The latest Rookwood auction didn't even achieve 50% of what the past action would have reached.

Yes you may see a comic book sell for $2,600,00 and a historic document bring $7,000,000 but I don't know of anyone that owns these. It seems that there are still people that have so much money that they purchase items at outrageous price just so that others will talk about them, but I don't think they will be our buyers.

 Here is the best advise I can give you for purchasing items today, make your offers where they even seem ridiculous you. I promise some of your offers will be accepted because the seller can't find anyone that will even offer as much as you did. Now you may have a chance at making a profit. I no longer am beating myself up about offering to low a price to the seller because I am still in this business to make a profit.

 I had one of our members ask me about a toy boat, that was pulling a car, and it was still in the box. I believe he thought the toy was worth thousands but I didn't. My answer was that after some research my appraisal would be $300-$500. This seemed low to the member but they weren't willing to wait the 3-6 months for a toy auction so it was listed on eBay where it brought $300. Now is a time to be safe rather than sorry.

 Please write me about problems you are running into so that I may share them with the other members.

Last Updated (Wednesday, 14 December 2011 15:12)

 
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