Buyers who use the last auction sale to buy a book 1 1

[lostboys]

Why look at auctions anyway.

Buy it now sales better reflect what the asking price should be set at.

An auction sale only reflects what a specific group of potential buyers were willing to pay during a specific 7-10 day window.

 

 

[blazingbob]

On 8/9/2022 at 1:48 PM, lostboys said:

Why look at auctions anyway.

Buy it now sales better reflect what the asking price should be set at.

An auction sale only reflects what a specific group of potential buyers were willing to pay during a specific 7-10 day window.

 

 

Auction results naturally reflect the "real market" because as you know those prices aren't manipulated.  

[grebal]

On 8/9/2022 at 12:51 PM, blazingbob said:

Auction results naturally reflect the "real market" because as you know those prices aren't manipulated.  

Is this dry humor?

[blazingbob]

On 8/9/2022 at 1:55 PM, grebal said:

Is this dry humor?

As dry as it gets

[valiantman]

On 8/9/2022 at 12:48 PM, lostboys said:

Why look at auctions anyway.

Buy it now sales better reflect what the asking price should be set at.

An auction sale only reflects what a specific group of potential buyers were willing to pay during a specific 7-10 day window.

Scenario:  Seller 1 lists CGC 5.0 Action Comics #1 for $5,000 Buy It Now.  Book sells.

Buyer X references $5,000 Buy It Now sale (which better reflects what the asking price should be set at, according to your post).

Therefore, Seller 2 should give up their own CGC 5.0 Action Comics #1 for $5,000 (or something very close) to Buyer X.

Obvious problem: Buyer X is Seller 1 and faked the whole $5,000 scenario.  Rinse and repeat with any book at any price.

Edited August 9, 2022 by valiantman

[Kevin76]

Just say, I'll give it to you for last sale, but add on taxes and shipping before handing over the book, cause that's what the last person paid haha. 

[shadroch]

Why does it matter what a potential buyer uses as his reasoning?  An unacceptable offer based on recent auction sales is still an unacceptable offer.  As Nancy Reagan said- Just say no.

[blazingbob]

On 8/9/2022 at 1:59 PM, Kevin76 said:

Just say, I'll give it to you for last sale, but add on taxes and shipping before handing over the book, cause that's what the last person paid haha. 

LOL - I like that because the price would have been more then I negotiated it to

[FlyingDonut]

On 8/9/2022 at 11:17 AM, blazingbob said:

I'm really not concerned about the "pricing police"

My issue is that buyers want the "auction result" without bidding on the book that was in that auction.  

And not realizing that their bidding would influence the outcome of that auction.  

 

Well, also ask them if they've factored in the buyer's premium, because they have not.

[jeffreyk]

This goes both ways.  When I was at a show selling some certified books, if the most recent sale was lower than the 90 day average guess which price was used when the dealers determined a percentage of gpa to offer me?  Hint..it wasn't the higher one.  

[NewWorldOrder]

On 8/9/2022 at 8:17 AM, blazingbob said:

I'm really not concerned about the "pricing police"

My issue is that buyers want the "auction result" without bidding on the book that was in that auction.  

And not realizing that their bidding would influence the outcome of that auction.  

 

agreed!  

[KirbyTown]

On 8/9/2022 at 10:35 AM, Sweet Lou 14 said:

This works in reverse though.  Every seller is pricing based on the most favorable auction price they can dig up. 

[jjonahjameson11]

On 8/9/2022 at 2:27 PM, FlyingDonut said:

Well, also ask them if they've factored in the buyer's premium, because they have not.

Not relevant, Because not all auctions/auction houses charge a buyer’s premium.

[Math Teacher]

On 8/9/2022 at 11:15 AM, blazingbob said:

Again,  buyer was presenting a auction result that literally just finished a day earlier.  I have no idea if it was a all time high.  I had priced my book on Thursday,  the auction result was on friday.

I guess my question would be what is an acceptable cut-off for comparing auction prices? If the auction had ended a week earlier, would you have been upset about the buyer bringing the auction up then?

[Math Teacher]

On 8/9/2022 at 1:27 PM, FlyingDonut said:

Well, also ask them if they've factored in the buyer's premium, because they have not.

If you check the result of an auction on Heritage, the price listed includes the buyer's premium. I can't speak about any other auction houses, however.

[djpinkpanther67]

On 8/9/2022 at 1:55 PM, grebal said:

Is this dry humor?

It’s how he smiles

[rjpb]

Last auction sale is a data point, nothing more, nothing less. Sometimes it's an outlier, sometimes it's a pretty good indicator of FMV. 

More than once someone has pointed out the last auction price when trying to negotiate on a book I'm selling and I tell them "Yeah, that was this copy, I thought it was a good deal which is why I bought it, but it's worth more than that."

[jjonahjameson11]

On 8/9/2022 at 5:46 PM, rjpb said:

Last auction sale is a data point, nothing more, nothing less. Sometimes it's an outlier, sometimes it's a pretty good indicator of FMV. 

More than once someone has pointed out the last auction price when trying to negotiate on a book I'm selling and I tell them "Yeah, that was this copy, I thought it was a good deal which is why I bought it, but it's worth more than that."

And do you do the same when you’re buying a book from someone?  Never mind…we all know the answer

[rjpb]

On 8/9/2022 at 3:00 PM, jjonahjameson11 said:

And do you do the same when you’re buying a book from someone?  Never mind…we all know the answer

If I want to negotiate I just offer I price. I don't give an explanation as to why I think the seller should accept it. 

[comicartfan]

I guess I don’t really understand the point of this post Bob. Dealers/sellers do this all the time. They have a book for sale, let’s say a book that’s not rare, but doesn’t change hands all that often. If one sells for $XXXX and it’s the first one in say, 18 months, then when the dealer has same book / grade, that might be the price. 

If I am interested in a book and I don’t have knowledge of the FMV of a book, showing an auction result might be my only point of reference. Either the seller accepts my offer or they don’t. The dealer might wonder where a prospective buyer came up with that number, just like when a dealer is offered a book for sale. 
 

Unless a person is being persnickety, I don’t see anything wrong with their method. 
 

We all want a deal. We all want to feel we were getting our money worth and none of us want to pay too much. Let’s stop acting like dealers / sellers aren’t the same way.