You’re looking to add a few new items to your collection. You’ve thought it over, and you’re ready to make an offer or place a bid. How can you protect yourself as best as possible from overpaying?
It really depends on where you’re purchasing the collectibles from and how much you want them, but here are a few fundamental principles to follow to guide you as best as possible through the collectible purchasing process:
Try To Establish A Baseline Value
Determining what a collectible is worth is more of an art than a science – there is no set formula. The value of a collectible is simply the price someone else is willing to pay for it. However there are steps you can take to come up with a rough estimate of what a collectible is worth. We suggest going through that process in order to set a baseline. Sure, the final selling price may veer from your baseline, however with a proper baseline in mind, you can be reasonably sure you won’t drastically overpay.
Get To Know The Seller
Don’t be afraid to get to know the buyer. Negotiating a selling price for a collectible is a very social process, and it will be in your best interest for a number of reasons to ensure the seller sees you as a fellow human being and not just a transacting party. Ask them how they initially acquired the collectible and why they’re selling. Not only will these questions start a friendly conversation, but you may get useful information that will help you close the sale later down the line, or even uncover red flags that will convince you to walk away.
Understand The Opportunity Cost
Because the value of a collectible is so vague, a good way to baseline yourself as a buyer aside from determining a monetary value is to establish some sort of opportunity cost. An opportunity cost is the price or cost of an alternative plan of action. For example, maybe the selling price of Comic Book A seems fair, but when you realize you can also purchase Comic Book B and Comic Book C for that same total price, you may weigh the options differently. Knowing what other items you could purchase for that same amount of money can help align your own personal goals and expectations to ensure you not only buy at a good price, but buy something you’re happy with.
Determine The Market Buying Dynamics And Work Them To Your Advantage
Different marketplaces have different buying dynamics. For example, if you’re purchasing a collectible on eBay, the more buyers that are watching and bidding means the final selling price will most likely be on the high side. That doesn’t necessarily mean it won’t still be a great find, but it may not be as great of a bargain as you were hoping for compared to the baseline value. However if you stumbled upon an item for sale at a garage sale or estate sale that’s flying under the radar and not garnering much attention, the buying dynamics will be working in your favor.
Check Out The Collectibles For Sale By Neatstuff Collectibles!
We always have some fantastic collectibles for sale on our auctions page, so be sure to check it out whenever you’re in the market for some new collectibles!