I am having a "conversation" with an eBay buddie and we are having a difference of opinions. I'd like to ask YOU what YOUR opinion is of the following:
I say: If I have a camera worth $100, I'll list it for $50, probably not get any bids until near the end, and hope I get what I want for it ($50 being the lowest I'll sell it for).
He says: Same camera, list it for twenty-five cents and watch it get bids immediately.
Personally, I'm afraid to list at such a low price because, my luck, I'll get no action no matter what and will have to lose (well, sell) the item for a ridiculously low price.
posted on September 7, 2000 08:44:12 PM
Photographic gear has a large audience, I've found that items bring what they are worth. 25 cent starting bid would bear that out. As long as the description and photographs are acceptable your item should find the true market value. There's how much you want, how much the book says it's worth, and the price you get for it on eBay. The eBay price is the actual value.
posted on September 7, 2000 09:45:07 PM
For photographic goods in demand, it is usually cheaper to buy from a drop shipper online than to place a winning bid!
As for my jewelry business, there is tremendous competition in our category. If I list my $50 item at 25-cents with no reserve, it'll get sniped up to $5. Hardly worth it. So I end up having to list a $50 item at $50 and I can only hope that our presentation, policies, and reputation will close the auction successfully - unvarieably with a Sniper.
posted on September 7, 2000 09:54:00 PM
If you don't reserve price an item, you need to price something so you don't lose money. I am appalled at how cheap some bidders really are (unless I bid against them ).
You need to look at auctions like the item you are selling. I did today and found more than a 100% difference on the same item. Why?
It depends. In any event, CYA. People will start bidding if something is cheap, but there may not be anyone around to bring it up to the price you hope for. Price accordingly. It's ok to break even sometimes--losing money is not a good idea.
posted on September 7, 2000 10:13:27 PM
I on a regular basis will start items at one penny with no reserve, but these are items that I sell frequently and know about where they will close, when in doubt, I start with the lowest I can take for it. Most of the time if you do your research and know where similar items are closing, you can list cheap with good results, but it doesn't always work out and sometimes you do lose. Haven't had that happen myself, yet, but I know it is possible.
posted on September 7, 2000 10:22:22 PM
Borillar-As a buyer that is why I love to buy jewelry on eBay. Sometimes I can't believe how cheap some of the stuff goes for! I did sell a ring on eBay for over $600. It was one that I had found about 15 years ago. I did run ads in the local paper but nobody ever claimed it so I just tossed it in the jewelry box because it was not my "style" of ring. When I decided to sell it I had it appraised. It appraised out at $1200! That shocked me 'cause I thought it was kinda ugly. Since it hadn't cost me anything but the appraisal and listing fees and FVF I was very happy with 1/2 the appraised value. So I decided to thin out my collection to justify adding more! It was disasterous!!! Now, IF I find anymore jewelry, I will definitely list it on eBay, but to sell my personal collection, I will continue to list in our local paper. When I do that I always get more than I paid for it. Of course, we have no local jewelry stores and we actually have people who don't know what eBay is! I love this town!
posted on September 8, 2000 05:22:25 AM
As with most things on eBay, it depends completely on the type of product you are talking about.
Some products (such as in-demand cameras) will tend to bring about the same price, regardless of where you start. If you start low, you may get some bidders "hooked" on the auction process and end up getting a bit more money.
But some products have a very limited number of potential buyers. Here's an example: I know someone who collects fire hydrants. Let's say he has a fire hydrant with a book value of $200 (assuming there were a fire hydrant price guide). The chance of another fire hydrant collector coming across this auction, wanting the product, and being willing to pay for shipping are pretty slim since the auction will last at most 10 days.
BUT, even if there is one such buyer, if the seller starts the bidding at one dollar, that is what it will sell for, no matter how much the buyer is willing to pay. This is, of course, because an AUCTION requires more than one bidder. Otherwise, it's just an offer for sale at the minimum bid, and that can be disasterous.
These are extreme examples of course, but the bottom line is that everything depends on your product.
posted on September 8, 2000 05:34:55 AM
I have a couple of sellers bookmarked, both jewelry sellers, one vintage and one not. Each of them start each item at a dollar. They get bids like ou would not BELIEVE!! There is something about that to a bidder but as a seller, I just don't have the guts to do it....
So both you and your friend are correct.
posted on September 8, 2000 05:46:34 AM
Offer a Leica camera, a Howard pocket watch, a original Remington pocket knife, an early Barbie doll, etc.. Items that have a real market and the $1.00 minimum bid without a reserve will cause a flood of bids, there are collectors out there drooling for a chance to bid on these items.
thanks!
