Timing is Sometimes Everything

Ever hear the expression, “Timing is Everything”?  Well, this certainly applies to the auction world.

If you are lucky enough to have a very rare and unique collectible, you could sell it on Christmas day and still demand a high return.  However, more often items require good timing to result in highest returns.

Last year we were given a number of Dept 56 Christmas buildings very close to the actual date of the holiday.  We sold a number of them for a good price, but when we tried to list the remaining buildings after December 25, they didn’t even get a nibble at the opening bid.  This year we were given over 35 Holiday Barbie dolls at the beginning of December.  Again, we rushed to get them up quickly and they sold pretty well – they will all be out in time for the lucky winners to open them under the tree.  These dolls would just linger in January.

Richie and I were watching an episode of the new TV show, Storage Wars – where people buy out the contents of unclaimed storage lockers.  Two guys got a box of Holiday Barbies and stated they were worth $40 each – these clowns give a bad name to the auction world – these dolls don’t even command that price at the height of the market, with very few exceptions.

If you want to get the best value with jewelry adorned hearts – aim for the few weeks before Valentine’s Day or Mother’s Day.  I know it sounds glum, but when a celebrity, like Michael Jackson, passes away – if you have any memorabilia of his – put the auction up immediately – a few weeks later the value will drop like a lead weight.  A few years ago we sold a Bob Hope video for over $20 only to find out that he had died the night before.

If  a new video game system or an Apple product allows you to pre-order it – scan a copy of your receipt and make it a one day auction.  Once the general public can buy the same item, your chance of making a profit plummets.

Even time of day or day of week can make a difference.  Unless you are looking to reach an audience in a different country and you think they may be the only ones to bid on your item, it is best to start an auction at a reasonable time for people across the United States.  We try to start our auctions in the early evening on the West coast, so that the East coast is still awake.  Ending an auction in the middle of the night is not going to get the best bids, since these days, most of the bidding comes in the last few minutes and sleeping people don’t bid.

An auction demands the best price that someone is willing to pay.  However, sometimes you can get a little advantage when you think about the best time of day, week or month to list the item.  A little thought can sometimes go a long way to better returns.

Trials & Tribulations of Selling on the Internet/eBay

We have alluded to this topic many times over the past months, but it takes a special type of individual to sell on the internet in general and eBay in particular.  We started selling on eBay to unload a bunch of video games that our son had collected over the years…this was more than 9 years ago.  Some 50,000 sales later we are still going and Judy has become an expert in many areas especially navigating around eBay.  Over the years eBay has evolved, in our opinion to the detriment of its users, into a large and difficult environment to work within.  We also feel that final prices have come down some over the years.

The many rules that one must learn and adhere to, make it most difficult and frustrating to sell on their platform, and they are always changing things without notice.  When one calls support, you are told that you should know what is taking place, a college degree is easier to obtain than learning what is and isn’t permitted to be sold.  Our general feelings and experiences are that sellers have been relegated to a subordinate role and it has hurt our business somewhat.

To sell on the internet, one must be very patient, detailed and open-minded.  You are dealing with people from all over the world, looking for a quality product at a “cheap” price.  The process to post an item for sale is extremely laborious and remember you are dealing with the individual whims of the buyers.  One is continually asked questions about the item for sale, even though, in our case, Judy is extremely descriptive in her presentation.  If an item is not described to the smallest detail, someone will come back at you with a complaint.  Often we find that the buyer just hasn’t even read what had been posted.  Often, the questions come with very little time to answer as the auction will end within minutes of receipt of the inquiry.

When selling for individuals, which is our primary role, we are often asked to deal with unreasonable expectations as to selling prices and even sometimes how the pictures and descriptions are presented.  This makes for very difficult auctions and on occasion, we simply tell the client that we cannot sell for them under such circumstances.  It is the nature of selling and dealing with people.

In spite of the drawbacks, the excitement surrounding selling an unusual piece, which you sometimes consider “junk” makes for interesting times.  Judy in particular is very detailed and spends an inordinate amount of time researching pieces she puts up for sale.  We have developed a network of knowledgeable individuals who do help us identify puzzling items, and usually we will sell something for a reasonable price, often for more than we have seen the particular item recently sell for.

It is a challenging business, with the world as your competitor.   eBay is a great place to sell the occasional item that one is trying to unload,  but when a hobby turns into a full-time endeavor, beware and be forewarned…it is not for everyone!

We would love to hear from eBay users about their own experiences and observations, just post any comments here on the blog.