Tuesday, April 25, 2006
Ebay Pt1 - Who are the players?
I imagine this will end up as a page on my website. There are certainly a multitude of dynamics that occur everyday on Ebay. And that's just what I see in the phonograph record listings!
It's been said by one of the top record dealers in the country, that many of the buyers on Ebay are "Bottomfeeders". Why would he say that? Simple. He markets high end records and even higher end prices. Anybody getting good deals on quality records from Ebay is potentially cutting into his business. I say potentially, because I don't really think that many serious record buyers on Ebay are purchasing from his auctions anyway. Back in the good ole days, a rare record was simply a "Hundred Dollar Record". Stormy Weather by the Five Sharps was the exception, and as Steve Propes wrote in his first book, it was "A steal at $100.00". It used to be that VG+ records were worth 75% of a Mint record, and VG was just 50% of that same mint disc. The gap has widened, and mint records can fetch twice book value and sometimes more. VG records will scrape up significantly less than the 50% they were accustomed to.
Buyers and sellers on Ebay are generally uninformed about records. I estimate less than 20% of the record sellers understand record grading, or how to ship one safely. They don't know a first pressing from a second or third, and can't tell a bootleg from the real McCoy. Sad facts to be sure, but a quick glance around the listings will bring it home. Buyers are somewhat better, but quite gullible as it seems. They have the same hard issues the sellers do, and can let the excitement get the best of them.
SELLERS: I see many common mistakes. You buy a hoard from a record store that went out of business, a family friend that died and left their records to you, or a "collector". You assume that the records must be original and market them that way. Sorry Charlie. You have to do your research. Asking 200 bucks for a disc and just figure it must be real? Be prepared to give us the dead wax numbers. It may not be 100 per cent fool proof, but it's very accurate. Picking up a price guide without knowing what makes it original will cost you plenty in listing fees, but to your dismay, not in final value fees. What about record grading? You probably see what is termed the Goldmine Standard Rating System, but do you understand it? A record listed as "Good", is really quite trashed. "Very Good" is decent, but is open for quite a bit of interpretation. VG+ and above leaves little to disagree about, and is a high quality record. If the vinyl is VG+ and the label is awful, don't expect to get much of anything for it. The label is as important as the vinyl, especially on VG+ or better records. Don't wish your way to a higher grade than it is. That will just result in a record return and a bottle of Advil.
It's been said by one of the top record dealers in the country, that many of the buyers on Ebay are "Bottomfeeders". Why would he say that? Simple. He markets high end records and even higher end prices. Anybody getting good deals on quality records from Ebay is potentially cutting into his business. I say potentially, because I don't really think that many serious record buyers on Ebay are purchasing from his auctions anyway. Back in the good ole days, a rare record was simply a "Hundred Dollar Record". Stormy Weather by the Five Sharps was the exception, and as Steve Propes wrote in his first book, it was "A steal at $100.00". It used to be that VG+ records were worth 75% of a Mint record, and VG was just 50% of that same mint disc. The gap has widened, and mint records can fetch twice book value and sometimes more. VG records will scrape up significantly less than the 50% they were accustomed to.
Buyers and sellers on Ebay are generally uninformed about records. I estimate less than 20% of the record sellers understand record grading, or how to ship one safely. They don't know a first pressing from a second or third, and can't tell a bootleg from the real McCoy. Sad facts to be sure, but a quick glance around the listings will bring it home. Buyers are somewhat better, but quite gullible as it seems. They have the same hard issues the sellers do, and can let the excitement get the best of them.
SELLERS: I see many common mistakes. You buy a hoard from a record store that went out of business, a family friend that died and left their records to you, or a "collector". You assume that the records must be original and market them that way. Sorry Charlie. You have to do your research. Asking 200 bucks for a disc and just figure it must be real? Be prepared to give us the dead wax numbers. It may not be 100 per cent fool proof, but it's very accurate. Picking up a price guide without knowing what makes it original will cost you plenty in listing fees, but to your dismay, not in final value fees. What about record grading? You probably see what is termed the Goldmine Standard Rating System, but do you understand it? A record listed as "Good", is really quite trashed. "Very Good" is decent, but is open for quite a bit of interpretation. VG+ and above leaves little to disagree about, and is a high quality record. If the vinyl is VG+ and the label is awful, don't expect to get much of anything for it. The label is as important as the vinyl, especially on VG+ or better records. Don't wish your way to a higher grade than it is. That will just result in a record return and a bottle of Advil.
BUYERS: Beware! Ask about the dead wax numbers and get a book that explains them. Look at the labels. Are those the correct colors and markings? Check out the ridge or lack of one, on the center hole. Examine the colors on the label. Are they bright, or washed out? Sure, an old record could have some label fading, but there is a difference between a slightly faded label that used to be bright, and one that never was. Ask about the lead-in groove. Is there just one (likely original) or is there several(boot). If the seller can't answer you to your satisfaction, don't bid. Move on and make a mental note to avoid that Ebayer.
Next time: It's all about integrity. What are the honest sellers doing, and what about the people that are not? Also, what about shipping - The charges, the methods, and do you need insurance?
