Commentary on "Hype" and "Lawyers" December 2000.
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SINGLE 'EVENT' SALES OFTEN SKEW MARKET
Few people can forget the stellar results of the auctions held by the Estates of Jacqueline Kennedy, Princess Diana and Marilyn Monroe.
The sales, which generate worldwide publicity and bring out of this world prices, often cloud true values in a real market.
The Monroe sale, for instance, saw anything attached to the late actress bring thousands of dollars. Autographs, which sell for fairly stable prices in the real market, brought ten and twenty times more during the much-hyped auction. True fans, longtime collectors and dealers were shut out of the sale, unwilling or unable to raise their paddle longer than the few seconds it took for the items to go through the ceiling.
Odyssey's Bill Miller explains. "This phenomenon really started with the first Butterfield's sale of the Elvis Presley Museum collection. The hype the auction received resulted in even routine material selling for many times what it is worth, and in many cases more than it will ever be worth." Miller said that following the sales, many sellers figure that their material is worth much more than the day or two before the auction. "this simply isn't true," he said. "These so-called 'event sales' are anomalies and anyone who knows anything will tell you that a piece of Marilyn's blank stationery isn't worth $5,000."
While the sales offer unprecedented opportunities to acquire pieces closest to the auction's subject, the price paid is often unwarranted and buyers suffer in the end. Last week, a photograph which brought nearly $24,000 in the original Marilyn sale brought a little over $4,000 at another Christie's sale according to Miller. "When the hype is gone and the press have moved on to the next story, many buyers are left with overpriced material and a huge case of buyer's remorse."
Advice to collectors? Know the market and pay only what you'll be happy paying, since you may end up keeping the piece for many years to break even if you ever decide to sell.
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Personal note: I could note have stated it any better, clearer, or stronger myself.
1) Know Your Market!
2) Pay Only What You Makes you Happy!
3) Pay Only What you Can Afford!
Whether you are at eBay looking at the 60,000 to 80,000 comic books listed for sale, or any comic related T-shirts, videos, or posters; set your own limits of what you will pay for merchandise.
Until next week - turn on the Christmas
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