Posted on April 23, 1999 at 17:26:35:
Looking for the value of your petroleum collectible?
This insight was posted on our Shop Talk forum:
The following comments reflect my views only and not necessarily those of
the management of this Web site.
I have noticed that many of the questions in this forum concern the value
of a single found item of petroliana. As the lucky owner you are naturally
interested in the value and perhaps more importantly, turning the item into
cash. You post a message on the web and then wait for a response. And wait
and wait.
When you think about it there is an obvious reason that you might not get
the response you want. What is happening here is that you, the seller, are
seeking an appraisal but are not offering any payment other than the possible
purchase of the item by the buyer/appraiser. The seller is also aware that
anyone offering their services for free are likely interested in purchasing
the item for themselves. This assumption is largely true as the specialized
knowledge required to value an item is normally acquired by the buyer/appraiser
previously purchasing items for their their own collection.
By deciding not to pay for a professional appraisal the seller has now put
themselves into a bind in as much as he is asking for a value from someone
who has a vested interest in purchasing for as little as possible. The appraiser
is aware of this bind but faces his own dilemma. If he offers ANY amount
for an item, this amount then becomes the floor that the seller uses to obtain
higher offers from others; e.g., I have an offer of $100 can you top that.
The appraiser is also aware that sellers most often will take the best offer
at hand and will virtually never come back to him and allow him to increase
his initial valuation/bid.
There is a solution to this problem and that is for the seller to recognize
both conflicts and to act in a responsible manner. This is achieved by the
seller entering into negotiations as follows:
Appraiser - I think your item is worth $xx.
Seller - Thanks, let me think about that and I will get back to you not later
than Wednesday of next week. I also promise that I will not sell the item
without talking to you again.
By naming a date and telling the buyer that he will be contacted again the
seller has put a definite limit on the process and has assured the buyer
that the item will not be sold without allowing a final chance to buy. This
process tends to reassure both parties and if followed, encourages buyers
to contact sellers promptly in the knowledge that the first to call will
at least get a call back.
Sellers must also realize that by not spending the time to buy the guide
books, attend meets, send out pictures, or take other steps to market their
product, they are increasing the likelihood that they will sell their item
for less than full retail. This should be acceptable as the amount of time
spent to market the item has been minimized. - Steve Baker