Buyer Beware; Don't Fall into the "eBay Trap"

Flea Market Vendors Are Not Necessarily EBay Specialists

By Suretta, published Jun 02, 2006
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Don’t Fall Into the eBay Trap!

Visit any flea market and you are bound to find vendors with outrageously priced collectibles. In fact, some of the goods aren’t even collectible yet; they are just newer versions or remakes of items that were, at one time, collectible.

As a potential buyer, don’t fall into what I call “The eBay Trap.” Walk by a site for, say NASCAR collectibles, and you’ll find vendors claiming, “this is going for $50.00 on eBay!”

Take for example, a NASCAR Souvenir Pin—Miller 500 Dover Downs Speedway. If you search eBay, you’ll find it on sale for $39.99; $49.99 with a Buy It Now Option. In most cases, this is the price that vendors like to quote when they pitch “It’s going for $49.99…” 1

The smart shopper knows that this is not the price that means anything. The price that matters is the price of the completed auctions. While searching completed auctions2 for the above category, I found nothing.

As an eBay savvy buyer and seller, and after reviewing the item on eBay, I know that the person charging $39.99 or $49.99 has not received any bids as of the date of this article. Searching the completed auctions, I note that no items matching the description have been sold lately.  A die-hard eBay-er will watch the auction to determine if there was anyone willing to pay that price.

So, next time the vendor tries to sell you an item at the flea market and tells you that it goes for $49.99 on eBay, you should look to see if $49.99 was the price someone paid; or was it the price that was asked, but the item didn’t sell.

This is true with many items. I used NASCAR only as a theoretical, because there are so many different collectible items out there in "eBay Land." There are collectors of everything, from Precious Moments figurines to PEZ dispensers. Most collectors know which pieces are valuable, and some are willing to risk a small investment to get a piece relatively inexpensively.

 
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Don’t Fall Into the eBay Trap!

Visit any flea market and you are bound to find vendors with outrageously priced collectibles. In fact, some of the goods aren’t even collectible yet; they are just newer versions or remakes of items that were, at one time, collectible.

As a potential buyer, don’t fall into what I call “The eBay Trap.” Walk by a site for, say NASCAR collectibles, and you’ll find vendors claiming, “this is going for $50.00 on eBay!”

Take for example, a NASCAR Souvenir Pin—Miller 500 Dover Downs Speedway. If you search eBay, you’ll find it on sale for $39.99; $49.99 with a Buy It Now Option. In most cases, this is the price that vendors like to quote when they pitch “It’s going for $49.99…” 1

The smart shopper knows that this is not the price that means anything. The price that matters is the price of the completed auctions. While searching completed auctions2 for the above category, I found nothing.

As an eBay savvy buyer and seller, and after reviewing the item on eBay, I know that the person charging $39.99 or $49.99 has not received any bids as of the date of this article. Searching the completed auctions, I note that no items matching the description have been sold lately.  A die-hard eBay-er will watch the auction to determine if there was anyone willing to pay that price.

So, next time the vendor tries to sell you an item at the flea market and tells you that it goes for $49.99 on eBay, you should look to see if $49.99 was the price someone paid; or was it the price that was asked, but the item didn’t sell.

This is true with many items. I used NASCAR only as a theoretical, because there are so many different collectible items out there in "eBay Land." There are collectors of everything, from Precious Moments figurines to PEZ dispensers. Most collectors know which pieces are valuable, and some are willing to risk a small investment to get a piece relatively inexpensively.

For most collectibles, eBay is a buyer’s market. This means that sellers are getting much less than the second market value for highly collectible pieces. In fact, the availability of so many pieces has actually driven the second market value price down over the past several years. What used to be worth $75 may now only be worth $50 on a good day. That means you can probably find it for between $20 and $30 online. If you are looking for a collectible that’s hard to find, and a vendor is telling you it goes for $75 on eBay, don’t jump on their price of $60 at the flea market. There is a set of bone china worth $1600 new that can be purchased for $500 on eBay - same condition, same number of place settings, same lot number, etc.

Write down the item you are interested in (including the name and/or number, if applicable) and look it up on eBay when you get home. Chances are, you will find it for far less than the flea market price (unless you know in your heart that the flea market was the best deal you could find). Otherwise, search the completed auctions, which can be found under the advance search options.

Of course, there are vendors who just don't know what they are selling. Fenton glass is obviously not Westmoreland glass. However, I've had vendors swear up and down that something was made by Westmoreland when it was stamped Fenton. Since I collect Westmoreland glass, I know the difference. The next buyer may not. 

I actually had a vendor show me an item made of plastic and wired for electricity and swore the piece was 100 years old and could sell for "a $100 on eBay."

There are also other reasons not to pay high prices at the flea market.  First, purchases via eBay or other Internet sites are  guaranteed against breakage in handling, generally come with a box (unless otherwise noted), and are (hopefully) described accurately. You have the luxury of looking at your reference books and/or asking questions from the comfort of your computer, and you can be sure you will receive what you have bid on. You are also insured against fraud, theft, postal damage, etc. All these factors are usually built into the eBay price. If not, don't bid. In addition, if you are looking for a particular marking or sign, you can ask the seller if it isn’t mentioned in the description.

Personally, I don't pay Internet prices for items at a flea market. As a rule, I pay less than $12 for figurines that run anywhere from $24 to over $100 retail. I know that if I find something for less than $12, it’s a good buy, no matter where I find it. I am assured it is worth at least that much. I will not pay market price for anything at an antique or collectible shop—the purpose of my visits is to find bargains. If I am going to pay market prices, I'll buy it new from the manufacturer, unless I’m looking for a specific item.

If I purchase something online, I want many more details, a tighter description, an accounting of the condition of the piece, and the option to purchase postal insurance. In addition, through online payment centers such as Paypal3, I can refuse to authorize a charge if there is a problem with the purchase. I am offered resolution services and security in trading by both eBay and Paypal.

It’s not a hard lesson to learn. Flea market vendors are not always eBay specialists. Consider this: if they are selling a lot of their overpriced merchandise on eBay, why do they have any left over for the flea market? If they are listing their items on eBay but they aren't selling, and they think they can get people to pay for them at the flea market, they can just pack them up and take them home with them at the end of the day.

PEZ dispensers are big lately. You’ll find all sorts at flea markets, priced from 10 cents to over $5. Just because they are collectible doesn’t make them worth $5. Most are worth about $1. A true PEZ collector knows how to determine the date of the piece, and which are valuable and which are not; many are looking for pieces for individual collections. Flea market vendors usually don’t know anything about them. They think since PEZ dispensers are collectible, they can overprice them. What's more amazing, is that rather than lower the price after a few weeks, they'll keep them, unsold, for the whole season. I've accompanied a collector who corrected them about their information or age of the piece, only to see her dismissed by a rude vendor. Collectors should do their homework - know what they have, what they are looking for, and how much they are willing to pay.

Of course, there are always those vendors who don’t even have the decency to pack up their stuff before they go home. They just throw tarps on everything from week to week. Not only does it not inspire interest to visitors who already saw the wares last week, but after a few more weeks, things get old, damaged, dingy or otherwise worthy of the trash. Why people insist on selling items in poor condition, I don’t understand.

Vendors that ask and expect to receive high prices for their items at a flea market should spend a month trying to sell on eBay - they should determine how many people are actually willing to pay their prices. If they are selling a lot of their things on eBay, they should sell it on eBay; if nothing is selling on eBay, they should mark it down and bring it to the flea market where someone will wager a few dollars for a potentially valuable piece of merchandise. Flea markets are treasure hunts. If I want 20% off the manufacturer's suggested retail price, I'll go to a department store.

If you are a smart shopper—you’ll think twice before believing the word of a vendor about the worth of an item; whether you are buying a home, a car, or a potentially valuable item, beware.
A smart shopper knows that the eBay asking price means nothing.Online purchases come with certain guarantees and insurance.Vendors who expect to receive high prices at a flea market should spend a month selling on eBay.Just because an item is collectible doesn�t make it worth $5. A true PEZ collector knows which items are valuable and which are not; flea market vendors usually don�t. If you are a collector, be sure to do your homework; know what you have, what you are looking for, and how much you are willing to pay.1www.ebay.com eBay Home Page, 2http://search.ebay.com/ws/search/AdvSearch?sofindtype=13www eBay Advanced Search  3 www.paypal.com  

Resources
  • Don’t Fall Into the eBay Trap!Visit any flea market and you are bound to find vendors with outrageously priced collectibles. In fact, some of the goods aren’t even collectible yet; they are just newer versions or remakes of items that were, at one time, collectible. As a potential buyer, don’t fall into what I call “The eBay Trap.” Walk by a site for, say NASCAR collectibles, and you’ll find vendors claiming, “this is going for $50.00 on eBay!” Take for example, a NASCAR Souvenir Pin—Miller 500 Dover Downs Speedway. If you search eBay, you’ll find it on sale for $39.99; $49.99 with a Buy It Now Option. In most cases, this is the price that vendors like to quote when they pitch “It’s going for $49.99…” 1The smart shopper knows that this is not the price that means anything. The price that matters is the price of the completed auctions. While searching completed auctions2 for the above category, I found nothing. As an eBay savvy buyer and seller, and after reviewing the item on eBay, I know that the person charging $39.99 or $49.99 has not received any bids as of the date of this article. Searching the completed auctions, I note that no items matching the description have been sold lately. ; A die-hard eBay-er will watch the auction to determine if there was anyone willing to pay that price. So, next time the vendor tries to sell you an item at the flea market and tells you that it goes for $49.99 on eBay, you should look to see if $49.99 was the price someone paid; or was it the price that was asked, but the item didn’t sell. This is true with many items. I used NASCAR only as a theoretical, because there are so many different collectible items out there in "eBay Land." There are collectors of everything, from Precious Moments figurines to PEZ dispensers. Most collectors know which pieces are valuable, and some are willing to risk a small investment to get a piece relatively inexpensively. For most collectibles, eBay is a buyer’s market. This means that sellers are getting much less than the second market value for highly collectible pieces. In fact, the availability of so many pieces has actually driven the second market value price down over the past several years. What used to be worth $75 may now only be worth $50 on a good day. That means you can probably find it for between $20 and $30 online. If you are looking for a collectible that’s hard to find, and a vendor is telling you it goes for $75 on eBay, don’t jump on their price of $60 at the flea market. There is a set of bone china worth $1600 new that can be purchased for $500 on eBay - same condition, same number of place settings, same lot number, etc.Write down the item you are interested in (including the name and/or number, if applicable) and look it up on eBay when you get home. Chances are, you will find it for far less than the flea market price (unless you know in your heart that the flea market was the best deal you could find). Otherwise, search the completed auctions, which can be found under the advance search options.Of course, there are vendors who just don't know what they are selling. Fenton glass is obviously not Westmoreland glass. However, I've had vendors swear up and down that something was made by Westmoreland when it was stamped Fenton. Since I collect Westmoreland glass, I know the difference. The next buyer may not. I actually had a vendor show me an item made of plastic and wired for electricity and swore the piece was 100 years old and could sell for "a $100 on eBay.\"There are also other reasons not to pay high prices at the flea market.  First, purchases via eBay or other Internet sites are  guaranteed against breakage in handling, generally come with a box (unless otherwise noted), and are (hopefully) described accurately. You have the luxury of looking at your reference books and/or asking questions from the comfort of your computer, and you can be sure you will receive what you have bid on. You are also insured against fraud, theft, postal damage, etc. All these factors are usually built into the eBay price. If not, don't bid. In addition, if you are looking for a particular marking or sign, you can ask the seller if it isn’t mentioned in the description. Personally, I don't pay Internet prices for items at a flea market. As a rule, I pay less than $12 for figurines that run anywhere from $24 to over $100 retail. I know that if I find something for less than $12, it’s a good buy, no matter where I find it. I am assured it is worth at least that much. I will not pay market price for anything at an antique or collectible shop—the purpose of my visits is to find bargains. If I am going to pay market prices, I'll buy it new from the manufacturer, unless I’m looking for a specific item. If I purchase something online, I want many more details, a tighter description, an accounting of the condition of the piece, and the option to purchase postal insurance. In addition, through online payment centers such as Paypal3, I can refuse to authorize a charge if there is a problem with the purchase. I am offered resolution services and security in trading by both eBay and Paypal. It’s not a hard lesson to learn. Flea market vendors are not always eBay specialists. Consider this: if they are selling a lot of their overpriced merchandise on eBay, why do they have any left over for the flea market? If they are listing their items on eBay but they aren't selling, and they think they can get people to pay for them at the flea market, they can just pack them up and take them home with them at the end of the day.PEZ dispensers are big lately. You’ll find all sorts at flea markets, priced from 10 cents to over $5. Just because they are collectible doesn’t make them worth $5. Most are worth about $1. A true PEZ collector knows how to determine the date of the piece, and which are valuable and which are not; many are looking for pieces for individual collections. Flea market vendors usually don’t know anything about them. They think since PEZ dispensers are collectible, they can overprice them. What's more amazing, is that rather than lower the price after a few weeks, they'll keep them, unsold, for the whole season. I've accompanied a collector who corrected them about their information or age of the piece, only to see her dismissed by a rude vendor. Collectors should do their homework - know what they have, what they are looking for, and how much they are willing to pay. Of course, there are always those vendors who don’t even have the decency to pack up their stuff before they go home. They just throw tarps on everything from week to week. Not only does it not inspire interest to visitors who already saw the wares last week, but after a few more weeks, things get old, damaged, dingy or otherwise worthy of the trash. Why people insist on selling items in poor condition, I don’t understand. Vendors that ask and expect to receive high prices for their items at a flea market should spend a month trying to sell on eBay - they should determine how many people are actually willing to pay their prices. If they are selling a lot of their things on eBay, they should sell it on eBay; if nothing is selling on eBay, they should mark it down and bring it to the flea market where someone will wager a few dollars for a potentially valuable piece of merchandise. Flea markets are treasure hunts. If I want 20% off the manufacturer's suggested retail price, I'll go to a department store.If you are a smart shopper—you’ll think twice before believing the word of a vendor about the worth of an item; whether you are buying a home, a car, or a potentially valuable item, beware. A smart shopper knows that the eBay asking price means nothing.Online purchases come with certain guarantees and insurance.Vendors who expect to receive high prices at a flea market should spend a month selling on eBay.Just because an item is collectible doesn�t make it worth $5. A true PEZ collector knows which items are valuable and which are not; flea market vendors usually don�t. 1www.ebay.com eBay Home Page, 2search.ebay.com/ws/search/AdvSearch?sofindtyp eBay Advanced Search  3 www.paypal.com  
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