Helping fellow board members become "better" collectors

[bcbgcbrcb]

I thought it would be both interesting and beneficial for board members to identify your biggest mistake(s) made while pursuing your individual collecting interest(s). The hope is that maybe sharing this knowledge will help others avoid the same pitfalls.

I'll start off with my list and elaborate a little bit on each:

1. In an effort to get every item from my Baseball Hall of Fame Rookies collection into a major third-party grading company holder, I "trimmed down" a number of vintage memorabilia items (thus destroying them) so that they would fit into either an SGC OR BGS holder. This included an extremely rare 28" X 40" Negro League broadside, which I have since searched to replace for the past 5 years with no luck.

2. Early on in the collecting process, I could not afford many of the "true" rookie cards that I would need for my collection so I started buying the earliest item that I could afford for each player. Later on, I found myself going back and "upgrading" most of the HOF'ers by picking up an earlier piece than what I already had and then selling the original item. In this manner, I lost money on these transactions almost every time, save for a few that I got lucky with and they appreciated significantly. If I could do it over again, I would simply wait until I had the money to buy the true rookie card and make the purchase one time and be done with that HOF'er.

3. Trying to determine Type I photos from a computer scan (self-explanatory).

[granite75]

- If you have an item or collection you love, think long and hard before selling. Unless you are about to have everything seized by the IRS, wait a couple of weeks and think it over. Regret is a terrible feeling.

- Be patient, both in buying and selling. Impatience leads to bad transactions, patience can pay huge dividends.

- I wouldn't ever list a valuable item for 0.99 on eBay ever again. I got hugely burned by taking that advice.

Sent from my HTC6525LVW using Tapatalk

[Econteachert205]

My mistake has always been diving in too soon without doing proper research.

[shernan30]

+1

I have been hit with the "not enough research" infection many times.

[conor912]

I think you'll find patience will be the major theme of this thread. It is hard to learn, and even harder to master. Without it, you will pay dearly.

[Peter_Spaeth]

Buying raw cards out of SCD ads, not knowing what I know now, that the hobby is populated with scum.

[glchen]

1. Try to stay focused on what you really like to collect. I've changed my collecting interests multiple times, selling off things that no longer hold my interest anymore. When I sell these off, they are usually at a loss.

2. Collect cards with the eye appeal that you can live with for a long time. I've picked up cards that looked horribly because they were very tough cards that filled a spot on my checklist. Unfortunately, after a period of time, I just could not stand looking at them anymore and sold them, again, usually for a loss. It's better to be patient and buy cards you really like than to be impatient. You'll never have enough money to buy all of the cards you like anyway, so just purchase cards that you really want to keep in your collection long term.

3. However, it is a card that is very rare, which you really want w/ nice eye appeal, don't haggle or be a scrooge too much, or you will not get that card and you'll regret it. Sometimes overpaying a bit is worth it in the long term for these types of cards.

4. When seeing listings on ebay, if it's too good to be true, caveat emptor. There are always treasures to be found, but you just need to be careful.

[brewing]

Slow Down

[JustinD]

1. Research, research, research
2. Too good to be true needs twice the research, lol.
3. The time to buy the thing you have been looking years for is when you see it.
4. Sometimes the ebay deal seems great, but find dealers and go to shows...looking at the item in hand vs. a three inch scan is often worth a premium.

[steve B]

My approach has been quite different, partly because my interests are less focused, and partly because I have seldom had the budget to be focused.

So I've always been a more opportunistic sort of collector. Yes, I'll have a general idea what I want when I go to a show. But I seldom end up with exactly what I'd planned on. Some stuff that I like just isn't always there. Like the 60's coke caps in biggish lots for a good price. Sometimes what I think of as a "good " price is a bit outdated.

So I've ended up not necessarily doing research. Of course having collected since the late 70's I have a pretty good overall feel for when something is real or not. I suppose it's been decades of very very slow research.

So a few tips for someone who operates the way I do.

Don't get hung up on getting something in particular. Focus is fine for some things, but don't let it blind you to the really good deal that's right in front of you.

If the item you want isn't rare, wait for the right overall deal. I got down to one card for the 74 Topps set, a Schmidt. At the time they were fairly hot, and there were no bargains. Not a hard card to find, but all the cheap ones were more worn than I wanted. After 3 years I found one that was nice, and about 25% below the usual price. (Of course that was right as the price of that card was heading down so I actually overpaid. )

Don't let a desire to pick up a few items prevent you from buying that one really great item. One show the second table I went to had a drum T206 for 200. (Yes, a long time ago) I wanted it, had hardly ever seen one, and had the money. I passed because I didn't want to buy one card and go home. DOH!

Don't overextend yourself. Sure, if you've got a nice card budget and taking a chance on a card that's 2-300 or more that you're unfamiliar with isn't something that will have any really bad consequences go for it. Anytime you go with the general feeling that something is a good deal or better still is actually fairly rare there's a risk. And even after decades you'll make mistakes. (I just bought an odd pair of stamps for $5 that catalogs about .50 ) As long as that's not taking away from the important stuff just consider it a learning experience and move on. Going from that $5 risk to the confidence to take larger risks has been hard for me to do.

Spend some time away from card shows or the card sections or even memorabilia sections of Ebay. It's not extremely common, but I've picked up a few nice items from other totally unrelated venues.
A Cubs coffee cup that I think is from a team restaurant or something. $2 at a restaurant china show.
A set of oddball advertising cards in the complete promo kit bought at a stamp show.
A nice baseball silk from a coin show
Nice T205 from a stamp show.

If you're only interested in sports stuff, those stops will usually be boring and fairly quick. A friend of mine does three-four fields at Brimfield while I'm only through one to one and a half.

The stuff I learned going to other venues was really useful when I was selling "stuff" on Ebay. It's amazing how easily you can find stuff for a buck or under that will sell for 10-20. It's not always worth the time, but there's also the occasional happy surprise. Finding stuff for 20 or less that sells for 1-200 isn't as easy since there's less of it, but it's possible. The really great pickups will happen too. Like a plate bought for 25 cents that sold for $660

Steve B

[Econteachert205]

Originally Posted by brewing

Slow Down

+1

[Bestdj777]

One piece of advice I can offer is to keep a very detailed list of what you own so that you can avoid purchasing cards you already have. I've ended up with way too many duplicates over the years--some intentional and some intentional--and could have avoided the unintentional mistakes if I'd started a spreadsheet sooner.

Another piece of advice that may be helpful is to think of your end game before you get started. For example, I've always wanted a complete Transogram Box of my favorite player. Instead of waiting for one to come up, I purchased the card cut off the box from one auction and the figure that came with the box in another. When the complete box came up for sale, I got it for less than the cost of the individual pieces and then had to try to recoup my money for items I no longer needed.

[Eric72]

Buy what you like and like what you buy. Leave the rest for everyone else.

It took me a while to learn this lesson.

Best regards,

Eric

[almostdone]

For me the best advice is to remember that the hunt is far greater fun than actually owning. If I'm building a set or looking for a specific item the hunt for the one that suits me is the hobby. Too many times I have gotten wrapped up in completing a project only to let the excitement die down and sometimes even eventually selling or trading off what I "had to have" to pay for the next "have to have".

Other than that don't collect alone. Find a friend, son, daughter, brother or whom ever to collect with. It's one of the reasons I love this site. I've made some good friends and even some lifelong ones all over the chase of cardboard. Sharing the collecting experience makes all of this so much more worthwhile.

Drew

[doug.goodman]

Originally Posted by bcbgcbrcb

I thought it would be both interesting and beneficial for board members to identify your biggest mistake(s) ...

1. ... I "trimmed down" a number of vintage memorabilia items (thus destroying them) ... 28" X 40" ...

Wow.

Phil.

Say it isn't so...

[mechanicalman]

To answer your question about mistakes I've made:

1) I've gotten impatient while trying to build sets (i.e. a Goudey HOF set in PSA) and I'll purchase a card in a BVG holder with the thought that I'll cross it over. Firstly, it's probably a mistake to get caught up in set registry BS, as I'll never afford a top 5 set, and it's just a marketing scheme to drive loyalty to a holder, but I do love the consistency of the same holder for a certain set. The next mistake is thinking that a BVG 4 Rogers Hornsby will translate to a PSA 4. We all know that won't happen. At least I know now.

2) Again, the theme of impatience rears its ugly head. I've made the mistake of wanting to check a box so bad that I settle for an off-centered card I don't love to look at.

[Exhibitman]

Lots of my errors and regrets have already been covered.

No one has mentioned forgetting to have fun with the hobby. This is supposed to be a pastime, not a stressor. I've spent way too much time in the past worrying about what things are worth rather than just enjoying them. We all have cards we'd rather not sell unless forced. Enjoy those cards and don't sweat their value.

Then there is the rest of the collection. One mistake I made in the past and am trying not to repeat is to hold a card past its market. Cards go up and down, sometimes dramatically--remember the E card rush of about a decade ago? I try to set a price point in my head for cards that I am not intent on keeping until I drop dead and when the cards hit that point, I sell them. Ditto for the occasional contact I get asking desperately for some rare card I have. Make my price, take the card.

Rarity. Rarity. Rarity. And not that 'rare for the grade' tripe. I like cards where you check VCP and see one or two transactions. Ever. As some have noted already, when it comes to mainstream issues, you can wait for a deal. There will always be one. But a rare card, one that has only a few know specimens or is a 1 of 1, well, that's the kind of card you can always trade or sell. I've had and sold quite a few of those and when I am ready to sell, I have competition for the card lined up.

Don't sweat a few bucks on the acquisition side when it comes to items you really like or rare items. At one National I saw something I really liked on the first morning but it was $400 and not really in my normal collecting vein, so I passed. Several hours later I decided to get it but it was gone. At another show I asked a dealer for a rare Exhibit type card. He had two but they were expensive. I passed. Again, I went back and they were gone.

Patience. Already been remarked on but I wanted to throw in my 2 cents worth. As Mr. Spock said: "After a time, you may find that having is not so pleasing a thing after all as wanting. It is not logical, but it is often true." Don't be in a rush to finish sets. Take time and enjoy the experience and shop for cards that really make the set what you want it to be.

[Louieman]

I'm probably not as qualified to speak in this thread as many others who have way more years collecting...
but one thing I do that is both VERY fun and helpful for my collection is to find an image checklist of a set (usually, on PSA Facts), and scrutinize the hell out of it. Go through every single image, and try to decide whether or not there is a card in the set so appealing that I just need to add it to the collection.

[Duluth Eskimo]

The time to buy is when you see the item. Don't 2nd guess your instincts if it's a tough item and walk away

[Joshchisox08]

Originally Posted by brewing

Slow Down

HOW ???

Any insight on that lol I could use all I can get.

[Rob D.]

1. Tell the truth.

2. Do the right thing, even -- especially -- when it's tough to do.

The hobby will be much more enjoyable if you're not having to keep track of the half-truths you've told and the transgressions you've committed.

[ls7plus]

Originally Posted by Econteachert205

My mistake has always been diving in too soon without doing proper research.

A big +1 on that one re my early collecting days. Now my practice is to assemble all the info I can on an expensive purchase beforehand. Second biggest mistake was in the early '90's, investing in a lot of hot, young phenoms--hence my oft made argument on this board that it is far better to wait until that "phenom" has reached the downside years of his career to truly and accurately evaluate him (although you can never rule out subsequent disclosure of PED use at just the wrong time). By then, the speculative and transient elements of the demand factoring into an inflated price will have long since dissipated. Case in point--1990 No-Name on Front Topps Frank Thomas rookie, booking at $1600 (high Beckett value) in the early '90's. Prior to his HOF election in 2008-2010, a very nice NMt-Mt example could be had in the $500 dollar range, even though he had clearly put together a HOF career (the only debate was the time he put in as a DH vs first baseman).

Highest and best regards,

Larry

[EvilKing00]

Didnt see anyone add here, buy the card not the holder.

[freakhappy]

Originally Posted by EvilKing00

Didnt see anyone add here, buy the card not the holder.

Unless.......you're a registry participant

[rhettyeakley]

Whenever I show people any part of my collection they always ask... "Where do you find the stuff?"

The biggest difficulty I have had in the past is that you have to be opportunistic and ready to purchase when the item you want becomes available. Sometimes it is nice to have patience but it always seems like it is "feast or famine" for me, either there is so much available to buy that I can't afford everything I want or a month or two will pass and I am literally having to talk myself into purchases because there is so little available. When you see a good deal on an item that you want or that you can make some money on you have to prepared and ready to just take the plunge at that time.