Collecting Mistakes

[Casey2296]

Originally Posted by Rhotchkiss

This is a great idea for a thread.

I have been collecting on and off my whole life (I am 49), and I have made many mistakes over the years. Mostly, selling when I did - almost everything I have owned is worth more later than it was when I sold it. And I certainly have bought things thinking I must have it now, only to see one or more other example pop up in weeks. Patience is a virtue and that is a lesson I still have not learned.

Other larger mistakes include, not looking at the card closely enough and depending too much on the flip/grade, letting someone talk me into a card or a card at a certain price when my gut said no, and getting emotional during bidding wars substituting my need to win over my need for what I am actually winning. But here is one specific event I recall that involved several mistakes at once:

Back in 2017, I accidentally hit “buy it now” on a very pretty, but overly priced t206 red Cobb PSA 4.5. I freaked out and emailed the seller to see if I could cancel. He told me I could cancel for a $500 penalty, which I paid. Here are all the mistakes: (1) I mistakenly hit BIN, (2) I did not understand the eBay rules well enough to know that I could just cancel the deal and/or I cared to much about BS feedback, (3) I paid $500 to “get out” of my mistake, and (4) today, that card would is worth 3-4x what I was committed to overpay. I have bought a ton of cards since getting back into collecting in 2015, and that mistake sits with me more than any other.

BTW- I have made many more smart moves than mistakes… you can’t win them all, and mistakes can be real assets if we learn from them and use them as a catalyst to make better decisions going forward.

Great story Ryan,

When I opened my first nightclub at the ripe old age of 26 all I can remember is every mistake cost me $500, $1000, or $1500 dollars, which was an awful lot of money back then, Luckily I'm a quick learner and have an unwavering belief in what I'm doing. Although I sold it after 16 years to open a "respectable" business, the club recently had its 30 year anniversary.

My hobby mistakes have been cards I didn't buy, Ramley Johnson for 1500 before the run up, e121 Ruth, etc. but I was fortunate enough to hit for average, selling my 52 Jackie to buy my 14CJ Cobb among others.

I've also overpaid on auction night and woken up the next morning feeling like Nancy Kerrigan screaming "Why!?!", those cards didn't last long in my PC before they moved on at a loss.

Like other members have mentioned, mistakes are how we become seasoned collectors or as my Dad would say, "you can't build character without getting a little dirty".