BIN vs. Auction

[calvindog]

Bobby, you make fair points: the grass is always greener, no doubt.

And some of the times, the reason bidders don't put offers on BINs within 20% of the price is because the BIN price is 40-50% higher than it should be. For example, there are two Cobb cards I'm interested in on ebay with ridiculously high BINs. I made offers on both higher than what the cards have normally sold for over the past few years -- and each time I have gotten countered with prices of $50 less than the BIN. Not surprisingly, I was the only one to make an offer on either card during the 30 day period. At least in NYC real estate, when no one buys a listed apartment after a few months the prices get cut. On ebay, the high prices just linger forever.

[bobbyw8469]

Calvin! Check out my cards!! If I EVER have anything you want, I will deal! I am happy just to make enough to buy lunch the next day! I am not naming any names, but yes some of those sellers DO have ridiculous high prices. I made a huge offer on a car from a seller named after a famous high end automobile, and you would have thought I asked him to steal the Mona Lisa. He wouldn't budge one inch......some sellers are just like that....not all.....I have stuff cheap.....but noone ever sees that.....

[Matt]

Bobby - there is a minority of BIN sellers who are ready and willing to sell for reasonable prices (it seems you are one and I believe I am one as well) but the outlandish BIN price charged by many sellers causes many people to ignore BIN listings altogether. I'm looking to take a family vacation this summer and have a few cards on eBay I'd be happy to move at previous sale prices, but people aren't even looking.

[calvindog]

Matt, people do ignore BINs with increasing frequency, no doubt. The alternative is to put the cards in a regular auction with a reserve -- but that is the kiss of death to an ending price from what I can tell.

[cbcbcb]

I look for multiple BINs I am interested in from the same seller and make an offer 50% of the price for the combined lot.

[Rob D.]

I'm a firm believer in sellers asking what they want and letting the chips fall where they may. They own the cards, so let them set the price. We have no idea whether they overpaid for a particular card, really don't want to sell unless they get their stated price, etc.

That being said, I simply can't explain a couple of cards I've seen during the past year. I know that eBay BIN stories are like "bad beat" stories from poker players: Everyone has one and thinks his is the best, and few other people really want to hear about it. Unfortunately, I'm going to tell mine anyway.

Last summer I noticed for the first time as a BIN (with a best-offer option) a T206 Lajoie with a Tolstoi back, PSA 5. Nice card. BIN = $2,495.95.

I like to think I've got a decent grasp of what Lajoie cards sell for, even without checking VCP. But I figured maybe I missed something. VCP has one recorded sale of $717 for this card in this grade, in October 2008. I had seen another sell early last year for just north of $900. So where the seller came up with $2,500, I have no idea.

Last year I made (I think) three offers -- $900, $1,000 and $1,100 -- which were automatically rejected immediately. I shrugged and figured the seller was using the card to draw attention to other cards he really wanted to sell. No big deal. Then last month I see the seller had relisted the card for the same price.

Against my better judgement I send him a nicely worded e-mail complimenting him on the card and explaining that I am interested in buying it if he's interested in selling it. I make an offer of $1,200 -- 33 percent more than I've ever seen this card sell for. I pass along the prices I've seen the card sell for and explain that while I'm willing to overpay for his card, I simply can't go anywhere near the neighborhood that he's asking.

His reply was that we're too far off in price, so there's no way we could reach a deal.

As far as I can tell, I think I'm the only sap who has made offers on the card (at least through the "Make an offer" option).

This experience and a few others that followed the same scenario are the main reason I rarely bother with sellers who list their cards at such outrageous prices. Again, I'm sure they have a strategy. I'm just not following it.

[Robextend]

I agree with most everything that was said, however there are times where you can get a steal on a BIN. Unfortunately I am sure I miss most of those occassions because I only go on EBAY once or twice a day to search. Recently I was fortunate enough to pick up 11 1933 Goudeys at a very reasonable BIN price. I am sure if I didn't see those they would all be gone in a couple days.

[Orioles1954]

There are also some sellers who put their BIN about 10-20% above VCP or other auction related prices realized. I have found these folks to be a lot more accomodating. By the way, how much does a bare bones, no frills e-bay store cost?