Well, I’ve been doing a bit of research into selling silver items on ebay and have noticed a few things which may help to maximise the final valuation on listings. I’m not sure about the psychology behind it, having read a couple of academic articles about the psychology of selling on ebay.
I’ve sold a few things on ebay in my time and have put starting prices to reflect an absolute minimum that I would want to accept for whatever the item is (I sold a lot of camera lenses in the past and am currently listing a few smaller pieces of silver). I recently sold a C19th mahogany scotch chest which I just needed to get out of the house. I was going to get rid of it to a charity shop which sell large pieces of furniture but instead thought I would list it up at 99p start. I thought that whoever would collect it would be doing me a favour so I wasn’t really all that bothered about getting much cash for it. By the end of the auction, it had 60 watchers, the page had 350+ views and it went for about £90. That’s not too bad, considering that I wouldn’t think it would attract much attention – the chest was is fair condition, but it wasn’t anything special.
While I was listing my items yesterday, I decided to start them at 99p each. Anyone interested can see my listed items here. Having finished listing them I had a quick look at one of my saved searches for hallmarked silver. There were quite a few big lots which were going for some good money. I had a look at the bids and lo & behold, the seller had started them all at 99p. These were lots which were worth a few hundred pounds. And the final prices were in the hundreds of pounds. Now, they were very good lots. Museum pieces, some of them, so not in the same league as my little list. The lesson that I found very hard to learn was that if you’re trying to sell a high-value piece on ebay, it’s a better idea to list it with a very low start price than the minimum price you’d like to get.
In the past I have started items out at something near their actual value and found it hard for them to get started. Maybe the very low start price gets people interested and encourages them to start watching and then bidding. Once you have their interest, they become involved with the auction and find it easier to bid and easier to bid to higher levels. This is just a little theory of mine and I will find out at the end of the week whether my approach has worked. Of course, in the true spirit of science, I’m going to say that “more research needs to be done”. Here’s hoping that my theory works…..