Knowing how much to ask when selling?

[twangyt]

I need some advice here fellas:
I have a musical instrument (NOT a guitar) that is quite rare that I came into not long ago. Now, knowing that there would be many people interested in this if I were to sell, what do I ask? I would love to sell this to someone that I know (possibly to a local studio) who I know will use it and appreciate it as much as I do - BUT, I would obviously like to get the most out of it that I can. (I kind of frown upon ebay in general b/c of the lack of personal connection.) When I tell someone about this instrument they are immediately interested, and then the question is raised.... so, "how much so you want for it???" That is where I fall short. I know that I always hate getting this answer: "I am open to offers..."

I guess what I am trying to say is, I want as much as I can get for it without putting it on ebay. (I know that the last one on ebay sold for about $3,800 "Buy-it-now.") It is obvious that I would just like to sit on it for awhile and let my investment grow, but, someone could be using this thing.
Hmmmm.... I guess that a compromise will have to be made either way.

Did that make any sense whatsoever???

 

[justonwo]

The best measurement I know of is to watch eBay auctions selling the same item for awhile and try to gauge the average price it's going for. Then, I'd probably bump it up around 5%-10% from that and let people try to haggle you down a little bit. Whether to sell or hold on is entirely up to you though...

This is good advice.

 

[Drkorey]

+ 1

The best measurement I know of is to watch eBay auctions selling the same item for awhile and try to gauge the average price it's going for. Then, I'd probably bump it up around 5%-10% from that and let people try to haggle you down a little bit. Whether to sell or hold on is entirely up to you though...

 

[twangyt]

Yeah, that does sound like good advice. I appreciate the feedback - it's always great to get a second opinion. If I do decide to sell, I don't want to be kicking myself later!

 

[jtees4]

$10,000 or BEST OFFER. You will soon find out what it is worth to someone (you can do this on Craigslist if you want to avoid EBay).

 

[PinoyBoy]

Isn't there a Blue Book for all instruments? I would suggest to check prices at ebay and the BB for more data points.

 

[treeofpain]

Each instrument type has its own market. Let us know more details and we can give more specific advice.

 

[PFCG]

what is it?

 

[Tonefish]

eBay usuallly establishes the market price.

 

[jmcloud]

What's this about a Blue Book for instruments? Hahaha I'm so out of the loop on this...probably a ridiculous question, but I've never heard of it. Anyone got a link or something?

 

[treeofpain]

There are several price guides for guitars. They are sometimes spot on and sometimes way ahead or behind. Useful as a GENERAl REFERENCE ONLY.

eBay is a more "real life" reference, especially if you see several auctions ending successfully in a consistent price range. Do not look at asking prices, only at actual sales. (I can ask $10,000 for my Mexican Strat on eBay, but it's not a REAL market price until someone buys it).

 

[twinrider1]

How about this for an interesting method. Set a price and announce you will be lowering the price X amount once a week. A serious buyer would love to wait for a great price, but afraid to wait and watch someone else snag it before them.

 

[tonedaddy]

There are several price guides for guitars. They are sometimes spot on and sometimes way ahead or behind. Useful as a GENERAl REFERENCE ONLY.

And in a time of declining prices like we're in now, WAY behind.

Here are the latest editions of the prominent price guides:

https://store.bluebookinc.com/Guitars/Default.aspx
http://www.amazon.com/Blue-Electric...=sr_1_2?ie=UTF8&s=books&qid=1203135654&sr=1-2

http://www.vintageguitar.com/store/category.asp?catID=6
http://www.amazon.com/Official-Vint...bs_sr_1?ie=UTF8&s=books&qid=1203135569&sr=8-1

 

[JamminJoe]

Great post, Brad. Everything you said is dead-on. It is very hard to beat ebay prices with a local sale. craigslist is great, but most people are looking for bargains there and are not expecting to pay ebay prices or for high ticket items.

 

[Tonefish]

The OP states:
-there would be many people interested in his item locally.
-he would like to get as much as he can without going to eBay.

It seems that eBay is still the relevant market indicator or at least a good starting point for him. Keep in mind he would have the recent eBay sale as proof of what the market would bear, plus he could offer the item for around 10% less, which provides a discount to the buyer but in reality is the same amount the seller would receive in the absence of eBay and PayPal fees.

Keep in mind that there are benefits to the buyer for the local sale of a prized item.

 

[jeffwith1f]

ok
good thoughts
seriously, what is it?
rare clarinet?

 

[PFCG]

yeah why wouldent you wanna say what it is?

 

[twangyt]

It's a Baldwin Electric Harpsichord. Made in 1964 by the Cannon Guild, Cambridge Mass. Didn't even know these things existed. Very interesting instrument that was used extensively in the 60's by groups such as the Beatles, Doors, Beach Boys, Monkees, etc. It resembles a mini grand piano and is cast in an aluminum frame. It borrows a lot from the electric guitar. Top is clear plexi-glass.... pretty cool.

 

[GregoryL]

Post a similar question at www.keyboardforums.com

 

[Denvermax]

Pretty much want to echo all the advice already given. I've always thought the blue book prices were a bit low and ebay prices were a bit high compared to a local sale. So I think considering all of those with a little bit of "haggling room" would be a good way to go.