Old Postage Stamps Album Question

[Drmad7]

Sorry no pictures...but I have a question. I bought an old Scott Stamp album for less than $100.00. It has at least 80% of the Scott stamps from #1 through 1932. Plus some airmail stamps and issues from before 1900. Stamps are a hard sell and a gamble in some cases. I took them to a dealer and he looked them over and offered $800 and I said $850. He knew I didn't have a lot invested in the stamps and he's one of the last stamp dealers around anymore. I agreed to the price but we will meet in a couple days to do the deal. He knows I sell on eBay and was considering just listing a picture of every page and putting he album up for auction because I know it will get at least $1000 minimum. I kinda think it would do about $2K, but that is without any real stamp knowledge. Now I'm having second thoughts and considering just paying his fee for he time ($150) and taking a chance on eBay. I'm trying to look at it He same way I would if offered that amount for a diamond from a local buyer vs the eBay world. Opinions? I don't want to be greedy and don't mind leaving cash on the table...but not the majority of the cash.

 

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[kingskid1611]

Honestly you will be fine selling to him. You have made money and are done. He will have to put the time and effort to make more out of it. That was a wonderful deal and you made a wonderful deal and are clear. Let someone else put in the time for more return.....

 

[Mackaydon]

You may wish to look up the expression.."A Pig in a Poke" and insert yourself as the seller, not the buyer.
If you truly have about 80% of the stamps issued to 1932, you have a potential small fortune in your possession.
If the collection were mine, I'd first consult Scott's Price Guide, note their values then submit the collection to a reputable auctioneer for his evaluation and suggested opening auction price.
Got to leave the house right now, but you get the idea.
You may have a once in a lifetime opportunity to score a big one--'don't blow it' would be my two cents.
Do your research then make your decision based on sound research.
Don......
Don....

 

[bill from lachine]

To each his own.....but I'd be tempted to just do a flip.

Condition is everything with stamps as it is with most collectibles.....I've been buying classic era stamps via auction recently and paying between 5 and 10% catalogue for fine to very fine used copies.

These are stamps cataloguing from $25.00 to $200.00 Scott each.

Odds are the 20% or so of the US stamps missing would be those with the highest catalogue value.....so if you conservatively use 5% of catalogue and he's offering $850. you'd have to have at least $17,000+ total catalogue value to make it worth your while going it on your own.

Considering you admit limited knowledge of stamps maybe take the money and run would be a prudent option to consider.

Regards + HH

Bill

 

[AlienLifeForm]

He charged you $150 to make you an offer?

 

[bill from lachine]

Generally dealers will evaluate a collection for free but with the intent of buying the collection from you.....perhaps there was a proviso that if the offer wasn't accepted the $150 evaluation fee applied....we'll have to wait and see what arrangement the OP made.

Regards + HH

Bill

He charged you $150 to make you an offer?

 

[Drmad7]

Generally dealers will evaluate a collection for free but with the intent of buying the collection from you.....perhaps there was a proviso that if the offer wasn't accepted the $150 evaluation fee applied....we'll have to wait and see what arrangement the OP made.

Regards + HH

Bill

$45 an hour for evaluation of value and waived if sold to him. He figured it would only take 2-3 hours to check them, so I'm going with three hours. I've got the US Postal album from 2013( have a 20 volume collection that I need to dump also) but only checked a few of the stamps. The variations are a killer. We will meet Friday and I'll probably just pick out certain stamps pre-1900 and see what value he attributes and then go for the sale. He did say before he even looked at the album "If someone offers to buy your stamps. SELL THEM" Because the market is dying everyday and those collectors are dying too. I will check more stamps but am leaning towards the quick flip. I still have those 20 volumes I can sell at half of face value apparently(Mint Unused stamps).

 

[bill from lachine]

You're about right the modern mint goes for approx 50% face and dealers just use it for discounted postage for their orders and yes the stamp buyers are thinning out with time.

The kids aren't interested in collecting stamps just texting and internet mostly.

Regards + HH

Bill

 

[kcm]

This is just "MY" opinion, but in my eyes you've already made a verbal agreement with him. He offered $800, but you countered with $850 and he accepted. Isn't that a verbal contract?

Granted you could go back on the deal, but at what cost in the end? Would he even care to evaluate future items for you even if paid? Would he ever consider buying from you again? How often do you do business there, and how would pulling out affect that rapport?

 

[Drmad7]

I've been there once before about the other albums. We had a deal for the albums and then he realized it was several thousand stamps to evaluate himself. No hard feelings and he doesn't remember me. I don't think he'll hate me, but I'm leaning more towards taking the money and moving on. I actually paid about $30 for the album...so great profit regardless.

 

[bill from lachine]

The $850 will give you a nice little bankroll to buy other lots of material for resale.

Regards + HH

Bill

 

[Beans]

I myself would take the money. I tried stamps and about ruined my eyes (not really) but looking and comparing and researching. Maybe he would tell you why they are with that amount. Which stamp (s) is driving the price? He may charge you for his knowledge. Your choice and don't look back once you make it.

 

[tamrock]

Go with your gut. It's always the best on average imo.

 

[Old Bookaroo]

The deal is probably offering you 50% of what he expects to sell it for. You wrote that you've done business with him before. While you might get $1,000 on eBay - you might not. Subtract the $150 valuation fee you owe him and you're back where you started at the $850 sales price.

My goal buying on eBay is to never pay more than 25% of what I think something would sell for unless (1) It's rare and for my collection; or (2) It's about $20 or less and I just want it. It looks to me like there are a heckofa lot more stamp collectors in Europe than in the US of A. What would it cost you - and what risks would you be taking - shipping that album overseas?

There's an old Wall Street saying: "Bulls make money; bears make money. Pigs get slaughtered."

This is not to call you a pig. My point is a sale for $850 is a very nice return on your investment. Obviously you have a good eye and know how to buy low and sell high. What is the "opportunity cost" of not taking the $850? You can spend a month selling the album on eBay and, as pointed out above, you might make more or you might not.

In the meantime, what have you not been able to purchase and sell because your money - and potential profits - are tied up in this venture?

One more old saying because I'm an old man - "A fast nickel beats a slow dime."

Good luck to all,

The Old Bookaroo, CM

 

[jerseyben]

I think you have received some stellar advice thus far.

If it were me, I would sell the stamps and be done with it.

You have to consider cash flow and liquidity.

Stamp collecting is truly a dieing hobby. I genuinely think in a decade or so, it could be all but dead. I would rather have $850 in my pocket now than to try to painstakingly liquidate the collection when there is almost no demand.

Like someone said above, think of the $850 as cash now to invest into other items that will surely be more liquid, etc.

 

[jerseyben]

He charged you $150 to make you an offer?

This is going to sound harsh but... Just because most of us think we are an "expert" because we know how to Google things, does not mean that every source of information that exists is something that we are entitled to for free. People deserve to be compensated for their time, if they possess knowledge that others will gain value from (in this case, monetary gain).

 

[AlienLifeForm]

I agree, but I would think one would waive this fee if they themselves were making the purchase.

 

[JimDon]

Take the money and run!

 

[Mackaydon]

You may wish to chat with this guy first:
Selling
Don......

 

[Drmad7]

I agree, but I would think one would waive this fee if they themselves were making the purchase.

You are correct, the fee only applies if you don't take his offer and he's given you a ballpark price of the minimum value.