A different what's it worth
 

From time to time the question what's it worth comes up related to our cars or parts for our cars. Whilst I guess it is true, it is worth what anyone will pay for it, there is perhaps some history to look at for the part to give some sort of idea but what if you have the only one?

Lets say you collect Trains. Hornby advertise a train but after they make some the license is pulled and they cannot be sold. All but 1 train is destroyed, years later that 1 and only train goes on the market. How do you decide on a starting price?

Do you just put a silly price on it and see what happens?

macafee2

I would start high with an expectation of a very high price indeed.

Sadly the clockwork O gauge Hornby set myself and my brother had as kids was left for safekeeping with our Father when we moved out. A lot of track, rolling stock and two engines.

I say sadly because not knowing it’s true value he sold it to a conman who rang his doorbell for a fiver....

Take the said article and have it valued at a couple of auction houses. If no sentimental value then sell it on. Or keep it and hope the value rises.

Unused, boxed items will be of a higher value too

I think basically the market does precisely that, pulls a large figure from the air, adds 20% & see if someone bites. :D

I guess you only need one or two that have more money then sense and the price will rise if there is a bidding war.

macafee2

If its 1 of 1 then there has to be quite a bit of value. I watched a programme recently where small manufacturers were making their own trains and selling them. A major manufacturer then had an event showcasing their new lines and in a lot of cases were producing the same trains as the smaller company’s, it was quite cut throat. Trains seem from the outside big business so I would approach a lot of the bigger manufacturers and collectors and ask their opinion, this at best will promote the fact that this one train exists and generate greater interest.

the train scenario I just made as an example.

macafee2

A thing is worth either


A) Just a little bit more (enough for a significant difference) than the second highest bidder is willing to pay. (note it's not always worth as much as the highest bidder would be willing to pay.)


OR.


B) As much as the seller can successfully ask of a buyer when there is only one possible buyer. But for value judgement refer to A (i.e. if there were two buyers at different levels at what price would the lower buyer give up?).




For initial pricing guesses it's down to experience of the the particular market: if exceedingly rare one-off model trains sell for a tenner then it'll sell for somewhere close to a tenner.

Another aspect to consider is the knowledge/belief of the items existence if it was a sole survivor of many destroyed.

If no one knew of its existence, without some form of authentication, it will likely be worthless.

If it is known, and even better, spoken about with hushed tones, it will be worth what you price it at (as there will be no others to compare price with, therefore you control its 'value'). If it has changed hands previously, I would suggest a guide of 20 to 30 % added for each year of ownership on top of its last sale price (this would be down to overall desirability and condition of course).

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The trains example is one I have experience of. More though of accessories. My grandfather left me his collection in his will, and reluctantly I suggested selling (to be able to make sure my mother got a share after being written out of it - the did reconcile though).

He had two cases (of 24 in each) of lighting units for coaches. Hornby dublo, pre 1971. Simple screw in 12v bulb with two wires soldered to them, sealed with original tape, and the case that was opened, each had a tab with 1/6 written on them. The sealed case were all untouched from the factory. One initially was put up for sale. A bidding war started, and the price ended at £25!!! From 99p. Because we had so many, the first bidder was given it at the second highest bid, with the second bidder, given a second chance offer, and each offered more. (They bought 10 between them!). After this they were Ll listed as buy it now, at the second highest bistro (£24). Shockingly, all 48 sold within about 2 months! I have seen none since.

So if there is no precedent, set one.

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