One interesting element of the Original Prop Hobby is that of “value”.
What determines the value of a prop?
How are prices determined?
What is the best place to sell original props?
For the purpose of this article, I will not go into issues of authenticity and provenance in any depth.
Set Pricing
Many original props are offered for sale with set pricing. As an example, professional dealers offer pieces on their websites at set prices. The first person to offer to buy such pieces is the new owner.
Because the prices are established from the outset, it is an artificial value until someone actually buys it. As an example, if someone puts a prop up for sale on their website for $10,000, it is not actually worth that much money until it is matched with someone willing to pay that amount. As an aside, one interesting trend is that of perceived value. People can look at a dealer website, and the pricing, and have a skewed perspective of what the actual values of the pieces are. People often forget that the pieces that are advertised at these set prices are the pieces that haven’t sold (so they are either overpriced, have not yet found a buyer, or, one can assume, upon a sale, that the price might have been negotiated down).
Individual collectors also offer pieces for sale on forums and even eBay (if a “Buy It Now” auction) at set prices as well, so it isn’t a trend limited to professional dealers.
Market Value
Market value reflects a more true and accurate value of a prop, in that the market dictates the price.
Market value is typically employed via public auction. This is a better gauge of value in that the price, if there is no reserve, is what interested parties are willing to pay.
Having said that, the venue of the offering also plays a critical role in determining price and value.
Professional Dealers
Professional original prop dealers, such as The Prop Store of London, ScreenUsed, Propmasters, and others, tend to sell items for higher values when compared with individuals or smaller/lesser known dealers in selling the same or similar items. They are better known, have stronger reputations, and their merchandise is more visible and easily found when compared with other sellers, and many hobbyists check these sites regularly, even daily, for new offerings. More, there can be an “added value” in COAs, money back guarantees, etc.
So, in terms of set pricing, I would say higher prices are obtained by the better known professional dealers.
Many dealers also take items on consignment from collectors to sell, often in exchange for a percentage of the sale (as negotiated – seems to be anywhere from 10%-25% or more).
eBay
Many individuals, lesser known dealers, and people who broker pieces on behalf of others offer items for sale on eBay. eBay, of course, commands the most “eyeballs”, in terms of having an audience of potential buyers reviewing listings uploaded to the site.
However, the “marketplace” is so large and vast, with a variety of good and bad, authentic and questionable, it definitely has an impact on values realized.
Some pieces that are good that might sell for a lot on a professional dealer site are not marketed properly, which might impact the value realized. Other pieces that are bad might be trumped up or cleverly marketed, resulting in a value that is not appropriate, for what it is.
So while eBay has a vast audience of potential buyers, and features true auctions with no reserves (or reasonable starting prices), with the potential to reflect true market value, sometimes it misses the mark due to a variety of other factors.
Of course, eBay charges fees to sellers – set fees and percentages of the amount realized – all based on various listing options and order of magnitude of the sale.
Private/Semi-Private Sales
Some dealers and individuals offer pieces for sale privately, on private forums, or other limited venues. Of course, the number of potential buyers is restricted. Conversely, if some of the bigger collectors participate in such a venue, it is possible to sell pieces for values that could exceed eBay or even a professional dealer website.
One upside to arranging one’s own sales is the lack of fees and percentages to third parties.
Auction Houses
Auction houses, especially Profiles in History, are regarded as the most optimal place for collectors to sell moderate to high end original props and wardrobe.
These are “events”, with great publicity and attractive catalogs. All variety of buyers participate. The bidding options are numerous, including fax, phone, Internet, and in person.
More, unlike eBay, in which an auction ends at a specific time, these “live auctions” occur in sequence, and opportunity is presented to best the top offer, until there is no further interest.
With eBay, given the set ending time, many savvy bidders wait until the final seconds before placing their proxy (highest) bid, which does not give other interested bidders an opportunity to consider a higher bid once they’ve been outbid themselves.
As such, selling key pieces in auction house events has become an increasingly attractive option for hobbyists looking to sell original props and wardrobe. Of course, auction houses typically charge consignors a selling premium (typically 10-20%) as well as a buyer’s premium to buyers.
My Perspective & Experiences – Trends in the Hobby
I have, at one time or another, explored all of the various selling options summarized above.
I have offered pieces for sale via listings on the Movie Prop Forum, and had reasonable results. These sales have leaned toward “breaking even”, in that I was selling to a small group of familiar people. In terms of making profit, I would characterize this practice as the least attractive. Having said that, it is easy in that it is not required to involve any other parties in the transaction – it is nothing more than buyer and seller.
I have also sold on eBay, and in my limited experience, I have found that there is not much of a market for medium and higher end pieces via traditional eBay auctions. I’ve found that buyers on eBay are looking for “deals” and “steals”. Again, not the optimal place to sell and expect a return (especially on pieces acquired via dealer sites, in which higher prices are commanded).
As an aside, another trend I’ve noticed with other collectors is hobbyists buying something from a dealer website at a premium price, then trying to sell it months or a year later, in hopes of at least getting a return on investment. In many cases, these resale offerings are ultimately withdrawn or the pieces is sold at a loss. The model of buying from dealers at “set pricing” and reselling at “market value” seems to be a challenging one, with some exceptions.
I have consigned my own pieces for sale through professional dealers – ScreenUsed and Prop Store of London – and found both to be favorable experiences. Items in both cases sold fairly quickly and for good prices, and once sent by myself to the dealers, they handled the rest. In my experiences, this was preferable to selling privately or via eBay, and worth the selling premium, in terms of it being less work and realizing higher prices than I’d likely get on eBay or selling privately.
I have also consigned pieces with an auction house, Profiles in History, and was pleased with the results. Given the different dynamics from consigning with dealers (in which an item can sit on their site indefinitely), with the auction houses, if a bid is not recorded at the opening amount, it is returned to you. Also, given the “event” nature of this option, it can take months to have the item sent, added to the catalog, offered for sale, and bid on – as well as a month or months to receive payment for goods sold. Having said all that, the prices realized, in some cases, simply cannot be compared with other options. Auction house “magic” can happen, and high prices can be realized.
Given my own experiences, and in witnessing trends in the hobby, I see more and more collectors exploring the auction house option in selling pieces from their own collections. It will be interesting to continue to watch these trends, reactions within the hobby, and the growth of the hobby with this in mind.
Of course, every prop and circumstance is unique, so I discount no options, and am not surprised at all by high prices/values realized in any venue, nor deals that occur anywhere. There are so many options and so much product and different priorities, there are always good opportunities for buyers.
One trend I also wonder about is that of savvy and discerning collectors learning more about direct sources and other buying options, and finding better deals and better provenance by circumventing third parties. I have noticed a slight uptick in this trend as well, and wonder if it is a sign of a larger, impending trend.
Will the playing field ultimately become more “level”, or will certain players in the hobby increasingly have a hand in more and more transactions? Or perhaps a bit of both, depending on each person’s priorities, capabilities, and approach to the hobby?
In any event, it’s always of interest to know the options available and keep track of trends, as they tend to feed into and feed off of other trends.
Jason De Bord