I am currently searching for some cards and comparing them with past sales data. For a lot of $20-$100 cards, I saw a pattern that surprised me.
The fixed price listings actually sold for 2-3x the price of an auction. And this is not just a one time thing. This seems to be a quite common pattern.
For reference. The data I skimmed through was going back around a year max.
How is this possible? Why would so many people buy non-scarce cards for such a high price?
With auctions people aren’t usually looking for that card at the time. The people bidding are just getting a deal but don’t have to “have” it like those who BIN.
Saving $10 by waiting for an auction isn’t worth the time to a lot of people. Also some people don’t realize auctions end cheaper than buy it nows
They don’t want to wait for an auction, maybe they feel comfortable buying from a seller with high feedback, maybe the buy it now has better scans, maybe they prefer the centering of the buy it now.
But mostly they just want the card now and don’t care about the extra $20-$30.
I think there are probably a good amount of people that just don’t want to deal with auctions (having to wait for the actual auction end, having some preconceived notion that auctions are heavy shilled, having to tune in to bid at a specific time, having to wait for an auction to appear when multiple buy-it-nows are just readily available, etc.). Also, there’s a chance of losing the auction and then even further extending the time before you receive the card.
If a listing can be online without expiring, it simply connects with a much bigger buyers pool, and it will eventually sell to someone willing to pay a bit more.
For example: I’m not buying much right now, so the probability of finding a nice auction ending when I decide to make a purchase is just smaller than finding a fixed one.
To be honest I started preferring fixed price listings, since I can ponder my purchase a little better, knowing exactly what I’m going to pay and selecting reputable sellers, without the risk of losing the item or order cancellation.
A couple things to add. One is the importance of being at the top of search results. Many people will just buy the first item they see without doing price comparisons. This could impact the BIN sales prices. The second point is that an auction ends at the price the second highest bidder would pay meaning there’s usually someone willing to pay for more than what the auction ends at.
If I want something, I’ll just buy it straight up. The allure of an auction can be exciting, but if you don’t want to miss the opportunity, sometimes it’s just easier to get the job done, buy it, and move on.
One final thing: if I survey the market, (because I always look at multiple listings before I snipe) and notice an item is going for around $500 and I see an auction about to end and it’s around $300, I may stick around and watch and try only because it’s below the current market and for a good deal. That’s usually the way I do it other than just buying immediately
Imagine if all buy it nows sold for less than auctions. That universe would have some interesting laws lol.
That was 2021 in a nut shell
sorta related to the conversation at hand, but i myself have bought a card listed at a price (say $20) despite seeing another card listed, also buy it now, at a cheaper price.
Sometimes logic isn’t the determining factor
Definitely – trust plays a huge role. Number of reviews, quality of listing, etc. All emotional.
Side note to this conversation, emotion is a big part of the buying process for collectibles. Buy it now is instant and sure, which is the perfect match to the emotional response of finding a sparkly listing for a card you want. I’m sure all of us have experienced a sense of fixation at the end of the “hunt.”
You gonna let that perfect elk run away if it costs a little more energy to kill? Nah, you need to know that you’ll have good, quality food for the coming weeks.
In some ways, I think auctions may appeal broadly to less emotional buying (max price + budget) except for those who get swept up in the excitement of bidding. But that can also be short lived; either you learn from it and adopt a strategy, or run out of money and burn yourself out.
I will usually happily spend a little extra to buy a card from a seller I know and trust. An extra 5-10% usually is worth paying to avoid disappointment.