Bulk Lots and Buyer Unawareness of Shipping Costs

The secondhand market is soft these days.  It's hard to sell many kinds of items that easily would have sold 15 years ago.  I take a loss on certain items just to move them.  I'd rather sell the items at a loss and get them into the hands of the right person than donate them to a thrift store and risk them going into a landfill.  Much of what is donated to thrift stores goes in the trash.

Here's an example of something that would have had a high chance of being trashed by a thrift store.

(Click on images in order to see them in higher quality.)

The lot sold for $14.99 with free shipping.  I can't remember what I paid for the subscription to Toy Collector.  After all, it's been three decades.  I did likely pay at least $15 total for the magazines.  It cost $7.32 plus the cost of packing supplies to ship the lot.  Even though I took a loss, I'm pleased that I got the magazines into somebody's hands.  That was my goal.

I use bulk lots to move inventory and sell books that aren't fit to sell individually.  I also use the bulk lots to sell books that are problematic to sell individually.

These books are ones that I pulled out as ones that are too risky to sell individually.

The books aren't bad at all; it's just that each one has some sort of condition problem that a buyer could miss if they don't read the description.  Each book from this lot has a problem like a text block detached from the binding, a piece torn from the edge of a page, a piece missing from the back cover, a few creased pages, or something similar.

I avoid trouble by selling slightly flawed books in bulk lots. I know I have because of the trouble I've already had.  I have a recent case to share. 

Sometimes old tweed Nancy Drew books have water stains to the top edge.  The ink stain can look rather bad at times.  I tend to place those books in bulk lots.  In this recent case, I listed one such book on Etsy, and even worse, I didn't photograph the top edge to show the water stains.  I ended up with an unhappy buyer.

They sent me this photo of the top edge and wrote, "I was aware of writing inside the book, but not the moldy looking page edges at the top!  Ugh."

I replied:

I'm sorry that I overlooked this. It's actually not mold; it's past water splashes that made the top stain ink look bad. I agree though that I should have mentioned this in the description and should have photographed the top edge.

Media mail has gone up so much in price that it's not worth me having you return the book. I will fully refund your purchase price. If you don't want the book because of the top edge water stains, then you can donate it.

I saw no reason to have the buyer return the book.  The book sold for $9.99 plus $4.95 postage.  I had to refund that amount regardless.  Having the buyer return the book meant that I would also be out the return media mail postage plus I would have placed the book in a bulk lot and gotten nothing for it.  There was no way that I would risk selling it again in an individual listing.

I recently decided to send 10% off offers to the people watching my eBay items.  One of the lots was this one.

The prospective buyer contacted me, telling me that they were only interested in Twisted Window since they have the rest.  They wanted to know if I would consider selling it individually.  Normally, I ignore these requests, because I know the buyer wants the book for less than what I can do.  In this case, I felt that I should reply just to be polite since I had sent an offer. 

I considered what my costs would be.  I decided that I could sell that book for $4.99 plus $5.95 postage.  The buyer declined.  They wanted to pay no more than $7.00 total for the book, including postage. 

The one-pound rate for media mail is currently $4.63.  My packaging supplies cost over $1.00.  This means that my cost to mail one book is around $6.00, which is precisely why I now charge $5.95 to mail a book.  A $7.00 total price for a book is way too low.  Not only is the shipping cost at $6.00, I have to pay eBay fees, which would be around $1.00 on a $7.00 transaction.  Also, I didn't get the book for free.  It makes no sense to offer a book on eBay for $7.00 with shipping included.

Buyers want to purchase from sellers who photograph the books so that they can get their desired format.  However, they also want those sellers to ship for the same low prices as Thriftbooks, which has a sweetheart deal with the post office. 

You have to expect to pay more when purchasing from an individual seller.  In return, you get exactly what you want.  If you want the cheap shipping price, then you can buy from Thriftbooks with the understanding that they will send you any format with no regard for what you want. 

Sadly, media mail has become very expensive for people like me.  The cost probably hasn't gone up for Thriftbooks, but the postal service keeps raising the retail rate.  We are paying the postage cost for Thriftbooks.  

Buyers must decide whether accurate photos or low postage is more important.  They can't have it both ways.

Recent Nancy Drew Library Edition Prices on eBay

This kind of post can have unintended consequences because online sellers see it and assume that all Nancy Drew library editions are exceedingly valuable when that's not true at all.  Even Nancy Drew collectors who aren't interested in library editions misunderstand, thinking that any old Nancy Drew library binding is of high value. 

In an attempt to mitigate potential misunderstanding, here's an example of some Nancy Drew library bindings that are of low value.  (Click on images in order to see them in higher quality.)

The listing was for 10 Nancy Drew library editions for $24.00, or $2.40 per book.  Bulk lots usually offer good deals, but even individually, these books are worth roughly around $5.00 each.  If the books were in excellent condition, they'd likely be worth around $10.00 at the most.  They aren't valuable, not by a long shot.

This is why:  The books are relatively recent, and the cover art is identical to the modern Grosset & Dunlap editions that are still in print.  The cover art on these books offers nothing different or interesting.  Yes, people collect them, but they command lower prices for a reason.  There's nothing special here; they are just a variant.  They are also fairly abundant.

Nancy Drew fans want the library editions that are older and that have cover art that is in some way different from the original editions.  The preferred ones have cover art that is based on the original editions but has been redrawn.  Library editions of this type are interesting and coveted, because they offer something new that is appealing to collectors.

Perhaps the most popular library edition type is this one.  It consists of Nancy Drew #1-34, issued in many color variations.

These books are coveted because the covers feature the familiar illustrations that we love, but they were redrawn.  They aren't identical to what is on the Grosset & Dunlap books.  The bindings are colorful, and the books look outstanding on the shelf.  You can't beat the appeal of these books.

A few examples of this binding sold via auction recently on eBay.  It's apparent that a few more collectors have entered the fray, deciding to collect library editions.  These prices are the highest I've seen yet for this particular style binding.

These prices do not mean that these books should sell for this much.  I feel like these are high-end prices, caused by at least one person who is new to collecting library editions.  I am not suggesting that the buyer paid too much.  They paid what the books are worth to them.  Instead, I am saying that sellers should not consider these prices to be the new baseline.  These auction results indicate that a few people really covet these books and were trying to win the auctions at all cost.  

Years ago, the rule of thumb for eBay auctions was that the actual value was the amount of the third highest bid.  The third highest bid on both auctions was $101.00.  Around $100 is probably the high end of what could be the considered the value range of these books, let's say $25 to $100.  Condition and the binding color matter greatly.  These books are red, which makes them pop.  The condition isn't that great, but the books are very hard to find.

I wrote all of the above before the third auction closed.  Here is the result.

The person who won the other two auctions didn't bid on this one.  Maybe they didn't need this one, or maybe they failed to spot this auction.  Whatever the case, their absence caused the book to sell at a much lower price.  

I mentioned a price range of $25 to $100 for these books.  This one went for near the bottom of that range.  I have sold a few examples of this binding at auction but mine maxed out at around $100.  Some of them sold for quite a bit less.  Even $100 is a bit of a high-end price.  The actual value is probably around $50.

I usually don't bid on any of these auctions.  While I would like to have every color variant for every title, I have 196 different books in this style of binding at present.  I won't try to buy one unless it is different and the condition is high-grade enough that it's worth paying a premium. 

Fortunately for me, I already have the title/color combinations that were offered in these auctions.  Also perhaps in my favor, I haven't updated the cover gallery on my website in many years.  Nobody knows for sure what I need and which books could stand an upgrade.  For that reason, nobody will know when I could decide to bid on future library edition auctions.

In conclusion, I thought about what my books are supposedly worth based on these recent auctions.  If I assign a value of $100 each, then my set is worth $19,600.  That's insane!  The books aren't worth that much.  If I were to decide to sell all of my books, I'm confident that the dispersal of 196 books into the marketplace would cause prices to decrease.  There is just no way that my set is worth around $20,000. 

If I assign a value of $50 each, then my set is worth $9,800.  That's high, but I can kind of see it.  Therefore, I will close this post by saying that these books are worth around $50 each, not $100 to $150 each.  

Library editions are a niche collectible appealing to a certain demographic.  The supply is not unlimited, so prices will always be very volatile. 

Nancy Drew #8 Mysterious Letter 1st Printing in DJ eBay Auction

A first printing of Nancy Drew #8 Nancy's Mysterious Letter in dust jacket sold recently on eBay.  (Click on images in order to see them in higher quality.)

The seller provided enough photos to show that both the book and the jacket are from the first printing, 1932A-1.  The auction closed at $1,275.10.  Several people were surprised at how high the final bid was.  I can shed some light on the situation.

I own first printings of all Nancy Drew books in dust jacket from #1 through #38.  It took me over 20 years to acquire all 38 book first printing books matched with first printing dust jackets.  I phrased it that way because I had to match books and jackets together from separate purchases for a number of the earliest books.  I recall that I matched first printing books and jackets together for #4, #5, #6, #7, #8, #9, and #10.  I also swapped out dust jackets or books when I found a better example of ones that I had.  It was quite an endeavor.

Spending over 20 years searching for all 38 first printings gave me a good idea of the scarcity of the early titles, #1-10, as compared to each other.  I don't think about it very often, but I have a good feel for the situation. 

I searched this blog for my old comments about the first printing of Mysterious Letter.

From March 23, 2008 in my post Nancy Drew Prices on eBay, I noted these early and first printing prices on eBay.

#1 The Secret of the Old Clock, true first printing 1930A-1, no DJ $306.00
#2 The Hidden Staircase, 1931 blank endpapers edition, w/DJ $800.00
#4 The Mystery at Lilac Inn, 1930 blank endpapers edition, probably the 2nd or 3rd printing, lists to Lilac Inn, w/DJ $761.50
#5 The Secret at Shadow Ranch, 1931 blank endpapers edition, w/DJ $361.00
#7 The Clue in the Diary, true first printing from 1932, blank endpapers edition, w/DJ $1,641.88
#8 Nancy's Mysterious Letter, true first printing from 1932, w/DJ $910.00
#10 The Password to Larkspur Lane, true first printing with revised/enlarged copyright page notice, w/DJ $515.00
#17 The Mystery of the Brass Bound Trunk, true first printing, w/DJ $107.46

I also wrote this about the closing prices:

As high as these prices are, the five true first printing books were all sold to a bookseller who will place them back up for sale on fixed-price sites, unless the bookseller already has a buyer in mind.  

Nothing has changed in 16 years.  Most of the recent first printings were also purchased to resell.

Even though not all of the books that sold in 2008 were first printings, the closing bids as compared to each other can help us draw some conclusions about the perceived scarcity and value back in 2008.  The first printing of Mysterious Letter sold for $910.00 in 2008.  It's no easier to find now than it was back then.  It might be even more scarce.

On September 25, 2011, I published the post Ten Rarest Nancy Drew Books and Collectibles.  Guess which book I included as one of the ten?

Nancy's Mysterious Letter first printing book

The first printing dust jacket is scarce but can be found without a huge amount of trouble since it was used on the first three printings. The first printing book is nearly impossible to find. The first printing book has a post-text ad that ends with Clue in the Diary. Some buyers have had trouble with sellers answering questions about the post-text ad wrong, which adds to the difficulty in acquiring this book.

On July 14, 2013, I published the post Recent Interesting Nancy Drew Auctions.  I mentioned a first printing of Mysterious Letter that had sold.

Another interesting auction was for the first printing book of Nancy's Mysterious Letter.

The first printing of Nancy's Mysterious Letter lists to The Clue in the Diary in the post-text ads.  This auction closed at $118.28, and the book does not have a dust jacket.  Multiple later printings list to Nancy's Mysterious Letter in the post-text ads, and those books are often mistaken as the first printing.

The first printing [of Mysterious Letter] listing to The Clue in the Diary is extremely scarce and is one of the toughest first printing books to acquire.  This first printing is harder to find than nearly all of the blank endpapers first printings, with the possible exception of the first printing of The Mystery at Lilac Inn.

In 2013, I thought the Lilac Inn book was the toughest to find of the blank endpapers first printings.  I felt that the first printing Mysterious Letter book was harder to find than all of the other blank endpapers first printings.  I considered it harder to find than the first printing book for Clue in the Diary.  Note that I am referring to the books, not the jackets.

My opinion remains unchanged.  I consider the Lilac Inn book to be the hardest to find first printing book with Mysterious Letter in second place.  The first printing book for Twisted Candles is right up there with them.  

Now you know my perspective, which is quite pertinent to this recent auction of Mysterious Letter.

I noted the listing for Mysterious Letter with interest when I first saw it.  I determined that the jacket and book are both the first printing.  I do already own the first printing.  I matched a bare book purchased in 2002 to a first printing jacket purchased in 2003.  The book was a bit rough, but at least I had the first printing book and jacket, even if the book had seen better days. 

I haven't had the patience to continue searching hard for a better first printing book.  Too much has happened in my life, and my autoimmunity has worsened over the years.  I figured I'd spot a better condition book someday.  A few years ago, I realized that I probably wasn't ever going to upgrade the book.

At first, I wasn't sure I would bid on the Mysterious Letter auction.  The seller's presentation was suboptimal.  Upon looking at the listing again, I realized that the bad appearance of the jacket's spine in the first photo was caused by shadows.  Suboptimal presentation, indeed.

The jacket was clearly the first and was overall in better condition than mine.  My attention was on the book, which the seller didn't picture.  The book was the first printing due to the post-text ad ending with Clue in the Diary.  There it was, a first printing without a doubt, and no need to ask a question.  This was an opportunity.

It was also a problem.  I only needed the book, but I couldn't just purchase the book.  I would have to purchase the book and its dust jacket.  Not only that, I would have to outbid the resellers, who are very stiff competition.  

Despite the drawbacks, I decided that I would bid.

But what to bid?  I knew that I would have to outbid the resellers.  That's always the case with early first printing Nancy Drew books in dust jacket.  With me involved, the auction was going to close at a high price and probably at more than I would like.  The resellers have deep pockets and have clientele who are willing to pay high prices.  The resellers are tough to beat in these auctions, and any bidder who wants to have a chance must bid aggressively.

I don't like to have regrets.  There was a high chance that I would lose the auction, but I had to make sure that I bid high enough that I wouldn't be kicking myself when I ended up losing the auction.

I use eSnipe for stealth last-minute bids.  A last-minute bid is the only way to win these high-end auctions without paying extreme prices.  I use a buffer of five seconds, which means that my bid lands five seconds before the end of the auction.  Two seconds would be ideal, but I'm not brave enough to do that.  Sometimes bids land slightly later than intended.  

I entered an eSnipe bid of something above $1000.  In the last day of the auction, I raised my bid two more times, just so that I wouldn't regret it too much when I lost.  I was prepared to pay what I bid, regardless.

I ended up winning the auction, and I don't regret what I bid.  I wanted the book, and I now have it.

The second-highest bidder is a reseller, the same one I mentioned in a recent post.  The third-highest bidder is probably a collector who wanted the book.  A rule of thumb from years ago was that the true value of an item sold in an eBay auction is whatever the third-highest bidder was willing to pay.  Since that person bid $1,024.00, the first printing of Mysterious Letter in dust jacket is solidly a $1,000+ book.

Here is what I upgraded.  Note:  I put stickers on the outside of the mylar covers of my first printing Nancy Drew books.

The jacket is okay but the book has a water stain and pencil markings on the back cover.  The book also has a loose illustration.  As I stated earlier in this post, I swapped out books to turn a second printing combo into the first printing, which is how I have a rough condition book matched with the jacket.

This is the book that I just purchased.

It is not in the very best of condition, but it is an improvement over what I already had.