Rare Book Monthly
Articles - November - 2005 Issue
Book Marketing Mysteries: Meditations on Book Values and Pricing
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There is a herd mentality in pricing.
That's why there are so many books with similar prices. It may have nothing at all to do with what they are "worth".
The market can be manipulated. You're not in Kansas anymore.
Dealers can buy up their competitors' books if a lower-priced listing is depressing the price they wish to charge. Auctions can use shills. Dealers can agree on prices they wish to post for rare titles.
The Emperor has no clothes: Beware of paying too much for and overpricing mediocre books that happen to be in fashion momentarily. This is a particular danger in buying and selling modern first editions that are bestsellers.
In a decade, nobody will be very interested in a signed first edition of The Bridges of Madison County. Currently with a ridiculous range of $30 - $910 on ABE, Bridges is already showing severe market weakness.
The dealer who has the best customer can charge the highest price.
I don't dream about winning the lottery. I dream that I've won one of those shop-til-you-drop prizes -- a few hours with a very large shopping cart at Bernard Quaritch, Heritage, or Bauman along with unlimited access to their customer base. Some dealers can charge pretty much whatever price they like. You will have to charge less. Don't bother using them as comparables; they have customers you do not have.
And related to the above:
Bend over backwards to establish relationships with your customers.
If you have warm, respectful, ongoing relationships, you can charge fair prices for your books with minimal competitive pressure. Your profitability goes up significantly with subsequent purchases from the same customer.
Ren? Magriel Roberts can be reached at renee@roses-books.com
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