Rare Book Monthly

Articles - April - 2006 Issue

Adding an Offer Option on Listing Sites

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An offer option will create activity.


By Bruce McKinney

Anyone who sells on line knows that the widely touted listing figures leave one important thing out: reality. For sellers only sales count. Even Abe's unaudited claims of 7,000,000 transactions a year lose some of their glow when you remember that they also claim to be increasing the number of listings annually at a much faster pace. Based on their current claim of 90 million listings they are currently selling only about 8% of the listed material annually. If such results are typical a seller who posts 4,000 books, assuming constant demand and prices over five years, will sell only 1,364 books or one third of the original stock
1st Year4,0003,680
2nd Tear3,6803,386
3rd Year3,3863,115
4th Year3,1152,866
5th Year2,8662,636
Reality is of course not so predictable. Usually under-priced materials sell quickly and over-priced items molder. Assuming that some dealers write better descriptions and price more aggressively their selling percentage might double to perhaps 15%. This still leaves you with almost half the inventory unsold after five years.
1st Year4,0003,400
2nd Tear3,6802890
3rd Year2,8902,457
4th Year2,4572,088
5th Year2,0881,775
I'm not certain how much lower prices would have to be to double the annual sales rate but at a guess it might be 20% and of course better descriptions take more research and time to prepare.

One very effective way to increase sales would be to take a page from eBay's play book and offer sellers the option of listing both an asking price and a Make Me an Offer option. Some booksellers may not like this idea but it serves the best interests of the majority of booksellers and is good for the listing sites as it encourages offers and moves material. Selling sites may judge themselves on financial performance but their customers will evaluate them primarily on cost, convenience and sales and put the emphasis on sales. Because there are many bookselling sites those that permit sellers to select an asking price and a Make Me an Offer option will gain a distinct advantage over listing sites that don't. As a buyer I'll prefer to see material identified that is in play. To the extent that identical material is available on different sites this would encourage me to favor one site over another. I negotiate almost all purchases. Knowing who is negotiable on an item will increase transactions. There is no doubt about this.

This then gives listing site sellers two options to consider before shifting material to eBay or a traditional auction house: to reduce the price or to encourage offers. Let's consider an example. Perhaps there are 7 copies of a book. Originally this seller's copy was the second highest and now they reduce the asking price and become the second cheapest. The lower price will change the book's ranking in the results but won't specifically identify the seller as motivated. The Make Me an Offer option does and it will encourage purchases.

In the end the listing sites have to sell the books. If they don't they will lose the sellers and their books. It's that simple.

Rare Book Monthly

  • <b>Bonhams, Jun 13 results:</b> Darwin, Charles. <i>On the Origin of Species.</i> Presentation Copy. Sold for $500,075.
    <b>Bonhams, Jun 13 results:</b> Darwin, Charles. Autograph Letter Signed, 3 pp, negotiating the 2nd American edition with Appleton. Sold for $21,325.
    <b>Bonhams, Jun 13 results:</b> Hemingway, Ernest. Autograph Letter Signed, 8 pp, Paris, 1924, to his father discussing Bullfighting, Stories, and his new baby. Sold for $25,075.
    <b>Bonhams, Jun 13 results:</b> Shakespeare, William. <i>Corialanus.</i> London, 1623. 1st printing [Extracted from the First Folio]. Sold for $50,075.
    <b>Bonhams, Jun 13 results:</b> Swift, Jonathan. <i>Gulliver's Travels.</i> London, 1726. 1st edition, Teerink's A edition, fine, large copy. Sold for $21,325.
    <b>Bonhams, Jun 13 results:</b> Fitzroy, Robert. Autograph Letter Signed to agent Thomas Stilwell, informing him of the progress of H.M.S. Beagle. Sold for $17,575.
    <center><b>Bonhams<br> Property from the Collection of Nicole and William R. Keck II</b>
    <b>Bonhams, Jun 13 results:</b> Shakespeare, William. <i>Sonnets.</i> 1901. 2 volumes. Printed on vellum and illuminated by Ross Turner, bound by Trautz-Bauzonnet. Sold for $13,825.
    <b>Bonhams, Jun 13 results:</b> Beardsley, Aubrey. <i>The Birth, Life, and Acts of King Arthur.</i> 1893-94. 2 volumes. Contemporary painted vellum gilt by Chivers. Sold for $5,325.
    <b>Bonhams, Jun 13 results:</b> Assisi, St. Francis. <i>The Canticle of Brother Sun.</i> Illuminated on vellum, for the Grolier Society. Sold for $7,575.
    <b>Bonhams, Jun 13 results:</b> Rackham, Arthur. <i>Peter Pan in Kensington Gardens.</i> 1/500 copies signed by Rackham. Sold for $4,825.
    <b>Bonhams, Jun 13 results:</b> Proust, Marcel. <i>Du coté de chez Swann.</i> 1st edition, 1st issue. Inscribed by Proust. Sold for $8,825.
  • <b>Swann Auction Galleries Aug 7:</b> Sergio Trujillo Magnenat, <i>Bogotá 1938 / IV Centenario / Juegos Deportivos Bolivarianos,</i> 1938. $2,000 to $3,000.
    <b>Swann Auction Galleries Aug 7:</b> <i>McQueen Drives Porsche,</i> designer unknown, 1970. $800 to $1,200.
    <b>Swann Auction Galleries Aug 7:</b><br>Joe Bridge, <i>Bignan / A Des Ailes,</i> 1921. $5,000 to $7,500.
    <b>Swann Auction Galleries Aug 7:</b> Graham Simmons, <i>The Army Isn’t All Work,</i> 1919. $1,000 to $1,500.
    <b>Swann Auction Galleries Aug 7:</b> Leonetto Cappiello, <i>Je ne fume que le nil,</i> 1912. $800 to $1,200.
    <b>Swann Auction Galleries Aug 7:</b> <i>Attack of the 50 ft. Woman,</i> designer unknown, 1958. $3,000 to $4,000.
    <b>Swann Auction Galleries Aug 7:</b> Raymond Tooby, <i>Festival Guiness / Have You Tried One Yet?,</i> 1952. $600 to $900.
    <b>Swann Auction Galleries Aug 7:</b> Francisco Tamagno, <i>Terrot & Co. / Dijon / Cycles Motorettes,</i> 1909. $2,000 to $3,000.
    <b>Swann Auction Galleries Aug 7:</b><br>A. Hori, Oakland / General Motors, circa 1925. $3,000 to $4,000.
    <b>Swann Auction Galleries Aug 7:</b> James Montgomery Flagg, <i>Travel? Adventure? Answer – Join the Marines!,</i> circa 1918. $4,000 to $6,000.
  • <b>Lark Mason Associates, Aug 8-27:</b> Roberts, David. Twenty Lithographs of the Holy Land, 19th Century. $2,000 to $4,000.
    <b>Lark Mason Associates, Aug 8-27:</b> Declaration by the Reps. of the United Colonies of N.A. 1775. $8,000 to $12,000.
    <b>Lark Mason Associates, Aug 8-27:</b> Composer Jerome Kern personal Letters, Albums and Other. $15,000 to $25,000.
    <b>Lark Mason Associates, Aug 8-27:</b> Paine, Thomas. <i>Common Sense,</i> London 1776. $8,000 to $12,000.
    <b>Lark Mason Associates, Aug 8-27:</b> Stowe, Harriet Beecher. <i>Uncle Tom’s Cabin,</i> Cleveland 1852. $4,000 to $6,000.
    <b>Lark Mason Associates, Aug 8-27:</b> Hobbes, Thomas. <i>Leviathan,</i> 3rd edition, London 1651. $2,000 to $3,000.
    <b>Lark Mason Associates, Aug 8-27:</b> Anno Regni Georgii III. Intolerable Acts and other Bills, 1774. $15,000 to $20,000.
    <b>Lark Mason Associates, Aug 8-27:</b> Wilberforce, William. An Abstract of the Evidence, 5 Letters, and two books. $6,000 to $9,000.
    <b>Lark Mason Associates, Aug 8-27:</b> Nightingale, Florence. Notes on Nursing and Signed Letters, ca. 1860 $4,000 to $6,000.
    <b>Lark Mason Associates, Aug 8-27:</b> Tolstov, Leo. <i>War and Peace,</i> 5 volumes, 1886. $3,000 to $5,000.
    <b>Lark Mason Associates, Aug 8-27:</b> Dickinson, John. Letters from a Farmer in Pennsylvania, 1768. $1,500 to $2,500.
    <b>Lark Mason Associates, Aug 8-27:</b> Twain, Mark. <i>Tom Sawyer,</i> 1877 [and] <i>Huckleberry Finn,</i> 1885. $4,000 to $6,000.

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