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Need some help establishing a fair price for private sale

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Aug 10, 2022 - 12:18 PM
236 posts since 1/13/2007

Afternoon guys…I have 100% Gibson ’04 Hearts and Flowers Granada with case, that I have owned for some time and but very little played…a bit of smudging on the skin at finger plant location. I am not openly marketing it, BUT a friend has asked if he could buy it. What is the “fair” friends and family value of this??? There are or have been "asks" on BHO in the $6k ranging but I really don’t know what they truly sell for…I am not a commercial enterprise but I am trying to ensure that I am not giving it away nor is he feeling I am gouging.
Any thoughts would be appreciated… Thanks…..Pete

Edited by - dandylion61 on 08/10/2022 12:59:59

Aug 10, 2022 - 12:40:57 PM

615 posts since 5/29/2015

If you were to sell it through a dealer or ebay/Reverb, you can certainly justify to your self reducing the cost of the banjo by the amount of the commission.

Aug 10, 2022 - 1:35:18 PM

14912 posts since 10/30/2008

A couple of years ago folks were asking in the low $4000s for reissue Granadas in good condition.

Then a certain on-line and bricks/mortar instrument dealer started raising the asking prices to see what the market would stand (I guess) and everybody started chasing those prices up. Blew through asking prices of $5000 pretty quick.

Remember, those are ASKING prices. I can't advise what they're actually selling for now.

One factor affecting value of a 2004 Granada (and later) is "what tone ring is in it?" In 2004, the so-called "Crowe ring", or even "mystery ring" started showing up in Granadas, which up til then had been Kulesh tone rings. The market perhaps places a slight premium on the Kulesh ring. In case you know which your banjo has.

Aug 10, 2022 - 2:03:36 PM

Alex Z

USA

4930 posts since 12/7/2006

quote:
Originally posted by Banner Blue

If you were to sell it through a dealer or ebay/Reverb, you can certainly justify to your self reducing the cost of the banjo by the amount of the commission.


Agree, have done that.

First, a realistic retail price for the used instrument by comparing to some reputable on-line stores -- Elderly, etc.

Let's say the retail used price is $5,000.  With 20% commission, you'll net 4,000.  

  -- If it's an acquaintance not a close friend, I figure: split the commission and subtract my shipping costs.  Let's say shipping is $200.   So the asked price is 5000 - 500 - 200  = $4300.

  -- If it's a close friend, I'll subtract the commission and the shipping cost -- that's my out-of pocket.  5000 -1000-200 = 3800.  

Edited by - Alex Z on 08/10/2022 14:04:13

Aug 10, 2022 - 2:09:08 PM
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1971 posts since 5/19/2018

These things via dealers are starting to push the 7k threshold if they are all original, and I mean all original, case,ect, zero modifications and are in what would be called “perfect” condition. Add in what ever “Magic” ring of the moment is in the banjo, 6k for a private sale is not unreasonable.

That being said, if he is a tight friend, lifelong banjo buddy, soul-mate kind of person, cut him any deal you want, but make him well aware of what the instrument is worth.

So on to my cautionary tale: I had a very desirable guitar many years ago - pre internet, that a “good” friend just had to have. Kept bugging me to the point I relented and gave him a price. He felt that was too high, was broke, had to have the instrument, friendship ect, and I dropped the price further so he could buy it because I let my emotions and friendship get in the way. Sold it to him. Two weeks later I saw my guitar for sale for twice what I sold it for. Confronted my friend and his answer was, “well, you dropped the price, and I knew it was worth more”. Friend no longer. Don’t fall into the same trap. Sell the instrument for what it is worth or very close to.

Aug 10, 2022 - 5:05:23 PM
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4918 posts since 11/20/2004

I would contact and ask Ceres Banjo here on the Hangout. He sells quite a few banjos and has an honest reputation.

Aug 11, 2022 - 7:57:03 AM

1965 posts since 1/28/2013

I don't think you can go much higher than $4000.

Aug 11, 2022 - 8:24:04 AM
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dandylion61

Canada

236 posts since 1/13/2007

Thanks all for your inputs...I did reach out to Jim Britton on Ceres Banjo. He was able to gave me some good info to base a number on.

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